031-02
BOARD OF SUPERVISORS
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
FREDERICK, VIRGINIA AUTHORIZING AN APPLICATION
TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY
AND TO SCHEDULE A PUBLIC HEARING
WHEREAS, the Board of Supervisors ("Board of Supervisors") of the County of Frederick,
Virginia ("County") has received a request from the Frederick County School Board ("School Board")
to contract a debt and issue general obligation bonds of the County in an amount not to exceed
$11,380,000 to finance certain capital projects for public school purposes ("Bonds") and to sell such
Bonds to the Virginia Public School Authority ("VPSA");
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 ("Project") and
to reimburse such advances with proceeds of one or more financings;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF FREDERICK, VIRGINIA:
1. The County Administrator is authorized and directed to execute and deliver an application
to the VPSA in order to sell the Bonds to the VPSA at the Spring 2002 VPSA bond sale.
2. 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 Project from the proceeds of the Bonds to be issued in an amount not to exceed
$11,380,000.
3. The County Administrator is authorized to advertise a public hearing to be held by the
Board of Supervisors on March 13, 2002 on the issuance of the Bonds.
4. This resolution shall take effect immediately.
Adopted by the Board of Supervisors of the County of Frederick, Virginia, at their regular
meeting held on February 13, 2002, by the following recorded vote:
Richard C. Shickle
Nay
Robert M. Sager
Nay
W. Harrington Smith, Jr.
Aye
Margaret B. Douglas
Aye
Lynda J. Tyler
Aye
Sidney A. Reyes
Aye
Gina A. Forrester
Aye
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Frederick County Public Schools
1415 Amherst St.
Winchester, VA 22601-2708
540-662-3888 - FAX 540-722-2788
Finance
TO:
DATE:
John R. Riley, County Administrator J
Lisa K. Frye, Director of Finance~J:_ I~'>');\"'--\
February 4, 2002
FROM:
SUBJECT:
VPSA Spring 2002 Bond Sale Application and Resolution
This memo outlines the tasks needed to apply for and approve the spring bond sale.
The application:
Attached is the application for the spring 2002 bond issue, which has been signed by Bill Dean and needs to be
signed by you. No other signatures are required. The application deadline is February 14,2002. Please sign the
application at your earliest convenience and call us when its ready. We will take care of mailing it this week.
The t" resolution:
Also attached please find the VPSA resolution for the board of supervisors to consider at their February 13,
2002 meeting. The supervisor's resolution authorizes the application, states its intent to issue bonds, and
authorizes advertisement of a public hearing. The resolution is also on the enclosed diskette for your
convenIence.
The resolution is for a total of$II,380,000. This amount is based on the estimated cash needed until November
2002, which is the date of the next bond sale. Reflected in the $11,380,000 amount is $5,000,000 for
construction payments for Millbrook High School, $3,730,000 for the James Wood Middle School renovation
and $2,650,000 for architectural and engineering services for the fourth middle school.
The school board resolution (attached for your reference) requests the supervisors to issue the bonds and
authorize the application. The school board will act on their resolution on February 5, 2002. The filing deadline
for the first resolutions by both boards is March 1, 2002. I would like to collect all signatures and submit the
documents as soon as possible after the BOS meeting on February 13, 2002. Please let me know if this
schedule is not suitable for you.
The 2nd resolution:
If the public hearing and subsequent action can take place on March 13,2002, then the April 1,2002 filing
deadline for the adoption resolution can be met. The language for the adoption resolution will be provided by
bond counsel at a later date. As a reminder, the requirement for advertisement of the hearing is once a week for
two consecutive weeks in the same newspaper with the second publication at least a week before the hearing. A
copy of the advertisement language is on the enclosed diskette.
If you have any questions, concerns, or changes, please contact me. Thank you.
pc: William C. Dean, Ph.D., Superintendent