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HomeMy WebLinkAbout077-21 (VPSASpring2021BondSaleIndianHollowElementarySchoolRenovations)Resolution No. 077-21 RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $12,020,000 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 $12,020,000 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 Indian Hollow Elementary 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 $12,020,000 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 amount 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 1 below does not exceed the aggregate Proceeds Requested by at least the amount of any discount, the purchase price to be paid to the County, given the VPSA Purchase Price Objective and market conditions, will be less than the Proceeds Requested. 141020793.1 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 $12,020,000 (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 terms 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 1 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 them (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 one -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 term 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 tlie date of the issuance and delivery of such Local School Bond. The -2- 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 fonn attached hereto as Exhibit A. G. Payment; Paying Anent 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 pennitted 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 ally successor Bond Registrar and Paying Agent. 7. Prenayment 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 -3- 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 mail 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 Chainnan or Vice Chainnan 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 Iixnitation as to rate or amount and in addition to all other taxes authorized to be levied in the County to the extent other fields 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 County 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 from gross income for federal income tax purposes. -4- 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 Chainnan 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 forin 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 snake 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 refunding of a Local School Bond and the allocation of the annual debt service savings to the County by VPSA. The CIerk to the Board of Supervisors 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. Iii 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 convection 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 confirmed. 17. Effective Date. This Resolution shall take effect irnrnediately. -5- 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. I 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 McGann -Slaughter; J. Douglas McCarthy; and David D. Stegrnaier. 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 11" day of March, 2021. Clerk, hbwd f Sup sors Nkf the County of Frederick, Virgim [SEAL] Res No. 077-21 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: , 116 days prior to issuance], 20 Issue Date: 920 E1 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 ($ }, 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"), shalI snake all payments of the principal of and interest and premium, if any, on this Bond, without the presentation or surrender hereof, to A-1 VPSA, in immediately available funds 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 prernivan, 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 premium, 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 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 from 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 form 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. This Bond is registered in the naive 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 assignment 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 naive of the assignee or assignees nained in such assignment. The principal installments of this Bond coming due on or before July 15, 20 and the definitive bonds for wlvch 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 coming 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 acciued interest to the date set for prepayment or redemption: A-3 Dates Prices July 15, 20� through July 14, 20-101% July 15, 20— through July 14, 20_ 100'/z 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 Connnonwealth of Virginia to happen, exist or be performed precedent to and in the issuance of this Bond have hap- pened, exist and have been performed in due time, form and mariner 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. A-4 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-Chainnwa, 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 A-5 [ 16 days prior to the Chairman, 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 premises. 