011-05BOARD OF SUPERVISORS
COUNTY OF FREDERICK
FREDERICK, VIRGINIA
RESOLUTION
At a regular meeting of the Frederick County Board of Supervisors held on the 24th day
of August, 2005, 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 Aye
Gary W. Dove Aye
Bill M. Ewing Aye
Gene E. Fisher Aye
Gina A. Forrester Aye
Lynda J. Tyler Aye
_ Barbara E. Van Osten Aye
ABSENT:
No one was absent.
BOARD OF SUPERYIS~RS
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 determined that it is advisable to contract a debt and
issue general obligation bonds of the County in the maximum amount of $6,000,000 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 maximum amount of $6,000,000.
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 Fall 2005 VPSA bond sale.
The County Administrator is authorized to advertise a public hearing to be held on September 14,
2005 on the issuance of the Bonds.
This resolution shall take effect immediately upon its adoption.
Adopted this 24`h day of August, 2005.
~J
oh .Riley, Jr.
County Administr r
Board of Supervisors Resolution No.: 011-OS
cc: Cheryl Shiffler, Finance Director
C. William Orndoff, Jr., Treasurer
Dr. William C. Dean, School Superintendent
Lisa Frye, School Finance Director
ATTACHIV~NT B
LONG AND INTERMEDIATE-TERM FINANCING APPLICATION
VIRGINIA PUBLIC SCHOOL AUTHORITY
SCHOOL FINANCING BONDS (1997 RESOLUTION) SERIES 2005 D
GENERAL INFORMATION
1. Name of County/City: Frederick County, Virginia
2. Name and address of County Administrator/City Manager:
John R Riley, 7r.
107 N. Kent Street
Winchester, VA 22601
Telephone: (540) 665-5666
Fax: (540)667-0370
E-mail: jriley cr,co.frederick.va.us
3. Name and address of School Superintendent:
William C. Dean, Ph.D.
P.O. Box 3508
Winchester, VA 22604
Telephone: (540) 662-3888
Fax: (540)772-2788
E-mail: deanwa~frederick.kl2.va.us
4. Name of Principal Contact: (All further correspondence will be directed to this person unless noted)
John R Riley, Jr. (copy to William C. Dean, Ph.D., Superintendent)
Telephone: (540) 665-5666
Fax: (540) 667-0370
E-mail: jriley~ co.frederick.va.us
Mailing Address: 107 N. Kent Street, Winchester, VA 22601
Hand"Delivery Address: same as above
UFII~T\250633.1
5. Bond Counsel:
(firm, attorney, address, telephone, fax & )rmail:)
Gerald K Mayfield
McGuireWoods LLP
901 East Cary Street
Richmond, VA 23219-4030
Telephone: (540) 775-1107
Fax: (804) 698-2256
Email: Ana field(a~,mceuirewoods.com
Note: Localities are required to take all action necessary to procure the services of qualified Bond
Counsel prior to the submission of this application.
PROJECT INFORMATION
THE FOLLOWING SECTION OF THE APPLICATION IS RESERVED FOR STANDARD
REQUESTS FOR FINANCINGS AMORTIZED FROM ELEVEN YEARS AND LONGER.
I. Requests for Lone-Term Proiect Financing (See page 4 for Intermediate-Term Financing)
Section A -Project Description
1. Briefly describe the Project(s) and indicate whether the Project(s) will be subject to any leases or
management or service contracts: (a separate page maybe used).
(a) 11~` elementary school -construction
2. Total Expected Costs: $15,800,000
3. Cost by Project(s) and Phase: (separate page maybe used)
Estimated
Project(s) Estimated Estimated Completion
Phase Cost Useful Life Date
11~` elementary $15,800,000 30+yeazs Fall 2006
4. Amount of VPSA financing applied for (proceeds requested): $ 6,000,000
Note: The VPSA can only purchase local school bonds in whole multiples of $5,000. If your actual cost
is not a whole multiple of $5,000, please revise that amount up or down, (e.g., actual amount $5,032,600
should be revised to either $5,035,000 or $5,030,000). Do not request a greater dollar amount than you
will reasonably expect to be able to spend.
Minimum proceeds required, if applicable: $
Maiflmum authorized paz amount: $
Explanation for minimum proceeds requirement:
Note: In order to meet requests for a minimum amount of proceeds, such as in connection with the
refunding of a prior obligation, it will be necessary to have sufficiently broad bond issuance authority
to accommodate possible adjustments needed in the par amount of local school bonds issued at the time
of the VPSA bond sale. School and governing body resolutions and notices of public hearing should be
prepazed accordingly.
5. Has the Courriy/City applied for a Literary Fund Loan to fund all or a portion of the Project(s)? (Indicate
whether loan was for the entire cost)
yes X no
If yes, please list amount applied for and date of application.
