PUBLIC HEARING AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date:

Raymond E. Graham, Chairman, Cedar Run District Supervisor

September 8, 2005

Staff Lead:

Department:

Vivian McGettigan, Finance Director

Finance

Topic:

 

A Resolution Authorizing the Issuance of General Obligation School Bonds, Series 2005D, of the County of Fauquier, Virginia, in a Principal Amount Not to Exceed $13,210,000, to be Sold to the Virginia Public School Authority and Providing for the Form and Details Thereof

Topic Description:

 

 

In August 2005, the County filed an application to participate in the Virginia Public School Authority’s Pooled Bond Sale scheduled for October 2005.  The proceeds of the bonds will be used for the Claude Thompson Elementary School renovation, Liberty High School Heating, Ventilating, and Air Conditioning (HVAC) project, and Cedar Lee Middle School Library Expansion.  

 

In accordance with the provisions of the Code of Virginia, prior to final authorization to issue bonds a public hearing shall be held on the proposed bond issue.  This request is to conduct the public hearing on the issuance of the bonds, and for the Board of Supervisors to adopt a resolution authorizing the issuance of the bonds.

 

Requested Action of the Board of Supervisors:

Conduct a public hearing and consider adoption of the attached resolution.

Financial Impacts Analysis:

 

On July 8, 2005, the construction bid for the renovation of Claude Thompson Elementary was opened.  It is estimated that the total cost of the project could now cost $9,966,000.  Funds already allocated for this project total $1,576,000, with the balance of $8,390,000 to be funded with the proceeds of this bond.

 

A portion of the proceeds will be used to fully fund the Liberty High School HVAC project.  The recent bids for upgrading the HVAC system reflected the recent escalating costs of construction and renovation.  An additional $2,100,000 will now be required for this project.

 

The construction of a new library at Cedar Lee Middle School and the renovation of the existing library into classrooms were approved as part of the FY 2006 Budget at a total cost of $2,720,000.

 

This request is to issue bonds for funding needed in the amount of $13,210,000.  The County will incur debt service payments beginning in fiscal year 2007.

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

Fauquier County Public Schools

Fauquier County Treasurer's Office

Fauquier County Budget Office

Fauquier County Administration

 

 

Attachments:

 

  1. Bond Sale Agreement
  2. Reimbursement Resolution
  3. Proceeds Agreement
  4. Bond Resolution