Posted here under fair use laws for the purpose of using in multiple news stories over on Gloucester, Virginia Links and News website. GVLN. It keeps the format in place.
This document summarizes an investment opportunity for mobile home asset-backed loans offered by Affordable Housing Acquisitions (AHA). AHA offers loans between $12,000-$228,000 for 30 months at interest rates between 12-18%, with the loans secured by mobile homes valued at 20-25% above the loan amount. The document includes sample loan documents, frequently asked questions about the investment, and information about AHA.
The document provides answers to questions about the Homeowner Affordability and Stability Plan, which aims to help homeowners refinance or modify their mortgages to more affordable terms. It addresses questions for borrowers who are current or at risk of foreclosure on their mortgages regarding eligibility, refinancing or modifying terms, costs, the application process, and what to do if facing foreclosure.
The National Bank of Kyrgyzstan announced a competition for journalists to publish high-quality articles on microfinance in print and online media. The competition aims to improve financial literacy. It will award prizes to the best articles in Russian and Kyrgyz languages published between February and October 2014. Separately, the document discusses regulations from the National Bank on overnight loans and 7-day loans to banks, and a regulation on classifying assets and loan loss reserves for credit unions operating under Islamic principles. It also provides statistics on microcredit loan amounts, agricultural loans by banks and microfinance institutions, and IFC's financial literacy program in Kyrgyzstan.
The National Bank of Kyrgyzstan announced a competition for journalists to publish high-quality articles on microfinance in print and online media. The competition aims to improve financial literacy. It will award prizes to the best articles in Russian and Kyrgyz languages published between February and October 2014. Separately, the National Bank promulgated regulations on overnight and 7-day loans to commercial banks to support short-term liquidity. Microcredit loans in Kyrgyzstan totaled 19.1 billion soms in 2014, with steady growth and low non-payment rates. Agricultural loans exceeded 3 billion soms in 2013, mostly distributed by several banks and microfinance institutions.
This letter from FedLoan Servicing informs the recipient, James A. Wellington, that:
1) He has been granted an unemployment deferment on multiple student loans from December 2012 through December 2013.
2) If interest is not paid on unsubsidized loans during the deferment period, it will be added to the principal balance, increasing the total cost of the loans.
3) Options for repayment plans, postponing payments through deferment or forbearance, and discharging loans in special circumstances are described.
The document summarizes President Obama's Homeowner Affordability and Stability Plan announced on February 18, 2009. The plan aims to help 7-9 million families avoid foreclosure by restructuring or refinancing mortgages. Key elements include refinancing mortgages owned by Fannie Mae and Freddie Mac, a $75 billion initiative to lower monthly payments for at-risk homeowners, and strengthening support for Fannie Mae and Freddie Mac to maintain low mortgage rates.
Reviewed Legal Counsel For Recording Purposes Only Intergovern...legal3
The City of Bend and Deschutes County entered into an agreement to jointly acquire property for the Bethlehem Inn homeless shelter. The City would contribute $230,000 for the down payment, while the County would contribute $20,000. The County would then pay $18,000 per month towards the loan until payments reached $220,000, at which point responsibilities would be shared equally. The agreement established terms for inspecting the property, acquiring the land, and eventually transferring ownership to the Bethlehem Inn once funding was obtained.
This document summarizes an investment opportunity for mobile home asset-backed loans offered by Affordable Housing Acquisitions (AHA). AHA offers loans between $12,000-$228,000 for 30 months at interest rates between 12-18%, with the loans secured by mobile homes valued at 20-25% above the loan amount. The document includes sample loan documents, frequently asked questions about the investment, and information about AHA.
The document provides answers to questions about the Homeowner Affordability and Stability Plan, which aims to help homeowners refinance or modify their mortgages to more affordable terms. It addresses questions for borrowers who are current or at risk of foreclosure on their mortgages regarding eligibility, refinancing or modifying terms, costs, the application process, and what to do if facing foreclosure.
The National Bank of Kyrgyzstan announced a competition for journalists to publish high-quality articles on microfinance in print and online media. The competition aims to improve financial literacy. It will award prizes to the best articles in Russian and Kyrgyz languages published between February and October 2014. Separately, the document discusses regulations from the National Bank on overnight loans and 7-day loans to banks, and a regulation on classifying assets and loan loss reserves for credit unions operating under Islamic principles. It also provides statistics on microcredit loan amounts, agricultural loans by banks and microfinance institutions, and IFC's financial literacy program in Kyrgyzstan.