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). A-6 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 10 PUBLIC HEARING The Frederick County Board of Supervisors will hold a Public Hearing on Wednesday, March 10, 2021, 7:00 P,NI., in the Board of Supervisors' Meeting Room, County Administration Building, 107 North Kent Street, Winchester, Virginia, to Consider the Following: Proposed School Bond I mancings by the Board of Supervisors of the County of Frederick, Virginia.. Notice Is Hereby Given that the Board 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 Code Of Virginia 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 Wood High School. A Resolution Authorizing the Issuance of the Bonds will be Considered by the Bard M 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 Oode of Vira€A 1950, as Amended, the Board of Supervisors will Hold a Public Hearing to Amend the. Ascal Year 2020-2021 Budget to fiefiect S Supplemental r ri ti . tfiAm6ifft of $&844,00 This Amount Represents the Renovation of James Wood High School. Proposed School good Financings by the Board of Supervisors of the County of Frederick, Virginia. Notice is Hereby Given that the Board of `Supervisors (The "Boards) of the County of Frederick Virginia (the "County") will l old a Public Hearing- in Accordance with Section 152-2606 of. the Cade if Vitgjtlla. of 1950, as Amended; on the issuance of General Obligation School Bonds (the "Bands") of the County in an Aggregate Principal Amount Not to Exceed $12.,020,000 to Finance Certain Capital. Projects for Pathic: School Purposes, Consisting Primarily of the Renovation of Indian Hallow Elementary. School. A Resolution Authorizing the Issuance of the Bonds will beConsidered by the Board of Supervisors at Its. Meeting on Wednesday, March 10, 2-021. All Interested Parties are Invited to Attend and Present Oral or written Comments_ ` Amendment to the 2020-2021 Fiscal Year Bridget - Pursuant ta: Section 112-z2507 iff •the Code of Virginia. 1950, as Amended; the Board of Supervisors will Hold a Publ€c Hearing to Amend the Fiscal Year 2020-2021 Budget 'to Reflect' School Construction Fund Suptlementai darioa in 61 $14020-0 This Amount Represents the 'Renovation of Indian Hollow Elementary School. Inquiries concerning the above Item(s) may be addressed.tothe Office of the GountyAdministrator between the hours of 8:00 AM. and 5:00 PM, Monday .through Friday,- 107 North Kent`Street, W€acheste Virginia 22601 (546) $655666. Any subject file(s), including the full text:of any Ordinance or of arty other iters (s) to be adopted are `Conditional Use Permit tial -21 for Hollow Road Solar, LLC Submitted to Construct a 20 -Megawatt Utitly-Scale Solar Facility on Properties "totaling Approximately 326 -Acres +/-. The Subject Properties are Located Generally Southeast of Parishville Road(Route. 610) and Anmorago Lane in the Vicinity of Gore and within Frederick County,. Virginia and are Identified with Property Identification Numbers (PIN) 27-A-8, 27-A- 11, and 27-A-12 in the Gainesboro Magisterial ©isttict. The Property Identified with PIN 27-A-8 will OPly be Used. for a Subsurface Interconnection Easement and Ingress/Egress No Solar Arrays (Panels) or Supporting Equipment will be Sited on PIN 27-A-8: Inquiries coneeming the above hems) may be addressed to the Office of Planning anis Development, between the hours of 8:00 A.M. and 5:00 PM., Monday through Friday,107 North Kent Street; Winchester, Virginia 22601, (540)665- 5651. Any subject fue(s); including the full text of guy ordinance or of any other Item(s) to be adopted are available at the Office of Planning and Development. The Board and staff are foilowing current recommendations for social distancing and public gatherings. The meeting will be broadcast via Cattle Channel 16 and will be live streamed: on tiie weWhe at moosmeetings, .Citizens preferring not to attend the meeting to speak are encouraged to submit comments to the Board via: Electronic Commenting an the cou.t Website at v�nv vfcva.us/BOSaliwetiRnc .(Click on the eCom mend' fg submit your comments) Emall to county staff Karen Vacchlo at hi IVA.-UaL or Ann Phillips at nn Hl :u"by noon ori ttio'day-of the meeting. Mail to Marek 10 Public Hearing Comments, 107 N. Kent SL, Winchester, VA 22601, include your name, address, and magisterial district: In person by calling the Deputy Clerk at 50722- 8273 toarfangs to drop off yoirr comments. Interested ohrzens;.may appear before the Board z speak on the above €teiriffl. The agenda is ivaifable online at wwiu.feva.pa/BOS1He Hnas tnd: at the Frederick County. Adhilnisfrative 1Hlces; 107 North Kent StrBat; Winchester fCns'C. Tierney County Administrator County_of ftdericK Virginia vvvJwsfcva:us NOTICE of ----- — PUB:LkQ- HEARING conditional tlsa permlr ml. _21 ter Reliq_w Road Satan LusubmitterltoGonstructa20-Megawatt !n The Frederick County Board of, Supervisors will Utility-sca3 a sola `Fatuity on Properties 7otatIN hold a Public Heari'pg on.Wednesday; March 10, Approximately 326-Acres 4-. The Mi.6ject b 202#,. 7:Op t? IN., in the Board ol. Supervisors` Propertlas are. Loafed GBrterally Sautlfeast of meetigg Room; Courity Administration building; Parislivllle Road {route fi1U) and Agchorage 107 North Kent Street; Winchester; Virginla, to Lane in the Vi of Gore anS within Rederick consIderthe Followings County, Virginia and. ara Idepti ied with• Property =- �_ ldenhticatibn Numbers {PIN) 27 A lar 27-Pi 11,.arld 27`A 2, in the Gairiesliora Magisterial Proposed School. Sond f oaneings-Irytite Board . District._ The Property, iderdifieftith FIN 7114-8 of SupeiVkrs of the County ei'Frederick;•, wil Only be Used fora5utrsurfacelnterconnectioit 0 Virg nig. Notice' (s Her.aby Given that the Board E= semo and lngressfl_gress;. No. Soar Arrays - of Supervisors (The- Board") of thB County {Panels)orSupporting.EgulprnerrtWill tfe:Sited:on of Frederick, Vugiiiia• (the tburr<y")' will Hold PIN 27-A-8: a Public Hearing in Accordance with Section _.. 