030-24 (ReimbursementResoFromBondProceeds(SchoolConstructionProjects)) A RESOLUTION DECLARING THE OFFICIAL INTENT OF
FREDERICK COUNTY TO REIMBURSE ITSELF FOR
CERTAIN CAPITAL EXPENDITURES RELATED TO THE
CONSTRUCTION OF CERTAIN PROJECTS WITH
PROCEEDS OF DEBT
A. The Board of Supervisors of Frederick County, Virginia recently approved the
following two public school projects: Middletown Elementary School Expansion and the Fourth
High School (the "Approved School Projects").
B. Frederick County, Virginia (the "County") intends (i) to undertake the Approved
School Projects, (ii) to pay costs of the Approved School Projects from available funds of the
County before the issuance or incurrence of bonds or other obligations or debt (the "Bonds") to
finance the Approved School Projects, and (iii) to reimburse itself for such original expenditures
(the "Expenditures") from the proceeds of the Bonds.
C. Bond counsel has advised the County that Treas. Regs. § 1.150-2 requires the
County to adopt a resolution in the form set forth below to preserve the County's ability to use
portions of the proceeds of the County's upcoming issues of Bonds to reimburse itself for the
Expenditures.
After careful consideration and to further the public purposes for which the County was
created, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS
OF FREDERICK COUNTY, VIRGINIA THAT:
1. The County intends to finance the Approved School Projects through the issuance
of one or more series of Bonds. The principal amount of the Bonds attributable to the Approved
School Projects is not expected to exceed $174,000,000.
1.150-2.2. This Resolution represents a declaration of "off cial intent" under Treas. Regs. §
3. Before the issuance or incurrence of the Bonds, the County expects to pay some or
all of the costs of the Approved School Projects from its available funds.
4. On the date each Expenditure is paid, it will be a capital expenditure (or would be
with a proper election) under general federal income tax principles or will otherwise comply with
the requirements of Treas. Regs. § 1.150-2(d)(3).
5. The County reasonably expects to reimburse the Expenditures made before the
issuance of the Bonds to finance the Approved School Projects from the proceeds of the Bonds
and the adoption of this Resolution is consistent with the budgetary and financial circumstances
of the County.
6. This Resolution shall be in effect from and after its adoption.
Res.No. 030-24
CERTIFICATE OF CLERK
The undersigned Cleric of Board of Supervisors of Frederick County, Virginia (the
"County"), hereby certifies that:
l. A regular meeting of the Board of Supervisors was duly called and held on October
23, 2024 (the "Meeting"), at which the following members were present and absent:
MEMBER PRESENT ABSENT
Josh Ludwig
Judith McCann-Slaughter x�
John F. Jewell x�
Heather H. Lockridge x
Robert W. Wells —x
Blaine P. Dunn x�
Robert T. Liero xy
2. A resolution (the "Resolution") of the County entitled "A RESOLUTION
DECLARING THE OFFICIAL INTENT OF FREDERICK COUNTY TO REIMBURSE ITSELF
FOR CERTAIN CAPITAL EXPENDITURES RELATED TO THE CONSTRUCTION OF
CERTAIN PROJECTS WITH PROCEEDS OF DEBT," was duly adopted at the Meeting by the
recorded affiniiative vote of at least a majority of all of the members of the Board of Supervisors,
the ayes and nays being recorded in the minutes of the meeting as shown below:
MEMBER VOTE
Aves Nays
Josh Ludwig x
Judith McCann-Slaughter
Jolua F. Jewell x�
Heather H. Lockridge x�
Robert W. Wells x
Blaine P. Dunn �X
Robert T. LieroX�
3. The foregoing is a tare and correct copy of the Resolution.
WITNESS my signature as of the date set forth below.
Clerk:
is lae o Zoe er
Date: 10-24-2024
Res.No. 030-24
w Frederick County Public Schools
Executive Director of Finance Patty Camery
catneryp@fcpskl2.net
DATE: July 29, 2024
TO: Mike Bollhoefer, County Administrator
FROM: Patty D. Camery, Executive Director of Finance
SUBJECT: 1) Supplemental Appropriation to the School Construction Fund
2) Participation in the 2024 Fall VPSA Bond Sale
3) Request to use School Proffer Funds
The Frederick County School Board requests, by way of the attached resolution, action
by the Board of Supervisors of the County of Frederick concerning the following school
construction projects:
1. A supplemental appropriation to the school construction fund for
$151,600,000.00 for a fourth high school.
