Board of Supervisors Meeting Date: 

Raymond E. Graham, Vice Chairman,

Cedar Run District Supervisor

April 19, 2004

Staff Lead:


Janice Bourne, Director

Finance Department


A Resolution to Authorize Prepayment of Capital Lease Agreement with The Fauquier Bank for Financing of County-Owned Property Located at 320 Hospital Drive, Warrenton, Virginia


Topic Description:

By Deed dated January 21, 1997, the County of Fauquier purchased property containing 5.6951 acres, more or less, situate in the Town of Warrenton, Fauquier County, Virginia, and known as 320 Hospital Drive.  The County entered into certain lease arrangements with The Fauquier Bank for financing of the County’s purchase of the property. 


At the request of the County Administrator, the County’s Finance Director has reviewed the provisions of the Lease Agreement with Fauquier Bank and, in view of the status of the County’s cash reserve and current investment earnings, is recommending that the Board of Supervisors consider prepayment of the Lease Agreement with The Fauquier Bank, which will result in substantial savings for the County.  The attached memorandum dated April 3, 2004, from the Finance Director provides specific prepayment recommendation details.


The attached resolution authorizes the necessary actions for prepayment of the Lease Agreement.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.


Financial Impacts Analysis:

Prepayment to The Fauquier Bank as of June 30, 2004, will result in anticipated savings in interest costs to the County of approximately $87,000.00.






Identify any other Departments, Organizations or Individuals that would be affected by this request:

County Attorney

Finance Office

Budget Office