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RESOLUTION A
RESOLUTION TO AMEND 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,
the Board of Supervisors adopted a Debt Referendum Policy on June 11,
2001, effective July 1, 2001, and
a work session was held on October 20, 2003
to discuss the need for and specific elements of amending the
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 20th day of
October 2003, 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 $10,000,000
shall be subject to voter referendum regardless of financing mechanism. 2.
Cash
expenditures are authorized for reasonably related expenses in preparation
for a referendum. These
expenditures may include preliminary architectural and engineering design
work and other supporting documentation needed to provide the County
citizens adequate details on the referendum issue.
Funding will be in accordance with current Finance Committee
policies. 3.
The
referendum threshold for new facility construction projects shall be
lowered to $2,000,000 in the event that the County has, or through the
issuance of the contemplated debt will, exceed 100% of the County’s debt
capacity. (Debt capacity shall be defined as 10% of General Fund revenues
committed to debt service.) 4.
This
amended policy shall take effect on 5.
Voter
referendums shall coincide with the general election. 6.
The
Board of Supervisors, by a majority vote of the Board of Supervisors at a
regularly scheduled meeting, may waive the referendum requirement, to the
extent allowed by law, to meet a critical health and/or public safety need
or in conjunction with a court order. |