The National Bank of Kyrgyzstan announced a competition for journalists to publish high-quality articles on microfinance in print and online media. The competition aims to improve financial literacy. It will award prizes to the best articles in Russian and Kyrgyz languages published between February and October 2014. Separately, the National Bank promulgated regulations on overnight and 7-day loans to commercial banks to support short-term liquidity. Microcredit loans in Kyrgyzstan totaled 19.1 billion soms in 2014, with steady growth and low non-payment rates. Agricultural loans exceeded 3 billion soms in 2013, mostly distributed by several banks and microfinance institutions.
This letter from FedLoan Servicing informs the recipient, James A. Wellington, that:
1) He has been granted an unemployment deferment on multiple student loans from December 2012 through December 2013.
2) If interest is not paid on unsubsidized loans during the deferment period, it will be added to the principal balance, increasing the total cost of the loans.
3) Options for repayment plans, postponing payments through deferment or forbearance, and discharging loans in special circumstances are described.
The document summarizes President Obama's Homeowner Affordability and Stability Plan announced on February 18, 2009. The plan aims to help 7-9 million families avoid foreclosure by restructuring or refinancing mortgages. Key elements include refinancing mortgages owned by Fannie Mae and Freddie Mac, a $75 billion initiative to lower monthly payments for at-risk homeowners, and strengthening support for Fannie Mae and Freddie Mac to maintain low mortgage rates.
Reviewed Legal Counsel For Recording Purposes Only Intergovern...legal3
The City of Bend and Deschutes County entered into an agreement to jointly acquire property for the Bethlehem Inn homeless shelter. The City would contribute $230,000 for the down payment, while the County would contribute $20,000. The County would then pay $18,000 per month towards the loan until payments reached $220,000, at which point responsibilities would be shared equally. The agreement established terms for inspecting the property, acquiring the land, and eventually transferring ownership to the Bethlehem Inn once funding was obtained.
The programs funded through the Highway Trust Fund are currently authorized through 2021. Activities funded through the Airport and Airway Trust Fund are currently authorized through 2023.
Justice Advisory Council Bond Report, 7/12/2012cookcountyblog
The Justice Advisory Council examined Cook County's bond court procedures from January to June 2012. They found that the main issues were the reliance on a paper-based system and lack of physical space for interviews. As a result, key stakeholders agreed to implement electronic arrest reporting by 6 AM and improve interview facilities. A new "Motion to Reconsider" process was also established to help verify information for those detained who could not post low bonds. The Council will continue monitoring progress on these recommended improvements.
Ejecutive Summary Affordability And Stability PlanDaniel Peñaflor
The document outlines the key components of the Homeowner Affordability and Stability Plan which aims to help up to 7-9 million families avoid foreclosure. It includes:
1) Refinancing programs to allow up to 4-5 million homeowners to refinance their mortgages at lower rates.
2) A $75 billion initiative to provide loan modifications for 3-4 million at-risk homeowners to reduce their monthly payments to sustainable levels.
3) Increasing funding for Fannie Mae and Freddie Mac to $200 billion each to strengthen confidence in the mortgage market and promote affordability and stability.
Item 3d GREEN INITIATIVE in Development Bank of KazakhstanOECD Environment
This document provides an overview and summary of the Development Bank of Kazakhstan. It discusses the bank's mission to promote sustainable development through non-resource sector investments. It also outlines the bank's loan portfolio breakdown, access to funding, corporate governance practices, and credit ratings. Additionally, the document summarizes two renewable energy projects in wind and solar that the bank financed, highlighting their costs and environmental benefits.
The document provides information about succession planning. It discusses identifying beneficiaries, updating nominations for financial assets, creating an inventory of assets, and making a will. The key points covered include identifying who will receive assets and how much, adding nominations to bank accounts and investments, sharing details of properties, investments, insurance and liabilities with beneficiaries in writing, and creating a legal will to distribute assets according to one's wishes upon death. Creating a valid will is important to avoid family disputes and ensure assets pass to intended beneficiaries smoothly.
The document summarizes the proposed financing structure for an expansion and renovation project at the North Carolina Aquarium at Pine Knoll Shores. The financing involves: (1) leasing the aquarium property to a nonprofit support organization for 23 years; (2) issuing $27 million in revenue bonds to fund construction, with debt payments made through lease payments from aquarium admission fees; and (3) securing the bonds with a letter of credit backed by the lease payments and deed of trust on the nonprofit's leasehold interest.
The document summarizes a net leased investment property occupied by the FBI and located in Cheyenne, Wyoming. The 7,804 square foot building was built-to-suit in 2011 and has 14 years remaining on the lease. It has an asking price of $3,844,179, representing a 7.25% cap rate and $279,017 in annual net operating income. The property features a secured underground parking garage and is located near the Cheyenne airport, which is undergoing expansion.
