Board of Supervisors Meeting Date:

Harry Atherton, Chairman, Marshall District

July 21, 2003

Staff Lead:


Janice Bourne, Finance Director


Topic:  A Resolution Approving the Filing of an Application with the Virginia Public School Authority for a Loan in an Approximate Principal Amount of $12,400,000

Topic Description:


To participate in the Virginia Public School Authority (VPSA) pooled bond sale in October, an application must be filed by the first week in September.  On June 23rd, 2003 , the School Board approved the filing of an application.  A copy of the School Board’s resolution is attached.  To meet the filing deadline, the Board of Supervisors approval of a resolution is required by August 2003.  

In the Capital Improvement Program (CIP), the following school projects were approved for funding in Fiscal Year 2004:            

            Auburn MS construction (2nd borrowing)          $  6,597,000

            Auburn MS construction (3rd borrowing)           $  4,227,000

            Thompson ES renovation                                  $  1,576,000

Total                                                                $12,400,000


In November 2001, the first borrowing for Auburn Middle School was made in the amount of $6,544,423.  The second Auburn Middle School borrowing was originally scheduled for Spring 2003; however, funds were not needed as quickly as originally planned, therefore, the second and third borrowings are requested to be funded in the VPSA’s Fall 2003 pooled bond sale.  The planned borrowing for the Thompson Elementary School renovation is also included in this request.  


Requested Action of the Board of Supervisors:

Consider adoption of the attached resolution.

Financial Impacts Analysis:  

The County will incur debt service payments beginning in Fiscal Year 2005 (July 2004).  These projects have been approved in the Capital Improvement Program.  Debt service has been anticipated, and will be requested as part of the Fiscal Year 2005 budget.


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

Fauquier County Public Schools

Fauquier County Administration

Fauquier County Budget Office

Fauquier County Treasurer's Office