AGENDA DATE: 9/6/2023
TITLE:
Title
Resolution Authorizing the Issuance of Bond Anticipation Note and Bond Issuance
BODY
SUBJECT/PROPOSAL/REQUEST: Approve a financing plan with the Economic Development Authority of Albemarle County to finance certain School and General Government improvements, including acquisition of the Rivanna Station Futures property.
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Rosenberg, DeLoria, Sumner, Bowman, Greene, Taylor, Mitchell
PRESENTER (S): Jacob Sumner, Interim CFO and Davenport & Co., Financial Advisors
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The County's adopted Capital Improvements Plan (CIP) is primarily funded with revenues from borrowed proceeds, which are applied to projects that are eligible to be funded with this revenue. As the CIP is implemented and expenditures are incurred, the County issues bonds to fund the CIP, as authorized by resolutions approved by the Board of Supervisors. For example, between 2010 and 2022, the County undertook seven revenue bond financings through the Economic Development Authority (EDA) and used the proceeds either for reimbursing the County or for refinancing existing bonds at lower rates. Issuances are completed within the framework of the Board's approved Financial Management Policies that are published in the County's Adopted Budget document.
The County seeks to utilize this financing structure to request the EDA to issue a) new tax-exempt revenue bonds (Revenue Bonds) for capital projects not to exceed $118 million, including cost of issuance, and b) taxable bond anticipation notes (Notes) for the acquisition of the Rivanna Station Futures property not to exceed $60 million, including cost of issuance.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSS...
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