Capital projects funds and debt service funds are used to account for long-term capital projects and debt in governmental entities. Capital projects funds use the modified accrual basis of accounting and record construction costs as long-term assets. Debt service funds use the same accounting basis and record interest and principal payments on bonds. When bonds are issued at a premium, the excess can be transferred to the debt service fund from the capital projects fund.
A reverse mortgage allows homeowners aged 62 or older to convert equity in their home into tax-free cash without having to make monthly payments. Recent changes have made reverse mortgages safer and more effective for retirement planning by limiting how much equity can be borrowed and providing mortgage insurance. People are using reverse mortgages to pay off existing mortgages, supplement retirement income, finance home renovations for aging in place, and have emergency funds. A reverse mortgage may be suitable for homeowners looking for ways to maximize their retirement savings and income as part of a balanced retirement plan.
Lending Compliance Hot Topics with ICS Compliance_January 2010ICS Compliance
Although there is much legislation in motion on Capitol Hill, financial institutions are already adapting to interim and/or final rules. This webinar will cover hot compliance issues affecting consumer lending, and will include flood insurance requirements, disclosures affecting mortgage loans, private student loans, and credit cards.
Harmony Schools Texas applies for $54,575,000 bond Series 2016A Gulen Cemaat
Arlington Higher Education Finance Corporation of Texas has an application from Harmony for a Series 2016A Bond, concurrently with a bond request in La Paz County, Arizona ($44,000,000+) total just under $100 Million. Who is Arlington Higher Education Finance Corporation http://www.arlington-tx.gov/residents/citizen-boards-commissions/arlington-higher-education-finance-corporation/
http://www.harmonyparenttruth.blogspot.com
CFPB Finalizes Ability-to-Repay Rule for Mortgage LendersPatton Boggs LLP
The CFPB finalized rules on ability-to-repay requirements for mortgage lenders, including defining a "Qualified Mortgage." Lenders must verify borrowers' income, assets, debts and be able to repay both principal and interest long-term. Loans meeting certain standards including debt-to-income ratios below 43% qualify as Qualified Mortgages, for which lenders are presumed compliant. The CFPB also proposed exemptions for smaller lenders and nonprofit programs. The rules seek to prevent risky lending and take effect January 2014.
Chenoa fund-resources-sample closing-package-homeready_7618Chenoa Fund
"Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.
Through the Chenoa Fund, borrowers that meet our credit score and DTI requirements (see our program guidelines, and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement. "
The City of Shakopee, Minnesota is considering issuing $31,845,000 in general obligation tax abatement bonds to fund renovations to the community center. Proceeds would finance a new two-sheet ice arena and renovations to the existing community center, including converting the current ice arena into an indoor aquatics center. Key events in the bond issuance process are outlined, including obtaining a credit rating, receiving construction bids, bond sale and receipt of proceeds. Post-issuance compliance responsibilities and federal arbitrage requirements are also discussed.
Supporting Documents Gloucester board of Supervisors Bond IssueChuck Thompson
This document is copied from the Gloucester, VA government website and is of their own creation. We have ported it in here as part of a news story for Gloucester, Virginia Links and News and fair use laws apply. GVLN website.
This document describes the leasing of bank guarantees and standby letters of credit. It states that while these financial instruments cannot physically be leased, it is possible to effectively import them through collateral transfer agreements where a provider pledges assets to issue the guarantee. The document provides details on the transaction process, fees, and documentation required. It clarifies that these transactions involve collateral transfer rather than an actual lease, and warns against purchases of guarantees which are not possible.
NAFCU Ability to Repay and Qualified Mortgage RulesKaufman & Canoles
The document summarizes the Consumer Financial Protection Bureau's (CFPB) final mortgage regulations regarding a lender's ability-to-repay determination and qualified mortgage rules. It provides an overview of the regulations, which take effect on January 10, 2014, including the requirements for lenders to consider a consumer's ability to repay, factors in the underwriting process, and exemptions for qualified mortgages that provide safe harbors for compliance. It also discusses special provisions for balloon payment qualified mortgages and limits on points and fees.
CFPB Regulations on Ability to Repay and Qualified Mortgages - MDDCCUA Traini...Kaufman & Canoles
The document summarizes new CFPB regulations on a lender's ability to repay determination and qualified mortgages that will take effect on January 10, 2014. It outlines the 8 factors lenders must consider to determine a borrower's ability to repay. It also discusses qualified mortgages and the safe harbor protections they provide from liability. Key aspects include limits on debt-to-income ratios, points and fees, loan terms, and exemptions for small creditors operating in rural or underserved areas.
