HomeMy WebLinkAbout075-21 (VPSASpring2021BondSaleJamesWoodHighSchoolRenovations)Resolution No. 075-21
RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$72,$44,000 GENERAL OBLIGATION SCHOOL BONDS OF THE
COUNTY OF FREDERICK, VIRGINIA, TO BE SOLD TO THE
VIRGINIA PUBLIC SCHOOL AUTHORITY AND PROVIDING
FOR THE FORM AND DETAILS THEREOF.
WHEREAS, the Board of Supervisors (the "Board") of the County of Frederick, Virginia
(the "County"), has determined that it is necessary and expedient to borrow an amount not to
exceed $72,844,000 and to issue one or more general obligation school bonds (as more
specifically defined below, each a "Local School Bond") for the purpose of financing certain
capital projects for public school purposes, including renovation of lames Wood High School
the "Project");
WHEREAS, the County held a public hearing, duly noticed, on March 10, 2021, on the
issuance of the Local School Bonds in accordance with the requirements of Section 15.2-2606,
Code of Virginia 1950, as amended (the "Virginia Code");
WHEREAS, the School Board of the County has, by resolution, requested the Board to
authorize the issuance of the Local School Bonds and consented to the issuance of the Local School
Bonds;
WHEREAS, Virginia Public School Authority ("VPSA") has offered to purchase a Local
School Bond along with the local school bonds of certain other localities with a portion of the
proceeds of certain bonds to be issued by VPSA in the spring of 2021 or a future bond sale (the
"VPSA Bonds");
WHEREAS, the Bond Sale Agreements (as defined below) shall indicate that $72,844,000
is the amount of proceeds requested (the "Proceeds Requested") from VPSA (in the aggregate) in
connection with the sale of the Local School Bonds;
WHEREAS, VPSA's objective is to pay the County a purchase price for the Local School
Bonds which, in VPSA's judgment, reflects each Local School Bond's market value (the "VPSA
Purchase Price Objective"), taking into consideration of such factors as the amortization schedule
the County has requested for the specific Local School Bond relative to the amortization schedules
requested by other localities, the purchase price to be received by VPSA from the sale of the VPSA
Bonds and other market conditions relating to the sale of the VPSA Bonds; and
WHEREAS, such factors may result in a Local School Bond having a purchase price other
than par and consequently (i) the County may have to issue one or more Local School Bonds in a
principal amount that is greater than or less than the Proceeds Requested in order to receive an
arnount of proceeds that is substantially equal to the Proceeds Requested, or (ii) if the maximum
authorized principal amount of the Local School Bonds set forth in section I below does not exceed
the aggregate Proceeds Requested by at least the amount of any disco -wit, the purchase price to be
paid to the County, given the VPSA Purchase Price Objective and market conditions, will be less
fl -tan the Proceeds Requested.
141015629.3
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF FREDERICK, VIRGINIA:
1. Authorization of Local School Bond and Use of Proceeds. The Board hereby
determines that it is advisable to contract a debt and issue and sell its general obligation school
bonds, on one or more occasions in an aggregate principal amount not to exceed $72,844,000
(each a "Local School Bond") for the purpose of financing the Project. The Board hereby
authorizes the issuance and sale of one or more Local School Bonds in the form and upon the
terns established pursuant to this Resolution.
2. Sale of the Local School Bond. The sale of each Local School Bond, within the
parameters set forth in paragraph 4 of this Resolution, to VPSA is authorized. Given the VPSA
Purchase Price Objective and market conditions, the County acknowledges that the limitation
on the maximum aggregate principal amount of all Local School Bonds issued under this
Resolution set forth in paragraph I of this Resolution restricts VPSA's ability to generate the
Proceeds Requested, however, each Local School Bond may be sold for a purchase price not
lower than 95% of the Proceeds Requested. The Chairman of the Board, the County
Administrator, or either of thein (each a "Delegate") and such other officer or officers of the
County as either may designate are hereby authorized and directed to enter into an agreement
with VPSA providing for the sale of each Local School Bond to VPSA (each a "Bond Sale
Agreement"). The Bond Sale Agreements shall be in substantially the form required by VPSA,
as it may be approved by the County officer executing the Bond Sale Agreement.
3. Details of the Local School Bond. Each Local School Bond shall be dated a date
designated by VPSA; shall be designated "General Obligation School Bond, Series 20�"; (or
such other designation as the County Administrator may approve) shall bear interest from its dated
date payable semi-annually on each January 15 and July 15, beginning on such date as acceptable
to a Delegate (each an "Interest Payment Date"), at the rates established in accordance with
paragraph 4 of this Resolution; and shall mature on July 15 in the years (each a "Principal Payment
Date") and in the amounts acceptable to a Delegate (the "Principal Instalhnents"), subject to the
provisions of paragraph 4 of this Resolution. The Interest Payment Dates and the Principal
Payment Dates are subject to change at the request of VPSA.
