A RESOLUTION TO AMEND THE DEBT REFERENDUM POLICY
WHEREAS, the Board of Supervisors, through its Capital Improvements Plan process, has recognized the need for and wishes to encourage enhanced public participation in the decision making process relating to major new construction projects due to potential effects of these projects on the County’s credit rating, debt availability, tax rates and annual operating budget; and
WHEREAS, on November 17, 2003, the Board of Supervisors adopted a Debt Referendum Policy; and
WHEREAS, the Board of Supervisors has determined that it is desirable and necessary to amend the Debt Referendum Policy relating to major new facility construction projects and establish referendum requirement thresholds and other policies relating thereto; now, therefore, be it
RESOLVED by the Fauquier County Board of Supervisors this 8th day of September 2005, That the Fauquier County Board of Supervisors does hereby adopt the following amended Debt Referendum Policy:
1. All new facility construction projects or acquisitions that exceed $25,000,000 shall be subject to voter referendum regardless of financing mechanism.
2. Cash expenditures are authorized for reasonable related expenses in preparation for a referendum. These expenditures may include preliminary architectural and engineering design work needed to provide the County citizens adequate details on the referendum issue. Funding will be in accordance with current Finance Committee policies.