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042-04 BOARD OF SUPERVISORS COUNTY OF FREDERICK, VIRGINIA RESOLUTION At a meeting of the Frederick County Board of Supervisors (the "Board of Supervisors") held on the I Ilh day of February, 2004 the following actions relative to the VPSA Spring 2004 Bond Sale Application were adopted and denied by the following roll call votes as recorded in the minutes of the meeting: Construction of the fourth middle school ($8,200,000) was APPROVED by the following recorded vote: Richard C. Shickle Barbara E. Van Osten Gina A. Forrester Lynda 1. Tyler Aye Aye Aye Aye Gary W. Dove Bill M. Ewing W. Harrington Smith, Jr. Aye Aye Aye Continued design and preliminary site work for the eleventh elementary school ($1,000,000) was APPROVED by the following recorded vote: Richard C. Shickle Barbara E. Van Osten Gina A. Forrester Lynda 1. Tyler Aye Aye Aye Aye Gary W. Dove Bill M. Ewing W. Harrington Smith, Ir. Aye Nay Aye Land acquisition and design for the transportation facility ($1,000,000) was DENIED by the following recorded vote: Richard C. Shickle Barbara E. Van Osten Gina A. Forrester Lynda 1. Tyler Nay Aye Nay Aye Gary W. Dove Bill M. Ewing W. Harrington Smith, Jr. Nay Nay Aye BOARD OF SUPERVISORS 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 $9,200,000 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 $9,200,000. 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 Spring 2004 VPSA bond sale, The County Administrator is authorized to advertise a public hearing to be held on March 10, 2004 on the issuance of the Bonds, This resolution shall take effect immediately upon its adoption. Adopted this 1 I th day of February, 2004. BOS Resolution No.: 042-04 cc: Cheryl B. Shiffler, Finance Director C. William Orndoff, IT., Treasurer Lisa Frye, School Finance Director C:\TJP\resolutions\ VPSASpring2004Application(S9,200,OOO)(0211 04BdMIg). wpd Page 2 of 2 YFrederick County Public Schools 7' ... to ensure all students an excellent education Director of Finance DATE: January 26,2004 ~f" _.-1 i";U v'" \I....... \" t j ~~,~.~ TO: John R Riley, County Administrator J . . '"6;;-' Lisa K. Frye, Director ofFinanc~ VPSA Spring 2004 Bond Sale ~~tltion, Purpose and Resolution FROM: SUBJECT: This memo outlines the tasks needed to apply for and approve the spring bond sale. The aQplication: Attached is the application for the spring 2004 bond issue, which has been signed by Bill Dean and needs to be signed by you. No other signatures are required. The application deadline is February 19, 2004. Please review, sign the application at your convenience, and call me when it is ready. ~J The 1st resolution: Also attached is the VPSA resolution for the board of supervisors to consider at their February 11,2004 meeting. The supervisor's resolution authorizes the application, states its intent to issue bonds, and authorizes advertisement of a public hearing on March 10, 2004. This initial resolution and the notice of public hearing are on the enclosed diskette for your convenience. 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 $10,200,000. This amount is based on the estimated cash needed until November 2004 (the date of the ne:\.1 bond sale) and is intended for the fourth middle school construction ($8,200,000), continued design and preliminary site work for the eleventh elementary school ($1,000,000), and land acquisition and design for the transportation facility ($1,000,000). The school board resolution (also on the diskette for your reference) requests the supervisors to issue the bonds and authorize the application. The school board will act on their resolution on February 3, 2004. The filing deadline for the first resolutions by both boards is February 26, 2004. I would like to collect all signatures and submit the documents as soon as possible after the February 11th BOS meeting. The r resolution: If the public hearing and subsequent action can take place on March 10,2004, then the March 30th filing deadline for the adoption resolution can be met. The authorizing resolution has been reviewed by bond counsel. It is attached and is also provided on the diskette. Please let me know if this schedule, or any piece of it, is not suitable for you. If you have any questions, concerns, or changes, please contact me. Thank you. pc: William C. Dean, Ph.D., Superintendent 1415 Amherst Street P.O. Bax 3508 Winchester, Virginia 22604-2546 www.frederick.k12.va.us ~.3BB8 fax 54ll-722-2788 AlTACHMENTB ",..