4. Interest Rates and Principal Installments. Each Delegate is hereby authorized
and directed to accept the interest rates on each Local School Bond established by VPSA, provided
that each interest rate shall be five ane -hundredths of one percent (0.05%) over the interest rate to
be paid by VPSA for the corresponding principal payment date of the VPSA Bonds, a portion of
the proceeds of which will be used to purchase the Local School Bonds, and provided further that
the true interest cost of each Local School Bond does not exceed five and fifty one -hundredths
percent (5.50%) per annum. The Interest Payment Dates and the Principal Installments are subject
to change at the request of VPSA. Each Delegate is hereby authorized and directed to accept
changes in the Interest Payment Dates and the Principal Installments at the request of VPSA based
on the final tenn to maturity of the VPSA Bonds, requirements imposed on VPSA by the
nationally -recognized rating agencies and the final principal amount of such Local School Bond;
provided, however, that the principal amount of all Local School Bonds shall not exceed the
amount authorized by this Resolution and the final maturity of each Local School Bond shall not
exceed 31 years from the date of the issuance and delivery of such Local School Bond. The
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execution and delivery of each Local School Bond as described in paragraph 8 hereof shall
conclusively evidence the approval and acceptance of all of the details of such Local School Bond
by the Delegate as authorized by this Resolution.
5. Form of the Local School Bond. Each Local School Bond shall be initially in the
form of a single, temporary typewritten bond substantially in the form attached hereto as Exhibit A.
6. Payment; Pa in A ent and Bond Registrar. The following provisions shall
apply to each Local School Bond:
(a) . For as long as VPSA is the registered owner of a Local School Bond, all
payments of principal, premium, if any, and interest on such Local School Bond shall be made in
immediately available funds to VPSA at or before 11:00 a.m. on the applicable Interest Payment
Date, Principal Payment Date or date fixed for prepayment or redemption, or if such date is not a
business day for Virginia banks or for the Commonwealth of Virginia, then at or before 11:00
a.m. on the business day next succeeding such Interest Payment Date, Principal Payment Date or
date fixed for prepayment or redemption.
(b) All overdue payments of principal and, to the extent permitted by law,
interest shall bear interest at the applicable interest rate or rates on such Local School Bond.
(c) The County Administrator is hereby authorized and directed to engage a
financial institution to serve as Bond Registrar in accordance with VPSA's requirements. The
County may, in its sole discretion, replace at any time the Bond Registrar with another qualified
bank or trust company as successor Bond Registrar and Paying Agent for any Local School Bond,
The County shall give prompt notice to VPSA of the appointment of any successor Bond Registrar
and Paying Agent.
7. Prepayment or Redemption. With respect to any Local School Bond sold to
VPSA in the spring 2021 sale, the Principal Installments of the Local School Bond held by VPSA
coming due on or before July 15, 2031, and the definitive bond for which the Local School Bond
held by VPSA may be exchanged that mature on or before July 15, 2031, are not subject to
prepayment or redemption prior to their stated maturities. The Principal Installments of the Local
School Bond held by VPSA coming due on or after July 15, 2032, and the definitive bond(s) for
which the Local School Bond held by VPSA may be exchanged that mature on or after July 15,
2032, are subject to prepayment or redemption at the option of the County prior to their stated
maturities in whole or in part, on any date on or after July 15, 2031, upon payment of the
prepayment or redemption prices (expressed as percentages of Principal Installments to be prepaid
or the principal amount of the Local School Bond to be redeemed) set forth below plus accrued
interest to the date set for prepayment or redemption:
Dates
Prices
July 15, 2031 through July 14, 2032 101%
July 15, 2032 through July 14, 2033 100'/Z
July 15, 2033 and thereafter 100
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Provided, however, that the Principal Installments of the Local School Bond shall not be
subject to prepayment or redemption prior to their stated maturities as described above without
first obtaining the written consent of VPSA or other registered owner of the Local School Bond.
Notice of any such prepayment or redemption shall be given by the Bond Registrar to VPSA or
other registered owner by registered snail not more than ninety (90) and not less than sixty (60)
days before the date fixed for prepayment or redemption.
If VPSA refunds the VPSA Bonds in the future and such refunding causes the Local
School Bond to be deemed refunded, the prepayment or redemption of the Local School Bond
will be subject to VPSA approval and subject to similar prepayment or redemption provisions as
set forth above that correspond to the call period of the VPSA bonds issued in part to refund the
Local School Bond.
With respect to any Local School Bond sold to VPSA in a subsequent sale, the Principal
Installments of such Local School Bond will be subject to similar prepayment or redemptions
provisions as may be set forth by VPSA at the time of such sale.
S. Execution of the Local School Bond. The Chairman or Vice Chairman and the
Clerk or any Deputy Clerk of the Board are authorized and directed to execute and deliver each
Local School Bond and to affix the seal of the County thereto.
