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MOTION:HILL February 11,1997 <br />Regular Meeting <br />SECOND:JENKINS Res,No,97-114 <br />RE:AUTHORIZE APPLICATION TO THE VIRGINIA PUBLIC SCHOOL <br />AUTHORITY FOR THE SALE OF $19,900,000 IN GENERAL <br />OBLIGATION SCHOOL BONDS AND AUTHORIZE A PUBLIC <br />HEARING TO CONSIDER SALE OF BONDS <br />ACTION:APPROVED <br />WHEREAS,the Prince William County School Board has requested that the <br />Board of County Supervisors of the County ofPrince William,Virginia (the “County”)issue <br />general obligation bonds ofthe County in the amount not to exceed $19,900,000 (the “Bonds”) <br />to finance capital projects for public school purposes,including the costs of construction oftwo <br />elementary schools,one at Kingsbrook and one at Queens Chapel,and the design and <br />preparation of construction documents for an additional two elementary schools (collectively, <br />the “Projects”)and to sell the Bonds to the Virginia Public School Authority (the “VSPA”)as <br />part ofthe Spring 1997 VPSA bond sale;and <br />WHEREAS,the Board ofCounty Supervisors has determined that it is advisable <br />to contract debt through issuance ofthe Bonds to the VPSA and <br />WHEREAS,the Internal Revenue Code of 1986,as amended,and the Treasury <br />Regulations thereunder,provide that proceeds of tax-exempt obligations may be used to <br />reimburse a previously paid expenditure provided that certain criteria are met;and <br />WHEREAS,the Board of County Supervisors has determined that it may be <br />necessary or desirable to advance money to pay the costs of the capital projects which will be <br />financed with the Bonds,and to reimburse such advances from the proceeds of the Bonds; <br />NOW,THEREFORE,BE IT RESOLVED by the Board of County <br />Supervisors of the County of Prince William,Virginia: <br />1.The Board of County Supervisors authorizes and approves submission of an application to <br />the VPSA to sell the Bonds to the VPSA as part of the Spring 1997 VPSA bond sale and <br />authorizes the County Executive and the Director of Finance or either of them to sign the <br />application or related documentation. <br />2.The Board of County Supervisors currently intends to finance all or portion ofthe Projects <br />through the issuance of the Bonds,in an amount not to exceed $19,900,000. <br />3.The Board of County Supervisors intends to receive reimbursement from proceeds of the <br />Bonds,when issued,for expenditures related to the Projects paid prior to such issuance.