~.:~ WNG AND INTERMEDIATE-TERM FINANCING APPLICATION VIRGINIA PUBLIC SCHOOL AUTHORITY SCHOOL FINANCING BONDS (1997 RESOLUTION) SERIES 2004 A 1. Name of County/City: GENERAL INFORMATION Frederick County 2. Name and address of County AcIministrator/City Manager: Telephone: Fax: E-mail: 540-665-5666 540-667-0370 jriley@co.frederickvaus John R Riley, Jr 107 N. Kent Street Winchester, VA 22601 3. Name and address of School Superintendent: Telephone: Fax: E-mail: 540-662-3888 540-722-2788 deanw@frederickkI2.vaus William C. Dean, Ph.D., Superintendent P.O. Box 3508 Wmchester, VA 22601 4. Name of Principal Contact: (AD further correspondence will be directed to this person unless noted) Telephone: Fax: E-mail: John R Riley, Jr. (copy to William C. Dean, Ph.D., Superintendent 540-665-5666 540-667-0370 jriley@co.frederickvaus Mailing Address: 107 N. Kent Street Winchester, VA 22601 Hand Delivery Address: same 5. Bond Counsel: McGuireWood lLP Bonnie France 901 East Cary Street Richmond, VA 23219 (firm, attorney, address, telephone, fax & E-mail:) bfrance@mcguirewoods.com 804-775-4395 TEL 804-698-2054 FAX Note: Localities are required to take all action necessary to procure the services of qualified Bond Counsel prior to the submission of this application. 1 PROJECT INFORMATION THE FOlLOWING SECTION OF THE APPUCATION IS RESERVED FOR STANDARD REQUESTS FOR FlNANCINGS AMORTIZED FROM ELEVEN YEARS AND WNGER L Reauests for LoB!!- Term Proiect Financinl! (See page 4 for Intermediaf&. 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 may be used). (a) fourth middle school- construction (b) II1h elernentaly school- continued design and initial site work 2. Total Expected Costs: (a) $26,600,000 (b) $10,800,000 3. Cost by Project(s) and Phase: (separate page may be used) Project(s) Phase (a) 41h middle school 1h (b) 11 elementary Estimated Cost $26,600,000 $10,800,000 Estimated Useful Life 30+ years 30+ years Estimated Completion Date Fall 2005 Fall 2006 4. Amount ofVPSA financing applied for (proceeds requested): $ 9200.000 Note: The VPSA can only purchase local school bonds in whole rnultiples of$5,000. Jfyour actual cost is not a whole rnultiple 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 sufficiently broad bond issuance authority to accommodate posSIble adjus1Inents 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 prepared accordingly. 5. Has the County/City applied for a Literary Fund Loan to fimd all or a portion of the Project(s)? (Indicate 2 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 ifLitermy Funds are expected: Date: Note: If fimds are borrowed from 'the VPSA in lieu of receiving a Literwy Fund loan, the locality will be removed from 'the Literary Fund waiting list for 'this Project This does not apply if a locality permanently fimds a portion of 'the Project with VPSA bonds and fimds 'the remainder wi'th a Literwy Fund loan. In any event, future Literwy Fund loans may not be used to redeem bonds sold to the VPSA 6. O1her Funding Sources: Section B - Project Stotus What is 'the status of planning, design and construction for 'the Project(s)? Answer 'the following questions for the Project(s): (a separate page may be 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.I-I40 of the Code of Virginia)? _(a) yes ili) no 2. What is the bid date for the Project(s): (a)August2003; (b) Febmmy 2005 3. Estimated Construction Start Date: (a) October 2003; (b) April 2005 4. Estimated Construction Completion Date: (a) Fall 2005; (b) Fall 2006 5. Has any money been expended on the Project(s)? .w yes {Qlno If yes, indicate (i) the source of such money (ii) the date(s) of expenditure of such money, and (ill) the type of expenditure. (See questions 4 and 5, on page 6, under ''Project Authorization") (i) VPSA (ii) Summer 2002 to present (iii) design and purchase of property and site improvement 6. Hasthe~ect(s)beencompleted? _yes _X_no 3 Section C - Fimmcing Requested Preferred Amortization Schedule: Principal is expected to be paid in annual installments starting on July 15, 2005. The Authori~ will consider permitting the use of amortization schedules o1her 1han level principal and will consider amortization periods o1her 1han twen~ years. To request an alternative amortization schedule for such loans, please indicate your preference on 1he application. Preferred Princioal Structure: Preferred Amortization Period: Level Principal Level Debt Service O1her (Explain) x -- 11-20years 20years_X_ Over 20 years (Explain) 1HE FOLLOWING SECTION OF 1HE APPliCATION IS RESERVED FOR REQUESTS FOR FINANCING EQUIPMENT OR OrnER PROJECTS AMORTIZED OVER A PERIOD OF TEN YEARS OR LESS. n Roouests For Intennediate- TenD Ymancinl!: (See page 2 for Long- Tenn Financing) Section A - Project Description 1. Briefly describe 1he Project(s) and indicate whether the Project(s) will be subject to any leases or management or service contracts: (a separate page may be used). 2. Total Expected Costs: 3. Cost By Project(s) and Phase (Constructi9D or Equipment Acquisition Schedule) (separate page may be used) Project(s) Phase Estimated Cost Estimated Useful Life Estimated Completion Date 4 4. Amount ofVPSA Financing applied for (proceeds requested): $ Note: The VPSA can only purchase local school bonds in \\hole 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 ei'ther $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 necessmy 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 prepared accordingly. 5. Has 'the County/City applied for a Litermy Fund Loan to fund all or a portion of 'the Project(s)? (Indicate whe1her 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 ifLitermy Funds are expected: Date: Note: If funds are borrowed from the VPSA in lieu of receiving a Litermy Fund loan, 'the locality will be removed from 'the Litermy Fund waiting list for this Project This does not apply if a locality permanently funds a portion of 'the Project wi'th VPSA bonds and funds 'the remainder with a Litermy Fund loan. In any event, future Litermy Fund loans may not be used to redeem bonds sold to 'the VPSA 6. Other Funding Sources: Section B - Project Stotus . 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: 5 2. Estimated Completion Date: 3. Has any money been expended on1heProject(s)? ---'yes no If yes, indicate (i) 1he source of such money (ii) 1he date(s) of expenditure of such money, and (iii) 1he type of expenditure. (See questions 4 and 5, on page 6, under ''Project Au1horization") 4. Has the Project(s) been completed? _ yes no . Answer the following questions for the Project(s) (if applicable): 5. For Projects, have 1he final plans and specifications, architect's or engineer's statement and 1he division superintendent's approval been submitted to 1he Superintendent of Public Instruction (as required by ~22.1-140 of 1he Code ofVircinia)? _yes _no 6. What is 1he bid date(s) for 1he Project(s): Section C - Financing Requested Amortization Schedule Preferred: (Debt Service is expected to be paid wi1h semi-annual payments. The first interest payment is due January 15, 2005 with principal amortization starting on July 15, 2005.) 5 years 10 years O1her 6 PLEASE COMPLETE EACH OF THE FOLWWING QUESTIONS: llL Proiect Authorization 1. Have your Boards approved 1he Project(s) and au1horized 1his application to VPSA for 1he needed financing? Approved by School Board Approved by County Board! City Council _x---yes _no _x----Yes _no NOTE: Please enclose certifred copies of resolutions. 2. Were 1hese bonds or any school Projects 1he subject of a referendum wi1hin 1he previous 5 years? ----'yes _ x~o If yes, provide 1he date of referendum: Did 1he referendum pass? ----.yes _no NOTE: Please enclose a copy of the baUot question and the official results. 