9. Pledge of Full Faith and Credit. For the prompt payment of the principal of,
premium, if any, and the interest on each Local School Bond as the same shall become due, the full
faith and credit of the County are hereby irrevocably pledged, and in each year while any portion of
such Local School Bond shall be outstanding there shall be levied and collected in accordance with
law an annual ad valorem tax upon all taxable property in the County subject to local taxation
sufficient in amount to provide for the payment of the principal of and premium, if any, and the
interest on such Local School Bond as such principal, premium, if any, and interest shall become
due, which tax shall be without limitation as to rate or amount and in addition to all other taxes
authorized to be levied in the County to the extent other funds of the County are not lawfully
available and appropriated for such purpose.
10. Use of Proceeds Certificate and Tax Compliance Agreement. The Chairman of
the Board, the Couinty Administrator and such other officer or officers of the County or the School
Board as either may designate are hereby authorized and directed to execute and deliver on behalf
of the County a Use of Proceeds Certificate and Tax Compliance Agreement (the "Tax Compliance
Agreement") setting forth the expected use and investment of the proceeds of a Local School Bond
and containing such covenants as may be necessary in order to show compliance with the
provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and applicable
regulations relating to the exclusion from gross income of interest on the VPSA Bonds. The Board
covenants on behalf of the County that (i) the proceeds from the issuance and sale of each Local
School Bond will be invested and expended as set forth in such Tax Compliance Agreement and
that the County shall comply with the other covenants and representations contained therein and
(ii) the County shall comply with the provisions of the Code so that interest on the VPSA Bonds
will remain excludable fiom gross income for federal income tax purposes.
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11. State Non -Arbitrage Program, Proceeds Agreement. The Board hereby
determines that it is in the best interests of the County to authorize and direct the County Treasurer
to participate in the State Non -Arbitrage Program in connection with each Local School Bond.
The Chairman of the Board, the County Administrator and such officer or officers of the County as
either may designate are hereby authorized and directed to execute and deliver a Proceeds
Agreement with respect to the deposit and investment of proceeds of each Local School Bond by
and among the County, the other participants in the sale of the VPSA Bonds, VPSA, the
investment manager and the depository, substantially in the form submitted to the Board at this
meeting, which form is hereby approved.
12. Continuing Disclosure Agreement. The Chairman of the Board, the County
Administrator and such other officer or officers of the County as either may designate are hereby
authorized and directed to execute a Continuing Disclosure Agreement, as set forth in Appendix D
to the Bond Sale Agreement, setting forth the reports and notices to be filed by the County and
containing such covenants as may be necessary in order to show compliance with the provisions of
the Securities and Exchange Commission Rule 15c2-12, under the Securities Exchange Act of
1934, as amended, and directed to make all filings required by Section 4 of the Bond Sale
Agreement should the County be determined by VPSA to be a MOP (as defined in the Bond
Sale Agreement).
13. Refunding. The Board hereby acknowledges that VPSA may issue refunding
bonds to refund any bonds previously issued by VPSA, including the VPSA Bonds issued to
purchase a Local School Bond, and that the purpose of such refunding bonds would be to enable
VPSA to pass on annual debt service savings to the local issuers, including the County. Each of
the Delegates is authorized to execute and deliver to VPSA such allonge to the Local School Bond,
revised debt service schedule, IRS Fonn 8038-G or such other documents reasonably deemed
necessary by VPSA and VPSA's bond counsel to be necessary to reflect and facilitate the refiunding
of a Local School Bond and the allocation of the annual debt service savings to the County by
VPSA. The Clerk to the Board of Supei visors is authorized to affix the County's seal on any such
documents and attest or countersign the same.
14. Filing of Resolution. The appropriate officers or agents of the County are hereby
authorized and directed to cause a certified copy of this Resolution to be filed with the Circuit
Court of the County.
15. Election to Proceed under Public Finance Act. In accordance with Section 15.2-
2601 of the Virginia Code, the Board elects to issue the Local School Bond pursuant to the
provisions of the Public Finance Act of 1991, Chapter 26 of Title 15.2 of the Virginia Code.
16. Further Actions. The members of the Board and all officers, employees and
agents of the County are hereby authorized to take such action as they or any one of thein may
consider necessary or desirable in cormection with the issuance and sale of the Local School Bond
and otherwise in furtherance of this Resolution and any such action previously taken is hereby
ratified and confinned.
17. Effective Date. This Resolution shall take effect immediately.
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The undersigned Clerk of the Board of Supervisors of the County of Frederick, Virginia,
hereby certifies that the foregoing constitutes a true and correct extract from the minutes of a
meeting of the Board of Supervisors held on March 10, 2021, and of the whole thereof so far as
applicable to the matters referred to in such extract. T hereby further certify that such meeting
was a regularly scheduled meeting and that, during the consideration of the foregoing resolution,
a quorum was present. Members present at the meeting were: Charles S. DeHaven, Jr.,
Chairman; Robert W. Wells, Vice Chairman; Blaine P. Dunn; Shawn L. Graber; Judith McCann -
Slaughter; J. Douglas McCarthy; and David D. Stegmaier . Members absent from the meeting
were: None. Members voting in favor of the foregoing resolution were: Charles S. DeHaven, Jr.,
Chairman; Robert W. Wells, Vice Chainnan; Blaine P. Dunn; Judith McCann -Slaughter; J.
