RESOLUTION

A RESOLUTION OF THE BOARD OF SUPERVISORS OF FAUQUIER COUNTY, VIRGINIA, REQUESTING THE CIRCUIT COURT TO ORDER A SPECIAL ELECTION ON THE ISSUANCE OF GENERAL OBLIGATION SCHOOL BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $35,270,000 AND AUTHORIZING SUCH BONDS

WHEREAS, the School Board (the “School Board”) of Fauquier County, Virginia (the “County”), has determined that it is necessary to undertake the acquisition, construction and equipping of a new high school in the County (the “Project”), and that the cost of the Project, together with related financing costs, is estimated to be $46,269,093; and

WHEREAS, the School Board adopted a resolution on June 14, 2004, requesting that the County Board of Supervisors (the “Board of Supervisors”) to determine the advisability of contracting a debt and issuing general obligation school bonds of the County to finance, in part, the costs of the Project and to request the Circuit Court to order a special election on the question of the proposed issuance of such bonds; and

WHEREAS, the Board of Supervisors desires to request the ordering of an election on the question of contracting a debt in an amount not to exceed $35,270,000 to finance the costs of the Project; now, therefore, be it

RESOLVED BY THE BOARD OF SUPERVISORS OF FAUQUIER COUNTY, VIRGINIA:

1.         The Board of Supervisors determines that it is necessary and expedient to undertake the Project which will promote the public welfare of the County and its inhabitants.

2.         The Board of Supervisors determines that it is advisable to contract a debt and issue general obligation school bonds of the County in the maximum principal amount of $35,270,000 (the “Bonds”) pursuant to the Public Finance Act of 1991, to provide funds, together with other available funds of the County, to finance the costs of the Project and to pay costs of issuing the Bonds.  Subject to the approval by a majority of the voters of the County at referendum called for such purpose, the issuance of such Bonds is hereby authorized.

3.         The Bonds shall bear such date or dates, mature at such time or times not exceeding forty years from their dates, bear interest at such rate or rates, be in such denominations and form, be executed in such manner and be sold at such time or times and in such manner as the Board of Supervisors shall hereafter provide by appropriate resolution or resolutions.

4.         The Bonds shall be general obligations of the County for the payment of principal of and premium, if any, and interest on which its full faith and credit shall be irrevocably pledged.

5.         The Board of Supervisors hereby requests the Circuit Court of Fauquier County, Virginia, to order an election to be held pursuant to Sections 15.2-2610 and 15.2-2611 of the Code of Virginia of 1950, as amended, on the question of contracting a debt and issuing the Bonds for such purposes.  The Board of Supervisors hereby requests that the Circuit Court order the ballot question to be worded in substantially the following form:

QUESTION:  Shall the County of Fauquier, Virginia, contract a debt and issue its general obligation school bonds in the maximum amount of Thirty-Five Million Two Hundred Seventy Thousand Dollars ($35,270,000) to provide funds, together with other available funds, to acquire, construct and equip a new high school in the County?

6.         The Clerk of the Board of Supervisors, in collaboration with the County Attorney, is authorized and directed to see to the immediate filing of a certified copy of this resolution to be filed with the Circuit Court of Fauquier County, Virginia.

7.         This resolution shall take effect immediately.