AGENDA DATE: 2/1/2017
TITLE:
Title
Albemarle County Debt Financing - 2017A EDA Revenue Bonds
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): Walker, Letteri, Kamptner, Burrell
PRESENTER (S): Davenport & Co., Financial Advisors
LEGAL REVIEW: Yes
REVIEWED BY: Douglas C. Walker
BACKGROUND: Beginning in FY09, the County has issued debt on an every-other-year basis, using its cash as an interim/temporary 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 May 4, 2016, the Board of Supervisors adopted a reimbursement resolution setting forth the County's intent to use $24,758,670 in tax exempt bond proceeds to reimburse the County for Capital Improvement Program expenditures. This Executive Summary presents to the Board for its consideration a financing option for the County to finance FY17 capital projects and to reimburse the County for cash it expended for previous years' projects.
STRATEGIC PLAN: Prioritize, plan, and invest in critical infrastructure that responds to past and future changes and improves the capacity to serve community needs.
DISCUSSION: On January 17, 2017, the County's Financial Advisors, Davenport and Company, presented an overview of the proposed plan of public facility bond financing to the Economic Development Authority of Albemarle County, Virginia (EDA), which is authorized under State law to assist the County in financing local government facilities and equipment. If the Board approves moving forward with the proposed financing, the EDA Board would be asked to approve the financing plan at a special meeting of the EDA in February 2017. Under the proposed strategy, the EDA, ...
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