The document is a settlement agreement between the Attorney General of Massachusetts and Goldman Sachs regarding an investigation into unfair residential mortgage loans. Some key points:
1) Goldman Sachs will pay $10 million total to the state, with $9.025 million going to the Commonwealth and $975,000 to the Attorney General's office.
2) For performing first-lien loans, Goldman Sachs will forgive up to 25% of the loan balance to facilitate refinancing or short sales.
3) For non-performing first-lien loans, Goldman Sachs will forgive up to 35% of the balance to facilitate refinancing or short sales.
4) For performing second
How does a charter school in the middle of a financial audit and $1.2 million shortfall apply and receive a bond for over $6 million. Magnolia Science Academy is a gulen operated charter school full of mismanagement, scandals, fraud and a revolving door of staff. They will continue to lie and claim they are high performing but they are only about money.
http://www.fetofacts.us
http://www.magnoliascienceacademy.blogspot.com
http://bitvore.com/2014/07/why-high-yield-the-untold-story-of-a-california-charter-school-bond-issue/
http://www.guleninvestigation.com
The document discusses the impacts of recent mortgage lending reforms on loan officers and borrowers. It summarizes that since 2009, three phases of reform - including changes to appraisal practices, disclosure requirements, and the Good Faith Estimate - have added 9 new forms to the loan process. This has increased compliance complexity, costs, and processing times. Borrowers are confused by the excessive information and often uninterested in details like fees paid by sellers. The reforms have unintentionally grown an industry around compliance at the expense of transparency and efficiency in lending.
The programs funded through the Highway Trust Fund are currently authorized through 2021. Activities funded through the Airport and Airway Trust Fund are currently authorized through 2023.
Justice Advisory Council Bond Report, 7/12/2012cookcountyblog
The Justice Advisory Council examined Cook County's bond court procedures from January to June 2012. They found that the main issues were the reliance on a paper-based system and lack of physical space for interviews. As a result, key stakeholders agreed to implement electronic arrest reporting by 6 AM and improve interview facilities. A new "Motion to Reconsider" process was also established to help verify information for those detained who could not post low bonds. The Council will continue monitoring progress on these recommended improvements.
Ejecutive Summary Affordability And Stability PlanDaniel Peñaflor
The document outlines the key components of the Homeowner Affordability and Stability Plan which aims to help up to 7-9 million families avoid foreclosure. It includes:
1) Refinancing programs to allow up to 4-5 million homeowners to refinance their mortgages at lower rates.
2) A $75 billion initiative to provide loan modifications for 3-4 million at-risk homeowners to reduce their monthly payments to sustainable levels.
3) Increasing funding for Fannie Mae and Freddie Mac to $200 billion each to strengthen confidence in the mortgage market and promote affordability and stability.
Item 3d GREEN INITIATIVE in Development Bank of KazakhstanOECD Environment
This document provides an overview and summary of the Development Bank of Kazakhstan. It discusses the bank's mission to promote sustainable development through non-resource sector investments. It also outlines the bank's loan portfolio breakdown, access to funding, corporate governance practices, and credit ratings. Additionally, the document summarizes two renewable energy projects in wind and solar that the bank financed, highlighting their costs and environmental benefits.
The document provides information about succession planning. It discusses identifying beneficiaries, updating nominations for financial assets, creating an inventory of assets, and making a will. The key points covered include identifying who will receive assets and how much, adding nominations to bank accounts and investments, sharing details of properties, investments, insurance and liabilities with beneficiaries in writing, and creating a legal will to distribute assets according to one's wishes upon death. Creating a valid will is important to avoid family disputes and ensure assets pass to intended beneficiaries smoothly.
The document summarizes the proposed financing structure for an expansion and renovation project at the North Carolina Aquarium at Pine Knoll Shores. The financing involves: (1) leasing the aquarium property to a nonprofit support organization for 23 years; (2) issuing $27 million in revenue bonds to fund construction, with debt payments made through lease payments from aquarium admission fees; and (3) securing the bonds with a letter of credit backed by the lease payments and deed of trust on the nonprofit's leasehold interest.
The document summarizes a net leased investment property occupied by the FBI and located in Cheyenne, Wyoming. The 7,804 square foot building was built-to-suit in 2011 and has 14 years remaining on the lease. It has an asking price of $3,844,179, representing a 7.25% cap rate and $279,017 in annual net operating income. The property features a secured underground parking garage and is located near the Cheyenne airport, which is undergoing expansion.