2. A supplemental appropriation to the school construction fund for $22,400,000.00
for Middletown Elementary School expansion.
3. A supplemental appropriation to the school construction fund for$13,600,000.00
for Jordan Springs Elementary School expansion.
The resolution also serves as a formal request for the Board of Supervisors of the County
of Frederick to authorize the debt associated with the construction projects through
participation and application beginning with the 2024 Fall Bond Pool through the Virginia
Public School Authority (VPSA) along with the use of school proffer funds held in the
name of the Division by the County. Participation in future VPSA borrowings will continue
until the appropriated amount approved by the Board of Supervisors of the County of
Frederick is met.
A public hearing is required and requested, after which the resolution can be considered
by the Board of Supervisors.
Please do not hesitate to contact me should you have any questions. Thank you.
Attachment
cc: Dr. George Hummer, Superintendent
Jay Tibbs, Deputy County Administrator
Cheryl Shiffler, Frederick County Finance Director
Ann Phillips, Deputy Clerk
1415 Amherst Street www.FrederickCountySchoolsVA.net 540-662-3889,ext.88105
P.O.Box 3508
Winchester,Virginia 22604-2546
G C�
NOVICE OF PUBLIC
HEARING
The Frederick_County Board of Supervisors will hold a Public
Hearing on Wednesday; October 23, 2024, 7:00 RM.,,in the
Board of Supervisors' Meeting Room, County Administration
Building, 107 North Kent Street, Winchester, Virginia, to
Consider the Fallowing:
Amendment to the 2024-2025 Fiscal Year Budget-Pursuant
to Section 15.2-2507 of the Code of Virginia, 1950, as
Amended, the Board of Supervisors will Hold a Public Hearing
to Amend the Fiscal Year 2G24-2025 Budget to Reflect:
1.A Supplemental Appropriation to the School
Construction Fund for $151,600,000.00 for a Fourth
High School.
2.A Supplemental Apropriation to the School
Construction Fund for;22,400,000.00 for Middletown
Elementary School Expansion.
3.A Supplemental Appropriation to the School
Construction Fund for $13,600,000.00 for Jordan
Springs Elementary School Expansion, Including a
General Fund Supplementai Appropriation in the
Amount of$7,463,418.70 for School Proffers.
------- The meeting will be broadcast via Cable Channel 16 and will be
live streamed on the website at v,rww.fcva-US/BOSMeetings.
Proposed School Bond Financings by the Board of Citizens preferring not to attend the mee#ing to speak are
Supervisors of the County of Frederick, Virginia. Notice is encouraged to submit comments to the Board via:
Hereby Given that the Board of Supervisors (The "Board") of
the County of Frederick, Virginia (the "County'? will Hold a Electronic commenting on the county website at
Public Hearing in Accordance with Section 15.2-2606 of the wwwrGva,us18OSMeetings(Click on the'eComment to submit
Code Of Virginia of 9950, as Amended, on the Issuance of your comments.)
General Obfigation School Bonds(the"Bonds")of the County in
an Aggregate Principal Amount Not to Exceed Those Listed Email to county staff Karen Vecchio at kvacchio fcva.us or
Above Along with the Use of School Proffer Funds Held in the Ann Phillips at ann.philiips@fcva.us by neon on the day of the
Name of the School Division by the County to Finance Certain meeting.
Capital Projects for Public School Purposes, Consisting
Primarily of the Fourth High School, Expansion of Middletown Mail to:October 23 Public Hearing Comments,107 N.Kent St,
Elementary School, and Expansion of Jordan Springs Winchester, VA 22601. include your name, address, and
Elementary School, Participation in Future VPSA Borrowings magisterial district,
Will Continue Until the Appropriated Amount Approved by the
Board of Supervisors of the County of Frederick is Met. A In person by calling the Deputy Clerk at 540-722-8273 to
Resolution Authorizing the Issuance of the Bonds will be 'arrange to drop off your comments.
Considered by the. Board of Supervisors at Its Meeting on
Wednesday,October 23,2024.All Interested Parties are Invited �' -
to Attend and Present Oral or Written Comments.