Amount: $ Date:
Date of Approval from Board of Education if Literary Funds are expected:
Date:
Note: If fiords are borrowed from the VPSA 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 VPSA bonds and fiords the remainder with a Literary Fund loan. In any
event, future Literary Fund loans may not be used to redeem bonds sold to the VPSA.
6. Other Funding Sources:
Section B -Project Status
What is the status of planning, design and construction for the Project(s)? Answer the following questions for
the Project(s): (a separate page maybe used).
1. 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 Vireinia)?
X yes no
2. What is the bid date for the Project(s) April 2005
3. Estimated Construction Start Date: June 2005
4. Estimated Construction Completion Date Summer 2006
5. Has any money been expended on the Project(s)? _~es
If yes, indicate (i) the source of such money (u) the date(s) of expenditure of such money, and (iii} the
type of expenditure. (See questions 4 and 5, on page 6, under "Project Authorization")
(i) VPSA; (ii) Summer 2004 to date; (iiii) design, site, pnstruction
6. Has the Project(s) been completed? yes X no
4
Section C -Financing Requested
Preferred Amortization Schedule:
Principal is expected to be paid in annual installments starting on July 15, 2006. The Authority will consider
pemtitting the use of amortization schedules other than level principal and will consider amortization periods
other than twenty years. To request an alternative amortization schedule for such loans, please indicate your
preference on the application
Preferred Amortization Period:
11-20 years 20 ears
Over 20 years (Explain)
Preferred Principal Structure:
Level Principal X
Level Debt Service
Other (Explain)
THE FOLLOWING SECTION OF THE APPLICATION IS RESERVED FOR REQUESTS FOR
FINANCING EQUIPMENT OR OTHER PROJECTS AMORTIZED OVER A PERIOD OF TEN
YEARS OR LESS.
II. Reauests For Intermediate-Term Financing (See page 2 for Long-Term Financing)
Section A -Project Description
1. Briefly describe the Project(s) and indicate whether the Project(s) will be subject to any leases or
management or service contracts: (a separate page maybe used).
2. Total Expected Costs:
3. Cost By Project(s) and Phase (Construction or Equipment Acquisition Schedule) (separate page may be
used)
5
Estimated
Project(s) Estimated Estimated Completion
.Phase Cost Useful Life Date
4. Amount of VPSA Financing applied for (proceeds requested):
Note: The VPSA can only purchase local school bonds in whole multiples of $5,000. If your actual cost
is not a whole multiple of $5,000, please revise that amount up or down, (e.g., actual amount $5,032,600
should be revised to either $5,035,000 or $5,030,000). Do not request a greater dollar amount than you
will reasonably expect to be able to spend.
Minimum proceeds required, if applicable: $_
Maximum authorized par amount: $
Explanation for minimum proceeds requirement:
Note: In order to meet requests for a minimum amount of proceeds, such as in connection with the
refunding of a prior obligation, it will be necessary to have sufiicierrtly broad bond issuance authority
to accommodate possible adjustments needed in the paz amount of local school bands issued at the time
of the VPSA bond sale. School and governing body resolutions and notices of public hearing should be
prepazed accordingly.
5. Has the County/City applied for a Literary Fund Loan to fund all or a portion of the Project(s)? (indicate
whether loan was for the entire cost)
yes no
If yes, please list amount applied for and date of application.
Amount: $
Date:
Date of Approval from Board of Education if Literary Funds are expected:
Date:
Note: If fiords are borrowed from the VPSA 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 VPSA bonds and funds the remainder with a Literary Fund loan. In any
everrt, future Literary Fund loans may not be used to redeem bonds sold to the VPSA
6. Other Funding Sources:
Section B -Project Status
• What is the status of planning, design and construction or acquisition for the Project(s) or Equipment?
• Answer the following questions for the Project(s):
1. Estimated Start Date:
2. Estimated Completion Date:
3. Has arty money been expended on the Project(s)? yes no
If yes, indicate (i) the source of such money (u) the date(s) of expenditure of such money, and (iii) the
type of expenditure. (See questions 4 and 5, on page 6, under "Project Authorization")
4. Has the Project(s) been completed? yes no
• Answer the following questions for the Project(s) (if applicable):
5. For Projects, 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 Vir¢irriaj?
yes no
6. What is the bid date(s) for the Project(s):
Section C -Financing Requested
Amortization Schedule Preferred:
(Debt Service is expected to be paid with semi-annual payments. The first principal arrd interest
payment is due on July 15, 2006 with subsequent interest payments due on each January 15 and
July 15.)
Preferred Amortization Period:
5 years
10 years
Other
Preferred Principal Struchue:
Level Principal
Level Debt Service
Other (Explain)
7
PLEASE COMPLETE EACH OF THE FOLLOWING QUESTIONS:
III. Proiect Authorization
1. Have your Boards approved the Project(s) and authorized this application to VPSA for the needed
financing?
Approved by School Board X yes no
Approved by County Board/ City Council yes no
Certified copies of resolutions are attached.