Douglas McCarthy; and David D. Stegmaier. Members voting against the foregoing resolution
were: Shawn L. Graber. Members abstaining from voting on the foregoing resolution were:
None.
WITNESS MY HAND and the seal of the Board of Supervisors of the County of
Frederick, Virginia, this I V" day of March, 2021.
[SEAL]
Res. No. 075-21
Clerk<"n�d of Su isors of the County of
Frederick, Virginia
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NO. TR -1
EXHIBIT A
(FORM OF TEMPORARY BOND)
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
COUNTY OF FREDERICK
General Obligation School Bond
Series 20
Dated Date: , [16 days prior to issuance], 20
Issue Date: , 20
S
The COUNTY OF FREDERICK, VIRGINIA (the "County"), for value received,
hereby acknowledges itself indebted and promises to pay to the VIRGINIA PUBLIC SCHOOL
AUTHORITY ("VPSA") the principal amount of
DOLLARS (S },
in annual installments in the amounts set forth on Schedule I attached hereto payable on July 15,
20_ and annually on July 15 thereafter to and including July 15, 20� (each a "Principal
Payment Date"), together with interest from the dated date of this Bond on the unpaid
installments, payable semi-annually on January 15 and July 15 of each year, commencing on
[July/January] 15, 20_ (each an "Interest Payment Date"; together with any Principal Payment
Date, a "Payment Date"), at the rates per annum set forth on Schedule I attached hereto, subject
to prepayment or redemption as hereinafter provided. Principal of and interest and premium, if
any, on this Bond are payable in lawful money of the United States of America.
For as long as VPSA is the registered owner of this Bond, U.S. Bank National Association,
as bond registrar and paying agent (the "Bond Registrar"), shall make all payments of the principal
of and interest and premium, if any, on this Bond, without the presentation or surrender hereof, to
s
VPSA, in immediately available fields at or before 11:00 a.m. on the applicable Payment Date or
date fixed for prepayment or redemption. if a Payment Date or date fixed for prepayment or
redemption is not a business day for banks in the Commonwealth of Virginia or for the
Commonwealth of Virginia, then the payment of the principal of and interest and premiurn, if any,
on this Bond shall be made in immediately available funds at or before 11:00 a.m. on the business
day next succeeding the scheduled Payment Date or date fixed for prepayment or redemption.
Upon receipt by the registered owner of this Bond of said payments of principal, premium, if any,
and interest, written acknowledgment of the receipt thereof shall be given promptly to the Bond
Registrar, and the County shall be fully discharged of its obligation on this Bond to the extent of the
payment so made. Upon final payment, this Bond shall be surrendered to the Bond Registrar for
cancellation.
The full faith and credit of the County are irrevocably pledged for the payment of the
principal of and the premiutrn, if any, and interest on this Bond. The resolution adopted by the
Board of Supervisors authorizing the issuance of this Bond provides, and Section 15.2-2624, Code
of Virginia 1950, as amended (the "Virginia Code"), requires, that there shall be levied and
collected an annual tax upon all taxable property in the County subject to local taxation sufficient to
provide for the payment of the principal of and interest and premium, if any, on this Bond as the
same shall become due which tax shall be without limitation as to rate or amount and shall be in
addition to all other taxes authorized to be levied in the County to the extent other funds of the
County are not lawfully available and appropriated for such purpose.
This Bond is duly authorized and issued in compliance with and pursuant to the Constitution
and laws of the Commonwealth of Virginia, including the Public Finance Act of 1991, Chapter 26,
Title 15.2 of the Virginia Code, and resolutions duly adopted by the Board of Supervisors of the
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County and the School Board of the County to provide funds for capital projects for school
purposes.
This Bond may be exchanged without cost, on twenty (20) days written notice fiom the
VPSA, at the office of the Bond Registrar on one or more occasions for one or more temporary
bonds or definitive bonds in marketable fonn and, in any case, in fully registered form, in
denominations of $5,000 and whole multiples thereof, and having an equal aggregate principal
amount, having principal installments or maturities and bearing interest at rates corresponding to the
maturities of and the interest rates on the installments of principal of this Bond then unpaid. Thus
Bond is registered in the name of the VPSA on the books of the County kept by the Bond Registrar,
and the transfer of this Bond may be effected by the registered owner of this Bond only upon due
execution of an assigiunent by such registered owner. Upon receipt of such assignment and the
surrender of this Bond, the Bond Registrar shall exchange this Bond for definitive bonds as
hereinabove provided, such definitive bonds to be registered on such registration books in the name
of the assignee or assignees named in such assignment.
