| | | | | | | | Spotsylvania County
Board of Supervisors Agenda
Executive Summary |
| | | | | | | | Meeting Date:
| September 11, 2018 |
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| | | | | | | | Title:
| Budgeting of 2018 Bond Sale Proceeds |
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| | | | | | | | Type:
| Action, Public Hearing, Appropriation |
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| | | | | | | | Agenda Title:
| Budgeting of 2018 Bond Sale Proceeds |
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| | | | | | | | Recommendation:
| After the public hearing required by State Code section §15.2-2507, approve the FY 2019 budget adjustments outlined below and the related appropriations. |
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| | | | | | | | Summary:
| On June 28, the Board authorized the sale of up to $38.0 million in General Obligation (GO) bonds to finance replacement of the Computer Aided Dispatch (CAD) system; renovation and expansion of the animal shelter; road improvements at Exit 118, along Rt. 3, in the Bloomsbury area, and at the Old Plank Road and Chancellor Road intersection; and school technology, bus replacements, and capital maintenance to include Courtland High School renovations. On August 28, the County closed on the sale of $34.590 million in GOs for these projects. An all-in interest rate of 2.92% was obtained on this issue.
The attached budget adjustment allocates the bond proceeds among the projects and to the payment of the costs associated with issuance of the bonds. It also adjusts the budgeted Transportation Fund debt service to be in line with that expected to be incurred in FY 2018 now that the bond sales have been finalized. |
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| | | | | | | | Financial Impact:
| See summary above, attached budget adjustments, and attached appropriation. |
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| | | | | | | | Staff Contacts:
| Bonnie Jewell, Budget Manager |
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| | | | | | | | Consequence of Denial/Inaction:
| If the budget adjustments and appropriations are not approved, staff will not be able to move forward with the projects for which the bond proceeds were intended. |
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