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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.
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