AGENDA REQUEST  

Sponsor:                                                            Board of Supervisors Meeting Date:

Raymond E. Graham, Chairman, Cedar Run District                    October 21, 2002

Staff Lead:                                                                                               Department:

Anthony I. Hooper, Assistant County Administrator                       County Administration

Topic:

A Resolution to Authorize the Refunding of Bonds Issued in 1993 for Landfill Improvements

Topic Description:

Fauquier County has been contacted by representatives of the Virginia Resources Authority regarding an opportunity to reduce the debt service costs associated with a 1993 indenture.  The proposed refunding will provide annual savings of 5.3%, which exceeds the normal 3% guideline used to assess the appropriateness of a refunding issue.  The sale of bonds for the refunding is scheduled for late October 2002.  The documents to authorize the refunding have been reviewed by County Bond Council from Hunton and Williams.

Requested Action of the Board of Supervisors

Consider adoption of attached resolution. 

Fiscal Impact:

Annual debt service payments made from the landfill enterprise fund will be reduced by approximately $44,000 each year, beginning May 2003.  The overall savings from the refunding is estimated to be $377,000.  The bonds are scheduled to be retired in 2011.

Identify Any Other Departments, Organizations or Individuals That Would be Affected by This Request

Department of Finance

Environmental Services

Attachments:

1.  Resolution

2.  Allonge

3.  Amendment Agreement