CONSENT AGENDA REQUEST

Sponsor: 

Board of Supervisors Meeting Date: 

Finance Committee

October 8, 2009

Staff Lead:

Department: 

Janet Romanchyk, Finance Director

Finance

Topic: 

A Resolution Approving a Lease Refinancing with the Virginia Resources Authority Approving the Form of Certain Documents Prepared in Connection Therewith and Authorizing the Distribution, Execution and Delivery of Same

Topic Description:

In 2002, Fauquier County participated in the Virginia Resource Authority’s pooled bond sale to fund the costs of acquiring and installing a public safety radio communications system and related costs. VRA notified the County of a refunding opportunity through it’s 2009 Fall bond sale.   The refunding of these bonds will result in anticipated annual savings of $186,000 without extending the length the debt service schedule, which is payable through April 1, 2021.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution and documents.

Financial Impacts Analysis:

Present value savings from cash flow expected is $121,480.38.   Annual savings will be an average of $23,350.

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

Fauquier County Treasurer’s Office
Fauquier County Finance Department
Fauquier County Office of Management and Budget

Attachments:

1. Financing Lease

2. First Amendment to Financing Lease

3. Local Lease Acquisition Agreement