PUBLIC HEARING AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date:

Chester W. Stribling, Lee District Supervisor

September 9, 2004

Staff Lead:

Department:

Janice Bourne, Finance Director

Finance

Topic:

 

A Resolution Authorizing the Issuance of General Obligation School Bonds, Series 2004A, of the County of Fauquier, Virginia, in a Principal Amount Not to Exceed $4,000,000 to be Sold to the Virginia Public School Authority and Providing for the Form and Details Thereof

Topic Description:

 

 

In August 2004, Fauquier County filed an application to participate in the Virginia Public School Authority’s Pooled Bond Sale scheduled for October 2004.  The proceeds of the bonds will be used for the Liberty High School Heating, Ventilating, and Air Conditioning (HVAC) project.  This project involves replacing the unit ventilators in the classrooms with new four-pipe coil units.  The design documents will be completed in early October.  Bids will be solicited in October with an anticipated project start date of November 2004.  The project is expected to take up to 18 months to complete.

 

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 the public hearing and consider adoption of the attached resolution.

Financial Impacts Analysis:

 

The modifications recommended are estimated to cost approximately $4.8 million, including architectural and engineering fees, and contingency.  Funds already allocated for this project total $800,979.  This request is to issue bonds for the remaining funding needed in the amount of $4,000,000 The County will incur debt service payments beginning in fiscal year 2006.

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

Fauquier County Public Schools                             

Fauquier County Administration

Fauquier County Treasurer's Office

Fauquier County Budget Office