AGENDA DATE: 8/5/2015
TITLE:
Title
Albemarle County Debt Financing - 2015B
BODY
SUBJECT/PROPOSAL/REQUEST: Resolution approving a plan to finance certain public facilities and equipment projects through the issuance of revenue bonds by the Economic Development Authority of Albemarle County.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Foley, Letteri, Davis, and Burrell
PRESENTER (S): David Rose, Davenport & Co., Financial Advisors
LEGAL REVIEW: Yes
REVIEWED BY: Thomas C. Foley
BACKGROUND: Beginning in FY09, the County has issued debt on an every-other-year basis, using its cash as a source of funding until such time as the next debt is issued. As authorized by the annually adopted reimbursement resolution, the County reimburses itself from bond proceeds. On June 3, 2015, the Board of Supervisors adopted a reimbursement resolution setting forth the County's intent to use $43,389,518 in tax exempt bond proceeds to reimburse the County for Capital Improvement Program expenditures. On June 4, 2014, a similar reimbursement resolution was adopted by the Board. On April 1, 2015, the Board approved financing $9.5M specifically for purposes of funding the Schools' FY15 CIP for expenditures that had already been approved for financing and appropriated in the County's FY15 budget. Those projects were not included in the FY16 reimbursement resolution. This Executive Summary presents to the Board for its consideration a financing option for the County to finance FY16 capital projects and to reimburse the County for cash it expended for previous years projects.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds
DISCUSSION: On July 14, 2015, the County's Financial Advisors, Davenport and Company, presented an overview of the proposed plan of public facility bond financing to the E...
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