The principal installments of this Bond corning due on or before July 15, 20_ and the
definitive bonds for which this Bond may be exchanged that mature on or before July 15, 20_, are
not subject to prepayment or redemption prior to their stated maturities. The principal installments
of this Bond corning due on or after July 15, 20_, and the definitive bonds for which this Bond
may be exchanged that mature on or after July 15, 20_, are subject to prepayment or redemption at
the option of the County prior to their stated maturities in whole or in part, on any date on or after
July 15, 20_, upon payment of the prepayment or redemption prices (expressed as percentages of
principal installments to be prepaid or the principal amount of this Bond to be redeemed) set forth
below plus accrued interest to the date set for prepayment or redemption:
A-4
Dates
Prices
July 15, 20— through July 14, 20_ 101%
July 15, 20— through July 14, 20_ 100'/2
July 15, 20 and thereafter 100
Provided, however, that the principal installments of this Bond shall not be subject to
prepayment or redemption prior to their stated maturities as described above without the prior
written consent of VPSA or other registered owner of this Bond. Notice of any such prepayment
or redemption shall be given by the Bond Registrar to VPSA or other registered owner by
registered mail not more than ninety (90) and not less than sixty (60) days before the date fixed
for prepayment or redemption.
If VPSA refunds its bonds issued in part to purchase this Bond in the future and such
refunding causes this Bond to be deemed refunded, the prepayment or redemption of this Bond
will be subject to VPSA approval and subject to similar prepayment or redemption provisions as
set forth above that correspond to the call period of the VPSA bonds issued in part to refund this
All acts, conditions and things required by the Constitution and laws of the Commonwealth
of Virginia to happen, exist or be performed precedent to and in the issuance of this Bond have hap-
pened, exist and have been perfonned in due time, form and manner as so required, and this Bond,
together with all other indebtedness of the County, is within every debt and other limit prescribed by
the Constitution and laws of the Commonwealth of Virginia.
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IN WITNESS WHEREOF, the Board of Supervisors of the County of Frederick has
caused this Bond to be issued in the name of the County of Frederick, Virginia, to be signed by
its Chairman or Vice-Chainnan, its seal to be affixed hereto and attested by the signature of its
Clerk or any of its Deputy Clerks, and this Bond to be dated
closing date], 20_.
(SEAL)
ATTEST:
Clerk, Board of Supervisors of the
County of Frederick, Virginia
COUNTY OF FREDERICK,
VIRGINIA
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[ 16 days prior to the
Chainnan, Board of Supervisors of the
County of Frederick, Virginia
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE)
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE:
the within Bond and irrevocably constitutes and appoints
attorney to exchange said Bond for
definitive bonds in lieu of which this Bond is issued and to register the transfer of such definitive
bonds on the books kept for registration thereof, with full power of substitution in the preanises.
Date:
Signature Guaranteed:
(NOTICE: Signature(s) must be guaranteed
by an "eligible guarantor institution" meeting
the requirements of the Bond Registrar
which requirements will include Membership
or participation in STAMP or such other
'"signature guarantee program" as may be
determined by the Bond Registrar in addition
to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act
of 1934, as amended).
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Registered Owner
(NOTICE: The signature above must
correspond with the name of the Registered
Owner as it appears on the front of this Bond
in every particular, without alteration or
change.)
NOTICE OF
PUBLIC HEARING
The Frederick County Board of Supervisors will
hold a Public Hearing on Wednesday, March 10,
2021, 7:00 P.M., in the. Board of Supervisors'
Meet€rrg Room, County Administrabbn Building,
107 North Kent Street, Winchester, Virginia, to
Consider the Following:
Proposed School Bond Financings by the Board
of Supervisors of the County of Frederick,
Virginia. Notice is Hereby Given that the Beard
of Supervisors (The "Board") of the County
of Frederick, Virginia (the "County") will Hold
a Public Hearing in Accordance with. Section
15.2-2606 of the C do a Of V_iWinia of 1950, as
Amended, on the Issuance of General Obligation
School Bonds (the "Bonds") of the County in
an Aggregate Principal Amount Not to Exceed
$72,844,000 to Finance Certain Capital Projects
for Public School Purposes, Consisting Primarily
of the Renovation of James Woad High School. A
Resolution Authorizing the Issuance of the Bonds
will be Considered by the Board of Supervisors
at Its Meeting on Wednesday, March 10, 2021.
All Interested Parties are Invited to Attend and
Present oral or Written Comments.
Amendment to the 2020-2021 Fiscal Year
Budget - Pursuant to Section 15.2-2507 of the
Code of Virg€n€a,- 1950, as Amended, the Board
bf Supervisors will Hold a Public Hearing to
Amend the Fiscal Year 2920-2021 Budget to
Refiect: SobI Cinstruction Fund Suppipmenial
Appropriation €n the Amourd of S72 844.00M,
This Amount Represents the Renovation of James
Wood High School.
Proposed School Bond Financings by the Board
of Supervisors of the County of Frederick,.