2. Were these bonds or arty school Projects the subject of a referendum within the previous
5 years? _~es X no
If yes, provide the date of referendum:
Did the referendum pass? des no
NOTE: Please enclose a copy of the ballot question and the official results.
3. Person(s) responsible for disbursing and investing bond proceeds.
Name: Lisa K Frye, Drrector of Finance
- Address: P.O. Box 3508, Winchester, VA 22604
Te]ephone: 540-662-3 888
Fax: 540-722-2788
4. Will bond proceeds from this sale be used to repay a Bond Anticipation Note, Certificate of Participation
or other form of interim/temporary financing (the "Prior Obligation")?
_yes X no
If Yes, please provide the following terms of the Prior Obligation:
(i) Name and Amount of Prior Obligation and Bond Counsel for Transaction
(ii) Date of Lssue and Maturity of Prior Obligation
(iii) Redemption Provisions (e.g., notice, premium, etc.)
(iv) Amount of Prior Obligation to be Refunded with VPSA bond proceeds
8
(v) Please provide a brief description of the other anticipated sources of funds to refund the Prior
Obligation (e.g., local general funds)
(vi) Please provide any other amounts needed to refund the Prior Obligation, including any accrued
interest and redemption premium
(vii) Unexpended proceeds as of date of application
(viii) Date Prior Obligation is intended to be redeemed
5. (a) Were the proceeds of the Prior Obligation used to reimburse yourself for expenses paid before
the Prior Obligation was obtained?
_yes X no
(b) Will bond proceeds from this sale be used to reimburse you for prior expenditures?
Xeres no
- If the answer to 5(a) or 5(b) is Yes, please attach a copy of your reimbursement resolution.
Also, please include a Gst briefly describing the expenditures you plan to reimburse with
proceeds from this sale. The proceeds would be used to reimburse the county for any site or
construction invoices which may be paid prior to receipt of the bond proceeds.
(c) What amount of proceeds of the Prior Obligation have been spent?
(d) What amount of proceeds of the Prior Obligation do you anticipate to have spent by
November 10, 2005
(e) Are the proceeds of the Prior Obligation invested with SNAP? des no
If no, where are they invested?
6. Haue you executed arty undertaking in regards to continuing disclosure not associated with the
VPSA?
x~es no
UYes, please include copies of any such undertalangs. Please refer to the Fall 2002
issue for copies of the undertaking. It is an Industrial Development Authority issue dated November 2001.
9
Submitted by
(Coon ' ' trator- John ' ey)
Submitted by ~~~'~Scn.a~-°~-~ ~~,~;-~-
f
(School Superintendent -William C. Dean)
THIS APPLICATION MUST BE COMPLETED AND RETURNED BY 5:00 PM ON AUGUST
31, 2005 TO wsana,trs.vir~inia.~ov OR BY MAIL TO:
Richazd A. Davis, Public Finance Manager
Department of the Treasury
Commonwealth of Virginia
By Delivery to:
101 North 14th St., 3rd Floor
Richmond, Virginia 23219
By U. S. Mail to:
P.O. Box 1879
Richmond, VA 23218-1879
LOCALITIES NOT RETURNING THIS FORM WILL NOT BE INCLUDED IN THE SALE.
10
o...
Frederick County Public Schools
Q . to ensure a!I students ~n excellent educ~tian
Director of Finance
DATE:
TO:
FROM:
SUBJECT:
August 12, 2005
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iryel~frederidc.k12.va.us
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CC` 1 `u ~,.jJ
VPSA Fa112005 Bond Sale Application, Purpose and Resolution ~ .,:r,._,_ ~/
~ t~~ ~~
This memo outlines the actions needed to apply for and approve the spring bond sale.
The applieation:
Attached is the. application for the fall 2005 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 August 31, 2005. Please
review, sign the application at your convenience, and call me when it is ready.
The 1'~ resolution:
Also attached is the VPSA resolution for the board of supervisors to consider at their August 24, 2005
meeting. The supervisor's resolution authorizes the application, states its intent to issue bonds, and
authorizes advertisement of a public hearing on September 14, 2005. This initial resolution and the notice
of public hearing have been e-mailed to your office. 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.
The resolution is for a total of $8,000,000. This amount is based on the estimated cash needed until May
2006 (the date of the next bond sale) and is intended for the final borrowing on construction of the
eleventh elementary school ($6,000,000) and architectural, engineering and initial site development
for the replacement Gainesboro elementary school ($2,000,000).
The 2"d resolution:
After the public hearing and subsequent action on September 14, 2005, the 2na resolution approving the
debt, as well as the bond sale agreement, will be mailed in time to meet the September 28, 2005 deadline.
pc: William C. Dean, Ph.D., Superintendent
1415 Amherst Streel wvnx.frederick.kl2.va.us 540-662-3888
P.0.8ox 3508 fax 540-722-2788
Winchester, Virginia 22604-2546