037-03
BOARD OF SUPERVISORS
BOARD OF SUPERVISORS
COUNTY OF FREDERICK, VIRGINIA
RESOLUTION
At a meeting ofthe Frederick County Board of Supervisors (the "Board of Supervisors")
held on the 12th day of February, 2003, the following resolution was adopted by a majority of the
members of the Board of Supervisors by the following roll call vote, as recorded in the minutes
of the meeting:
PRESENT:
VOTE:
Richard C. Shickle, Chairman
W. Harrington Smith, Jr.
Margaret B. Douglas
Sidney A. Reyes
Robert M. Sager
Lynda 1. Tyler
Gina A. Forrester
Aye
Aye
Aye
Aye
Aye
Aye
Aye
A RESOLUTION AUTHORIZING FREDERICK COUNTY
TO SUBMIT AN APPLICATION TO VPSA FOR SCHOOL FINANCING
AND TO SCHEDULE A PUBLIC HEARING
WHEREAS, the Board of Supervisors has received a request from the Frederick County
School Board (the "School Board") to contract a debt and issue general obligation bonds of the
County in the maximum amount of$13,585,000 to finance certain capital improvements for
public school purposes (the "Bonds") and to sell such bonds to the Virginia Public School
Authority ("VPSA"); and
WHEREAS, the Board of Supervisors has determined that it may be necessary or
desirable to advance money to pay the costs for such capital projects for public school purposes
(the "Projects") and to reimburse such advances with proceeds of one or more financings;
NOW, THEREFORE, BE IT RESOLVED BY THE FREDERICK COUNTY
BOARD OF SUPERVISORS:
The Board of Supervisors adopts this declaration of official intent under Treasury
Regulations Section 1.150.2. The Board of Supervisors reasonably expects to reimburse
advances made or to be made by the County or the School Board to pay the costs of acquiring,
constructing and equipping the Projects from the proceeds of the Bonds to be issued in the
Page 1 of 2
Resolution - Board of Supervisors
VPSA Spring 2003 Bond Sale Application
maximum amount of$13,585,000.
The County Administrator is authorized and directed to submit an application to the
VPSA in order to sell the Bonds to the VPSA at the Spring 2003 VPSA bond sale.
The County Administrator is authorized to advertise a public hearing to be held on March
10,2003 on the issuance of the Bonds.
This resolution shall take effect immediately upon its adoption.
Adopted this 12th day of February, 2003.
~L
Jo . Riley, Jr. '
County Administr tor
Board of Supervisors Resolution No.: 037-03
cc: Cheryl Shiffler, Finance Director
C. William Orndoff, Jr., Treasurer
Lisa Frye, School Finance Director
C,I TJPlreso]utionsIFY2002.20031 VPSASpring2003Application$ J 3.585,000. wpd
Page 2 of 2
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Frederick County Public Schools
Visit us at www.frederick.k12.va.us
e-mail:
fryeI@frederick.k12va.us
Director of Finance
FROM:
TO: John R. Riley, County Administrator ~
1...tIY
THROUGH: William C. Dean, Ph.D., Superintend~'
'J
Lisa K. Frye, Director ofFinan~ . t- tjYo
, D'').
.-
February 5, 2003 .
DATE:
SUBJECT: 2003 Spring VPSA Bond Sale
It is time again to apply for the cash flow needs from May to November. Our projected cash flow
need is $13,585,000 which includes $7,480,000 for Millbrook High School and $6,105,000 for James
Wood Middle SchooL The traditional Virginia Public School Authority (VPSA) spring bond sale is
available to us with application due by February 20, 2003.
The attached resolution authorizes application for the spring sale and announces a public hearing with
subsequent action to authorize the debt issue on Monday, March 10, 2003. If approved, the bond
proceeds will satisfy the total projected cash flow needs for these two projects.
The school board approved the application at its meeting on Tuesday, February 04,2003.
A roll call vote is required.
Thank you for your consideration.
540-662-3888
1415 Amherst Street, Post Office Box 3508, Winchester, VA 22604-2546 FAX 540-722-2788