Virginia. Notice is Hereby Given that the Board
of Supervisors (The "Board") of the Cou€tty
of Frederick, Virginia (the "County'l Will Hold
a Public Hearing in Accordance with Secdon
15.2-2606 of the. Bode of Virginia of 1954, as
Amended, on the Issuance of General Obligation
School Bonds (the "Bonds") of the County in.
an Aggregate Principal Amount Not to Exceed
$12,020,000 to Finance Certaln Capital Projects
for Public School Purposes; Consisting Primarily
of the Renovation of Indian Hallow Elementary
School. A Resolution Authorizing the Issuance
of the Bonds will be Considered by the Board of
Supervisors at Its Meeting on Wednesday, March
10, 2021. All interested Parties are Invited to
Attend and Present Oral or Wrdten Comments.
Amendment to the 2020-2021 Fiscal Year
Budget - Pursuant to Section 1112-2507 of the
C_ eio a of Virginia, 1950, as Amended, the Board
of Supervisors will Hold a Public Hearing to
Amend the Fiscal Year 2020-2021 Budget to
Reflect: School Construction Fund Supplema
Automation in the Amon 12020004,
This Amount Represents the Renovation of Indian
Hallow Elementary School
Inquiries concerning the above item(s) may be
addressed to the Office of the County Administrator
between the Hours of 8:00 AM. and 5:00 PM,
Monday through Friday, 107 North Kent Street,
Winchester, Virginia 22601 (540) 665-5666,
Any subject file(s), including the full text .at any
ordinance or of any other item(s) to be adopted are
Conditional Use Permit #01-21 for Hollow Ria
Solar, LLC Submitted to Construct a 20-Megawe
Utiilty--Scale Solar Facility on Properties Totalin
Approximately 326 -Acres +f-. The Subiai
Properties are Located Generally Southeast r
Parishville Road (Route 610) and Anchorag
Lane in the Vicinity of Gore and within Frederic
County, Virginia and are ldentlf€ed with Propert
Identification Numbers (PIN) 27-A-8, 27-A
11, and 27-A-12 In the Gainesboro Mag€sted,
District. The Property Identified with PIN 27-A. ,
will Only be Used for a Subsurface Interoonnectloi
Easement and Ingress/Egress No Solar Array
(Panels) or Supporting Equipment will be Sited of
PIN 27-A-8.
Inquiries concerning the above itern(s) mal
be addressed to the Office of Planning ant
Development, between the hours of 8:00 A.M. anc
5,00 P.M., Monday through Friday,107 North ken
Street, Winchester, Virginia 22601, (540)665.
5651. Any subject file($), including the full taxi
of any ordinance or of airy other hem(s) to bE
adapted are avaflabla at the Office of Planning ane
Development.
The Board and staff are following current
recommendations for social distancing and public
gatherings. The meeting will be broadcast via
Cable Channel 16 and will be live streamed on the
website at Wvww.fcva.usJBOSMeetings. Cifizens
preferring not to attend the meeting to speak are
encouraged to submit comments to the Board via:
Electronic commenting on the county website
at M".fcva-us1BOS€ Ieetinos (Click on the
'eComment' to submit your comments.)
Email to county staff Karen Vacchio at bauhlo
tyLEa or Ann Phillips at ann.ph€Il€psOcva.us by
'noon on the day of the meeting.
Mail to March 10 Public Hearing Comments, 107
N, Kent St., Winchester, VA 22601.. Include. your
name, address, and magisterial district,
In person by calling the Deputy Clerk at 540.722-
8273 to arrange to drop off your comments.
Interested citizens may appear before the Board
to speak on the above €tern(s). The agenda. is
available online at Mn.ftva.us/BosMg&n@8
and at the Frederick County Administrative
Offices, 107 North Kent Street, Winchester,
virgfnfa.
Kris C. Merney
County Administrator
County of Frederick, Virginia
vow w-fa+va,us
NOTICE OF
PllB�.ICHEARING
in The .Prederlck County Board of ;Supetvlsom will'
holtl a P.iitilic Hea_rlrlg an Wodpesiiay; March 10,j
2021 7.00 Ptd , in the Board of Supervisors'
Meefing Room County Administration B,iifldini;
t07 fvortlr KeriY, Sheet ,Nlitichester, Virginia; to
Consjder;the Following
_ N.oposed 5ohoal Bond"FimncinP:by;the' Board
of Supervr ars ol` ifie County,_ of` Frederick,
Vrrginla. Ndii a is Hereby Gri1en that tato: Board
of Supervisors (fire Board') of the Gouniy
of Frederick Virginia {the `County') will Hold
a Public .Hearing in Accordanea :with Sectiph
15:2 6013 of the Catle OY Uitglnia of 1950, as
Amended ;on the issuance of General Oiiligatiori
School I3000 (the, "Ounds")' of the Ceuhiy in
an
Aggregate" Principal" Amount Nal .to;"Exceed
$72,844;Op0 ta:;Foance Gertain Capltal Projects
far P+iblic.Schaol Purposes, Consisting P.rimarllyr
of tho"Renovation af;James Wood Hlgh Seh0o1 A
Resolution Auiiiorliin"g the Issuankbf the Boards
PresegWral ar:Ntri tgn Comments.