Interested citizens may appear before the Board to speak on
the above item(s). The agenda is available online at
www.fova.us1BOSMeetIngs and at the Frederick County
Inquiries concerning the above item(s) may beaddressed to Administrative Offices, 107 North !Cent Street,Winchester,
the Office of the County Administrator between the hours of Virginia.
8:00 AM. and 5:00 PM, Monday through Friday, 107 North Kent Michael L.Bollhoefer
Street,Winchester,Virginia 22601 (540)665-5666.Any subject County Administrator
file(s), including the full text of any ordinance or of any other County of Frederick,Virginia
item(s)to be adopted are available at the Officeofthe County
Administrator.
� www.fcva.us
The
Winchester Ste°
Wednesday
October 16,2024
NOTCE OF PUBLIC
HEAPUNG
The Frederick County Board of Supervisors will hold a Public
Hearing on Wednesday; October 23,2024, 7:00 P.M., in the.
Board of Supervisors' Meeting Room, County Administration
Building, 107 !North Kent Street, Winchester, Virginia, to
Consider the Following:
Amendment to the 2024-2025 Fiscal Year Budget-Pursuant
to Section 15.2-2507 of the Code of Virginia, 1950, as
Amended,the Board of Supervisors will Hold a Public Hearing
to Amend the Fiscal Year 2024-2025 Budget to Reflect:
I.A Supplemental Appropriation to the School
Construction Fund for $154,600,000.00 for a Fourth
High School_
2.A Supplemental Appropriation to the School'p
Construction Fund for $22400,000,00 for Middletown
Elementary School Expans6.
3.A Supplemental Appropriation to the School
Construction Fund for $13,600,000.00 for Jordan
Springs Elementary School Expansion, Including a
General Fund 'Supplemental Appropriation in the
Amount of$7,463,418.70 for School Proffers.
The meeting will be broadcast via Cable Channel 16 and will be
Proposed School Bond Financings by the 'Board of live streamed on the website at www.fcva.us/BOSMeetings.
Supervisors of the County of Frederick, Virginia. !Notice is Citizens preferring not to attend the meeting to speak are
Hereby Given that the Board of Supervisors (The "Board") of' encouraged to submit comments to the Board via:
the County of Frederick, Virginia (the "County") will Hold a
Public Hearing in Accordance with Section 15.2-2606 of the Electronic commenting r on the county- website at
Code Of Virginia of 1950, as Amended, on the Issuance of www.fcva_us1BQSMeetings(Click on the'eComment'to submit
General Obligation School Bonds(the"Bonds")of the County in your comments.)
an Aggregate Principal Amount Not to Exceed Those Listed Entail to county staff Karen Nacchio of kvacchio� a.us or
Above Along with the Use of School Proffer Funds Held in the Ann Phillips at asnn.philhp.s@fgva.us by noon on the day of the
Name of the School Division by the County to Finance Certain meeting.
Capital Projects for Public School Purposes, Consisting
(Primarily of the Fourth High School, Expansion of Middletown Mail to:October 23 Public Hearing Comments,107 N.Kent St,,
Elementary School, and Expansion of Jordan Springs
Elementary School. Participation In Future VPSA Borrowings Winchester, VA 22601. Include your name, address, arid
magisterial district. t
Will Continue Until the Appropriated Amount Approved by the
Board of Supervisors of the County of Frederick is Met. A In person by calling the Deputy Clerk at 540-722-8273 to
Resolution Authorizing the issuance of the Bonds will be arrange to drop off your comments,
1 Considered by the,Board of Supervisors at Its Meeting on
I Wednesday,October 23,,2024.All.Interested Parties are Invited .__
to Attend and Preserif Ora]or Written Comments. ---------
Interested citizens may appear before the Board to speak on
the above item(s). The agenda is available online at
i www.fcva.us1ROSMeetin9s and at the Frederick County
l Inquiries concerning the above item(-) may be addressed to Administrative Offices, 107 North Kent Street,Winchester,
the Office of the County Administrator between the hours of ,Virginia.
8:00 AM.and 5:00 PM,Monday through Friday,107 North Kent
Street,Winchester,Virginia 22601 (540)665-5666,Any subject Michael L.Bollhoefer
file(-), including the full text of any ordinance or of any other County Administrator
i
item(s)to be adopted are available at the OfFide of the County` County of Frederick,Virginia
Administrator.
www.fcva.us
The
Wmehesteir Star
Wednesday
(October 9,2024