3. Person(s) responsible for disbursing and investing bond proceeds. Name: Address: Telephone: Fax: LisaK Frye, Director of Finance P.O. Box 3508, Winchester, VA 22601 540-662-3888 540-722-2788 4. Will bond proceeds from this sale be used to repay a Bond Anticipation Note, Certificate of Participation or o1ber form ofinterimftemporary financing (1he ''Prior Obligation")? ----'yes _x_no If Yes, please provide 1he following terms of 1he Prior Obligation: (i) Name and Amount of Prior Obligation and Bond Counsel for Transaction (ii) Date of Issue and Maturity of Prior Obligation (iii) Redemption Provisions (e.g., notice, premium, etc.) (iv) Amount of Prior Obligation to be Refunded wi1h VPSA bond proceeds 7 (v) Please provide a brief description of 1he other anticipated sources of fimds to refimd 1he Prior Obligation (e.g., local general fimds) (vi) Please provide any other amounts needed to refimd 1he 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? _x-"yes_no If the answer to 5( a) or 5(b) is Yes, please attach a copy of your reimbursement resolution. Also, please include a list briefly describing the expenditures you plan to reimburse with proceeds from this sale. The proceeds would be used to reimburse 1he county for any site or construction invoices which may be paid prior to receipt of 1he 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 having been spent by May 13, 2004? ( e) Are 1he proceeds of the Prior Obligation invested with SNAP? ----'yes _no If no, where are they invested? 6. Have you executed any undertaking in regards to continuing disclosure not associated with 1he VPSA? _ X-"yes _no If Yes, please include copies of any such undertakings. Please refer to the Fall 2002 issue for copies of the undertaking. It is an Industrial Development Authority issue dated November 2001. 8 BY SIGNING THIS APPLICATION, THE WCAL OFFICIALS ACKNOWLEDGE THAT IF FUNDS ARE BORROWED FROM THE VPSA TO FUND A PROJECT IN LIEU OF RECEIVlNG A LITERARY FUND LOAN, THE LOCALITY WILL BE REMOVED FROM THE LITERARY FUND WAITING LIST FOR THIS PROJECT. THE LOCAL OFFICIALS ALSO ACKNOWLEDGE THAT FUTURE LITERARY FUND MONIES MAY NOT BE USED TO REDEEM BONDS SOLD TO THE VPSA. S;_requUed (C~_J Signature required L~~ ~ (Superintendent) THIS APPLICATION MUST BE COMPLETED AND RETIJRNED BY 5:00 PM ON FEBRUARY 19, 2003 TO: Richard A Davis, Public Finance Manager Department of the Treaswy Commonwealth of Virginia Bv DelivelV to: 101 Norlh 14th St., 3rd Floor Richmond, Virginia 23219 BvU.S. Mail to: P.O. Box 1879 Richmond, VA 23218-1879 LOCALITIES NOT RETURNING THIS FORM WILL NOT BE INCLUDED IN THE SALE. 9 RESOLUTION OF THE FREDERICK COUNTY SCHOOL BOARD AUTHORIZING AN APPLICATION TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY WITH RESPECT TO THE SALE OF SCHOOL BONDS TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY WHEREAS, the Frederick County School Board (the "School Board") has determined that it is advisable to contract a debt and issue general obligation bonds of the County of Frederick, Virginia (the "County") in the maximwn amount of $10,200,000 to finance certain capital projects for public school purposes (the "Bonds") and to sell the Bonds to the Virginia Public School Authority; NOW, THEREFORE, BE IT RESOLVED BY THE FREDERICK COUNTY SCHOOL BOARD: 1. The County School Board requests pursuant to Section 15.2-2640 of the Code of Virginia of 1950, as amended (the "Code") that the Board of Supervisors of the County issue the Bonds and submit an application to the VPSA in order to sell the Bonds to the VPSA at the Spring 2004 VPSA bond sale and the Superintendent of Schools or such officer as he may designate is authorized to submit such documentation as may be required by VPSA. The School Board consents pursuant to Section 15.2-2638(B) ofthe Code and Article vn, Section 10(b) of the Constitution of Virginia to the issuance and sale of the Bonds to VPSA. 2. This resolution shall take effect immediately upon its adoption. Adopted by the Frederick County School Board this 4tb day ofFehruary 2004. atw-- \\FIN\192109.2