Amendment to the 2020-2021 Fiscal" Year
gadget: - ,Pursuant. fo Section 151-25b '
5 2 250:7 of tate
Go 'of" V r int 1950, es;Areendeii fe Boaiii
''ek—k.ive will' W jd 'n Onh' iii.–Hearino 'to'
Wood Nigh Schbol:
PrhmaPil Schaul.'.96nd FlaMOOS by the 0oard
the. Bands will be Considered by. the Baard of
porvis.ors at.lts.'Meeting on Vlfednesday, March
821. All Interested Partles are fiiylted to,
:end�:and Present�ral or�+N,rnten Cnrnfnenks:.
neddment ih :;fhe 202B=2021 Final "Year
Reflect::,So S Giinst Fun Su " .
A rieb n , .the A tit 1202
This..Amount Ri prgsents the:Renovafionof lnjiian
Hollow Elementary Sehoal.
are
PIN 27 A:B:
lsrquiries, ;corioerning the above items) ma)
nP adrlresseo to the,, Office of, Plane ng,;an(
Street, Winchester,. Virginia. 44ouvj p4U)vvv-
5551 Any subject'frie{s) inclgdmg the (JAW,.
of anyor`dinancg,os .of any other rtem(s)fta be
adoptedare availeble at the 0fflce ofiPlanning and
Qevelo I t.
The, "Board "and sfaff are 40ilowmg icurr'ent
�-...t. : , ..Ae....h1,n
Electronic coriihieriting on the county :website
at'fico B'D aetih (Click on the.
`eCoinrljent' to subnlityouP.commenWO'
Email tvcouirt�+, S. Kare9 Va�chio at; its
fc_va�us;' ' -Ann Phill A hil' by
noon Qn the day cfi;tbe,meeting:
Malvin March 110 Public Hearing Comments;107
.N. Kent St.,Winchester, VA 220. tnciude.your
name. adtlress,.and magisterial district..
In person by calling the pepiiiy Clerk at 540 722;
8&..to strange tot drop off your commerita.
Interested cltrzens may appear before the Board
; the ;agenis
da
,to speak cn the above dam-fs)
available online at 3ww.1cWa asl0 5 tis
and it...the, Frederick ebvfiwAdmilhistfailve
Wices, 107 tioilh .Keit :5freet, .Winchester;
Vtrgtnta
Kris C Tierney,
County ,Om nlstratar -.
County, & F'rederiek; Virginig.
www fcva us
Th
Winchester Sitar
Wednesday
February 24, 2021_
•
„ Frederick County Public Schools
Executive Director of Finance Patty Camery
cameryp@fcpskl2.net
DATE: February 3, 2021
TO: Jay Tibbs, Deputy County Administrator
Ann Phillips, Deputy Clerk
FROM: Patty D. Cannery, Executive Director of Finance
SUBJECT. 1) Supplemental Appropriation for James Wood High School
Renovation
2) Participation in the 2021 Spring VPSA Bond Sale for the James
Wood High School Renovation Project
The Frederick County School Board requests, by way of the two attached resolutions,
action by the Board of Supervisors concerning the renovation of James Wood High
School:
1) a supplemental appropriation to the school construction fund for $72,844,000
for the renovation of James Wood High School and
2) participation and application in the 2021 Spring Virginia Public School
Authority (VPSA) bond sale program for the renovation of James Wood High
School. The resolution for $72,844,000 will cover participation in the Spring
2021 VPSA bond sale and future VPSA bond sales up to the amount
approved.
A public hearing is required and is requested after which both approving resolutions can
be considered by the Board of Supervisors. The public hearing should be set for March
10th. The ad for publication is attached.
Please do not hesitate to contact me should you have any questions. Thank you.
Attachments (3)
cc: David T. Sovine, Ed.D., Superintendent
Kris C. Tierney, County Administrator
Cheryl Shiffler, Frederick County Finance Director
Bond Counsel
1415 Amherst Street www.frededcU12.va.us 540-562-3589, ext. 88105
P.O. Box 3508
Winchester, Virginia 22604-2546
RESOLUTION
(Renovation and Additions James Wood High School)
i
1 Of the County School Board of Frederick County, Virginia, declaring its intention to request a
supplemental appropriation to the FY2021 School Construction Fund subject to the Frederick
County Board of Supervisors' approval.
