PUBLIC HEARING AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date:

Harry Atherton, Chairman, Marshall District

September 15, 2003

Staff Lead:

Department:

Janice Bourne, Director

Finance Department

Topic:

 

A Resolution Authorizing the Issuance of General Obligation School Bonds, Series 2003A, of the County of Fauquier, Virginia, in a Principal Amount Not to Exceed $12,400,000 to be Sold to the Virginia Public School Authority and Providing for the Form and Details Thereof

Topic Description:

 

Fauquier County has filed an application to participate in the Fall Virginia Public School Authority Pooled Bond Sale.  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.  Further, the County must adopt a resolution authorizing the issuance of the bonds.

The proceeds of the bonds will be used for the following projects approved in the Capital Improvement Program.  These projects include the following:

           

            Auburn Middle School Construction (2nd borrowing)     $  6,597,000

Auburn Middle School Construction (3rd borrowing)     $  4,227,000

Thompson Elementary School Renovation                     $  1,576,000

Total                                                                 $12,400,000

Requested Action of the Board of Supervisors:

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

Financial Impacts Analysis:

The County will incur debt service payments beginning in Fiscal Year 2005 (July 2004).  These projects have already been approved in the Capital Improvement Program; and debt service has been anticipated, and will be requested, as part of the Fiscal Year 2005 Budget.

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

Fauquier County Public Schools

Fauquier County Administration

Fauquier County Budget Office

Fauquier County Treasurer's Office