004-96
BOARD OF SUPERVISORS
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
FREDERICK, VIRGINIA AUTHORIZING AN APPLICATION
TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY
WHEREAS. the Frederick County School Board and the Board of Supervisors ("Board")
of the County of Frederick. Vuginia ("County") have detennined that it is advisable to contract a debt
and issue general obligation bonds of the County in an amount not to exceed $1,200,000 to finance
certain capital improvements for public school purposes ("Bonds") and to sell the Bonds to the
Vtrginia Public School Authority ("VPSA ");
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 submit an application to the
VPSA in order to sell the Bonds to the VPSA at the Fall 1996 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 capital improvements for school purposes from the proceeds of its debt or other
financings. The maximum amount of debt of other financing expected to be issued for such
improvements is $1,200,000.
3. This resolution shall take effect immediately.
Adopted by the Board ofSupeMsors of the County of Frederick, Virginia, on September 11,
1996.
RESOLUllON NO. 004-96
6.
Data on Project to be financed (use separate sheelS if needed)
a
Brief1y describe the Project(s) and indicate whether the Project(s) will be
subje~t to any leases or management or service comraclS (a separate page may
be used)
Funds I-all be use:i to provide pe=az,e."lt fi.nancing :'.ot =vere:i by Lite-=__
Loan funds for =sts .relate:i to the expansion of Ja..:es ~ ;.;.igh 5C-.=:.
1)
2)
Funds will be use:i to provide perrr.anent fi.nancing l'.ot =vere:i by Lite=~
Loan funds for =sts related to the e.xpansion of Sherando High Sch=l.
3) Funds will be use:i for the a.:npletion of the Senseny Road Elerrentary
School expansion project. Proceeds will be utilized for project
expenses not covered by Literary Loan funds.
b. Total Expected Costs:
1) Jaxres Wcocl. High School $ 2,650,000 (Includes $ 2,250,000 Literary Loan)
2) Sherando High School
$ 1,950,000 (Includes $ 1,650,000 Literary Loan)
c.
Senseny Road Elerrentary $ 3,500,000 (Includes.$ 3,000,000 Literary Loan)
Cost By Project/Phase: (separate page may be used)
3)
Project
Phase
Estimated
Cost
Estimated
Completion
Date
1) James Wocd High Expansion $ 400,000
2} Sherando High Expansion $ 300,000
3) Senseny Road Elan. Renovation $ 500,000
Decanber, 1996
December, 1996
January, 1997
d. Amount of VPSA Financing Applied for: S 1, 200,000
Note: The 'IPSA can only purchase local school bonds in whole
multiples of 55,000. If your actUal cOSt is not a whole multiple
of 55,000, please re....ise that amount up or down, (e.g., actual
amount 55,032,600 should be revised to either S5,035,OOO or
55,030,000). Do not request a greater dollar amount than you
will reasonably expect to be able to spend.
2
~
~._.- . ~-"""",-.,,.
J':'R,"l".v_'<IW"'-M-.J'~:!I ~.~~,..~_.._""~!ll"~'''''"""".~.~>joj_,'Jl)=_,.""":'JIl/l''~\~,"",.,,.,,,..l''''!!,'W''''''''l1l!I.,':~'),':l'_,."._..:.'i!I'...~~!..~~~t~."",,,c
e Hc..s the County/City applied for a Lirerary Fund Loan to fund all or a pOrlion
of the projece (!<1dicare whether loan was for the entire cost)
x
yes
no (tDrtion of !=lroject)
[f yes. please list amount applied for and date of application.
Jar.es ~~ $2,250,000 Marw~ 20, 1995
Amount: SSherarrlo Sl,650,00~ate: Marr-l1 20. 1995
Senseny Road $3,000,000 Marw~ 18, 1996
Date of Approval from Board of Education if Literary Funds are expected:
James \i::xxl. October 1, 1995
Dare Sherando October 1, 1995
Se.'1Seny Road ~larch 18, 1996
Note: If funds are borrowed from the 'IPSA in lieu of receiving a Literary
Fund loan, the locality will be removed from the Literary Fund waiting list for
this project. This does not apply if a locality permanently funds a portion of
the project with 'IPSA bonds and funds the remainder with a Literary Fund
loan. In any event. future Literary Fund loans may not be used to redeem
bonds sold to the VPS.~.
f
Other Funding Sources:
None
I. \Vhat is the status of planning. design and construction for the project? Answer the
following questions for the project:
a. Have the final plans and specifications. architect's or engineer's statement and
the division superintendent's approval been submitted to the Superintendent of
Public Instruction (as required by ~ 22.1-140 of the Code of Vin!inia)"
~ yes no
b. What is the bid date for the project: Septf>'Tlhpr 1 gg')
c. Estimated Construction Stan Date: Novanber, 1995
d Estimated Construction Completion Date: January, 1997
e. Has any money been expended on the Project? x yes no
(If yes. indicate the source of such money. See questions 12 and 13)
f Has the project been completed? _ yes -2L- no
3
_~'.' _,__,. __~~... '~"''''',\''1'~"..".,.._".l''<'''~;''~'lM1J'!lIi!'~~_~.,.:_._",,,....,,..,_~."~ ,~,1'~,'~~~,,'._'~~' ~,..,~".','!'T...j'T?;"'?"t.<..,._-,.~!,,\~~:1",,~", "'~"~''r,:;..;!.,..~,l'l
l&o.''!!!:l'.'~-':'''!.