WHEREAS, Frederick County Public Schools (the "Division") is a political subdivision
organized and existing under the laws of the Commonwealth of Virginia; and
WHEREAS, the County School Board of Frederick County, Virginia, (the "Board") is charged
by law to manage and control the property of the school division and provide for the erecting,
furnishing, and equipping of necessary school buildings (§22.1-79); and
WHEREAS, the Frederick County Board of Supervisors, Virginia, (the Supervisors") approved
the James Wood High School Addition and Renovation through annual adoptions of the
Capital Improvements Plan; and
WHEREAS, the Board has conducted an extensive condition study and evaluation of major
building systems, building finishes, and site amenities in July of 2017, amended December
2020 in preparation for preliminary design detail; and
WHEREAS, the major building systems have exceeded their normal life expectancy; and
WHEREAS, the configuration of the building inhibits the efficient and effective operation of a
high school, particularly the location of Guidance Offices, and the cafeteria without a loading
dock; and
WHEREAS, heating, ventilation and air conditioning (HVAC) is inadequate and fails to meet
American Society of Heating, Refrigerating and Air -Conditioning Engineers (ASHRAE)
standards for indoor air quality.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD as follows;
The Board requests a supplemental appropriation to the FY2021 Construction Fund in the
amount of $72,844,000.00 for the renovation, and construction of James Wood High School;
Section I — The Board shall perform major renovation,and construct additions to the James
Wood High School in compliance with the regulations of the Board of Education and the
Uniform Statewide Building Code (§22.1-140);
Section I1- The school design shall be approved in writing by the Division's Superintendent
in accordance with State Law (§22.1.140);
6
t
Section III -- The school plans shall be reviewed and approved according to Frederick
County Ordinance by the Chief Building Official and appropriate State or Federal Agencies
with jurisdiction such as the Virginia Department of Transportation;
Section IV - The school shall be sized to accommodate an approximate program capacity of
1,500 students in accordance with the Virginia Board of Education Regulations and Virginia
Department of Education Guidelines for School Facilities.
Section V - Should the appropriation be reduced from the amount requested, the scope of
the work shall be reduced in size and program capacity accordingly without affecting the
instructional space/layout and integrity of the school to accommodate current instructional
pedagogy and integration of technology.
BE IT FURTHER RESOLVED, that this Resolution shall take effect immediately upon its
passage.
3
WIFre!deriockCounty MSchool Board
0000001 -
Clerk, Frederick County School Board
NNE-:ame)
Executive Director o an ty Clerk (Title)
Recorded Vote
Moved By: ef c�.wsX-�
Seconded By:
Yeas: 7
Nays: 6�7
RESOLUTION REQUESTING THE BOARD OF SUPERVISORS
TO ISSUE GENERAL OBLIGATION SCHOOL BONDS FOR
SCHOOL PURPOSES AND CONSENTING TO
THE ISSUANCE THEREOF
BE IT RESOLVED:
1. The School Board of the County of Frederick (the "School Board") hereby (i)
requests, pursuant to Section 15.2-2640 of the Code of Virginia, 1950, as amended (the "Code"),
that the Board of Supervisors of the County of Frederick (the "County") cause the County to
issue one or more of its general obligation school bonds (the "Bonds") in an aggregate principal
amount not in excess of $76,486,200.00, but with the objective of providing up to
$72,844,000.00 in net proceeds, to finance the renovation of James 'Wood High School which
constitutes a capital project for public school purposes and (ii) consents, pursuant to Section
15.2-2638.B(iii) of the Code and Article VII, Section 10(b) of the Constitution of Virginia, to the
issuance of the Bonds.
2. Further, the School Board consents to and authorizes an application to the Virginia
Public School Authority (the WPM") for the purchase of the Bonds by the VPSA as part of its
2021 Spring Pooled Bond Sale and such future pools as may be necessary to finance the above -
referenced project. The Chairman of the School Board, the Superintendent of the schools of
Frederick County School Division (the "Schools"), and such other officer or officers of the School
Board or the Schools as either may designate (the "Authorized Officers") are hereby authorized to
decrease the amount of proceeds requested to the extent the County and such Authorized Officers
deem it necessary to issue the Bonds in an amount less than provided in paragraph 1 above.
3. The Authorized Officers are hereby authorized and directed to execute and deliver
on behalf of the School Board a Use of Proceeds Certificate and Tax Compliance Agreement (the
"Tax Compliance Agreement") setting forth the expected use and investment of the proceeds of the
Bonds and containing such covenants as may be necessary for the bonds issued by VPSA in the
Spring of 2021 or in the future (the "VPSA Bonds") to show compliance with the provisions of the
Internal Revenue Code of 1986, as amended (the "Tax Code"), and the applicable regulations. The
School Board covenants on behalf of itself and the Schools under its governance that the School
Board and the Schools shall comply with the provisions of the Tax Compliance Agreement and the
Tax Code so that the interest on the VPSA Bonds is excludable from gross income under the Tax
Code.
4. This resolution shall take effect immediately.
ADOPTED BY THE FREDERICK COUNTY SCHOOL BOARD THIS 2ND DAY OF
FEBRUARY, 2421
Member Vote Member Vote
Jay W. Foreman, �
Frank Wright
Shontyd C. Washington �
Michael A. Lake
Bradley A. Comstock
Brandon H. Monk
Brian. J. Hester
Frcdcrick County School Board
Clerk
Frederick County School Board