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PUBLIC HEARING AGENDA REQUEST |
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Sponsor: |
Board of Supervisors Meeting Date: |
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Raymond E. Graham,
Chairman, Cedar Run District Supervisor |
September 8, 2005 |
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Staff Lead: |
Department: |
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Vivian McGettigan,
Finance Director |
Finance |
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Topic: |
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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 |
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Topic Description: |
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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.
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Requested Action of the Board of Supervisors: |
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Conduct a public hearing and consider adoption of the
attached
resolution. |
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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. |
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Identify any other Departments, Organizations or Individuals
that would be affected by this request: |
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Fauquier
County Public Schools
Fauquier
County Treasurer's Office
Fauquier
County Budget Office
Fauquier
County Administration
Attachments:
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Bond Sale Agreement
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Reimbursement Resolution
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Proceeds Agreement
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Bond Resolution
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