115.2-,'2666 of the ;Cada i7f-V4 of 195d,_as Amended, on the Issuance of General Obligation I toquiries concerning the above Rem(s) may School Bonds ({thee "BbnW) of the County in N.. addressed . to the Office, :o# Planning and an Aggregate Prigcipal Amount Not to Exceed Devel'opmerd between the hours;of 8:00-)m .and $72;894,000 fo :Firaarice Certain Capital Projects 5 00 Pli4;,,Monday thrgugh Friday 107 N6A trent for Public school Purposes,, Consisting Primarily street Winchester,. Virginia, 22601, (64p)6i 5- df 11he Renovatiopro James 1Nood ghrSchoo9: A 5651. Any, subi%ect� file(s), Including the iull Matt Resolution Authorhirigthe Issuancerof theaonds of arrjaurdlnancs or"of a'ny:other Rem(s) to be Mit. be: G'onsldered'b,V the Board of Supervisors adoptedwavailable,a#thi,6fiiwof.PtarfsiinpAd at Its Meeting un,, Wednesday;, March 10'2021. 13evelopment: All •tnteresied 0666g are Invited 4 Attend and The Board and; :stat# are following: furrunt Present oral or ,rittenmm#.nts: recommen.datlons;tOr social;uistancinB and public = gatlrerangs, The rooffling Will be brdadt via Amendment to the 2020.2021 Fiscal Year Caole Channel 116 and will be live streamed. on the Budget - Pursuant. to, Secflon 15,2.2307 of the v�ehsrte at f s in , Citk are Code of Vargrnia 1950 , as Amended, #Ite Board preferring not to.attend the meeting to'speak are Of- Supervisors will' Hold a Public Dearing to encouraged ica submi Frederick County Public Schools Executfve 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. Camery, Executive Director of Finance SUBJECT: 1) Supplemental Appropriation for Indian Hollow Elementary School Renovation 2) Participation in the 2021 Spring VPSA Bond Sale for the Indian Hollow Elementary 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 Indian Hollow Elementary School 1) A supplemental appropriation to the school construction fund for $12,020,000 for the renovation of Indian Hollow Elementary School and 2) Participation and application in the 2021 Spring Virginia Public School Authority (VPSA) bond sale program for the renovation of Indian Hollow Elementary School. The resolution for $12,020,000 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.frederick.k12.va.us 546-662-3889, ext. 88105 P.O. Box 3548 Winchester, Virginia 22604-2546 RESOLUTION (Renovation Indian Hollow Elementary School) 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 Indian Hollow Elementary School 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 beginning in 1996 and amended in December 2020, in preparation for preliminary design detail; and WHEREAS, the major building systems have exceeded their normal life expectancy; and WHEREAS, the construction of Indian Hollow Elementary School was based upon the use of porous decorative CMU (concrete masonry unit) with a block filler and paint as the exterior veneer due to cost cutting measures at that time; and WHEREAS, the building is experiencing indoor air quality and structural concerns as a result of the porous absorption characteristic of this masonry exterior veneer and continuous moisture infiltration; and WHEREAS, heating, ventilation and air conditioning (HVAC) is inadequate and fails to meet current American Society of Heating, Refrigerating and Air -Conditioning Engineers i (ASHRAE) standards for indoor air quality. i 3 3 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD as follows: I The Board requests a supplemental appropriation to the FY2021 Construction Fund in the amount of $12,020,000.00 for the renovation of Indian Hollow Elementary School, Section I — The Board shall renovate the Indian Hallow Elementary School in compliance with the regulations of the Board of Education and the Uniform Statewide Building Code (§22.1-140); Section Ill - The school design shall be approved in writing by the Division's Superintendent in accordance with State Law (§22.1-140); 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 - Should the appropriation be reduced from the amount requested, the scope of work shall be reduced 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. ,RFrederick County School Board Clerk, Frederick County School Board NM==kMe) Executive Director of Finance and Depu terk (Title) Recorded Vote Moved By: Ake. Seconded By: 49:e, .rc/o;4 Yeas: Nays: RESOLUTION REQUESTING TIE 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 $12,621,000.00, but with the objective of providing up to $12,020,000.00 in net proceeds, to finance the renovation of Indian Hollow Elementary 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 VTI, 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 "VPSA") 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 "Authorised 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 TBE FREDERICK COUNTY SCHOOL BOARD THIS 2N° DAY OF FEBRUARY, 2021 Member Vote Member Vote Jay W. Foreman J Frank Wright Shontya C. Washington Michael A. Lake Bradley A. Comstock _r_ Brandon H. Monk/ Brian J. Hester ly Frederick County School Board Clerk Frederick County School Board