AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Raymond E. Graham, Chairman, Cedar Run District Supervisor

October 13, 2005

Staff Lead:

Department: 

Vivian McGettigan, Finance Director

Finance Department

Topic: 

Resolution Authorizing the Execution and Delivery of a Continuing Disclosure Agreement in Connection with the Issuance by the Virginia Public School Authority of Its School Financing Bonds (1997 Resolution) Refunding Series 2003 D, a Portion of the Proceeds of Which Refunded the County of Fauquier General Obligation School Bonds, Refunding Series 1994 A; and Authorizing Any Other Actions Necessary to Achieve the Objectives Contemplated Hereby

 

Topic Description:

In 1991 and 1993, Fauquier County participated in the sale of bonds by the Virginia Public School Authority (VPSA) to finance various School Construction and Improvement Projects.  The VPSA has issued refunding bonds for the 1991 and 1993 Bonds resulting in refunding savings, and has determined it will distribute the allocable portion of these savings to the jurisdictions which participated in the original sales.  The County has been offered a lump sum distribution of $627,838 of the refunding savings.  To receive the County’s pro rata share of the refunding savings, the Board of Supervisors must adopt the attached resolution to approve a Continuing Disclosure Agreement and a Use of Proceeds Certificate.

 

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

As reflected above.  Acceptance of  VPSA bond refunding savings will not change the County’s
debt service obligation to VPSA or add any additional cost to the County. 

     

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

Budget Office

Finance Department

School  Division