Capital projects funds and debt service funds are used to account for long-term capital projects and debt in governmental entities. Capital projects funds use the modified accrual basis of accounting and record construction costs as long-term assets. Debt service funds use the same accounting basis and record interest and principal payments on bonds. When bonds are issued at a premium, the excess can be transferred to the debt service fund from the capital projects fund.
A reverse mortgage allows homeowners aged 62 or older to convert equity in their home into tax-free cash without having to make monthly payments. Recent changes have made reverse mortgages safer and more effective for retirement planning by limiting how much equity can be borrowed and providing mortgage insurance. People are using reverse mortgages to pay off existing mortgages, supplement retirement income, finance home renovations for aging in place, and have emergency funds. A reverse mortgage may be suitable for homeowners looking for ways to maximize their retirement savings and income as part of a balanced retirement plan.
Lending Compliance Hot Topics with ICS Compliance_January 2010ICS Compliance
Although there is much legislation in motion on Capitol Hill, financial institutions are already adapting to interim and/or final rules. This webinar will cover hot compliance issues affecting consumer lending, and will include flood insurance requirements, disclosures affecting mortgage loans, private student loans, and credit cards.
Harmony Schools Texas applies for $54,575,000 bond Series 2016A Gulen Cemaat
Arlington Higher Education Finance Corporation of Texas has an application from Harmony for a Series 2016A Bond, concurrently with a bond request in La Paz County, Arizona ($44,000,000+) total just under $100 Million. Who is Arlington Higher Education Finance Corporation http://www.arlington-tx.gov/residents/citizen-boards-commissions/arlington-higher-education-finance-corporation/
http://www.harmonyparenttruth.blogspot.com
CFPB Finalizes Ability-to-Repay Rule for Mortgage LendersPatton Boggs LLP
The CFPB finalized rules on ability-to-repay requirements for mortgage lenders, including defining a "Qualified Mortgage." Lenders must verify borrowers' income, assets, debts and be able to repay both principal and interest long-term. Loans meeting certain standards including debt-to-income ratios below 43% qualify as Qualified Mortgages, for which lenders are presumed compliant. The CFPB also proposed exemptions for smaller lenders and nonprofit programs. The rules seek to prevent risky lending and take effect January 2014.
Chenoa fund-resources-sample closing-package-homeready_7618Chenoa Fund
"Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.
Through the Chenoa Fund, borrowers that meet our credit score and DTI requirements (see our program guidelines, and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement. "
The City of Shakopee, Minnesota is considering issuing $31,845,000 in general obligation tax abatement bonds to fund renovations to the community center. Proceeds would finance a new two-sheet ice arena and renovations to the existing community center, including converting the current ice arena into an indoor aquatics center. Key events in the bond issuance process are outlined, including obtaining a credit rating, receiving construction bids, bond sale and receipt of proceeds. Post-issuance compliance responsibilities and federal arbitrage requirements are also discussed.
Supporting Documents Gloucester board of Supervisors Bond IssueChuck Thompson
This document is copied from the Gloucester, VA government website and is of their own creation. We have ported it in here as part of a news story for Gloucester, Virginia Links and News and fair use laws apply. GVLN website.
This document describes the leasing of bank guarantees and standby letters of credit. It states that while these financial instruments cannot physically be leased, it is possible to effectively import them through collateral transfer agreements where a provider pledges assets to issue the guarantee. The document provides details on the transaction process, fees, and documentation required. It clarifies that these transactions involve collateral transfer rather than an actual lease, and warns against purchases of guarantees which are not possible.
NAFCU Ability to Repay and Qualified Mortgage RulesKaufman & Canoles
The document summarizes the Consumer Financial Protection Bureau's (CFPB) final mortgage regulations regarding a lender's ability-to-repay determination and qualified mortgage rules. It provides an overview of the regulations, which take effect on January 10, 2014, including the requirements for lenders to consider a consumer's ability to repay, factors in the underwriting process, and exemptions for qualified mortgages that provide safe harbors for compliance. It also discusses special provisions for balloon payment qualified mortgages and limits on points and fees.
CFPB Regulations on Ability to Repay and Qualified Mortgages - MDDCCUA Traini...Kaufman & Canoles
The document summarizes new CFPB regulations on a lender's ability to repay determination and qualified mortgages that will take effect on January 10, 2014. It outlines the 8 factors lenders must consider to determine a borrower's ability to repay. It also discusses qualified mortgages and the safe harbor protections they provide from liability. Key aspects include limits on debt-to-income ratios, points and fees, loan terms, and exemptions for small creditors operating in rural or underserved areas.
The document is a settlement agreement between the Attorney General of Massachusetts and Goldman Sachs regarding an investigation into unfair residential mortgage loans. Some key points:
1) Goldman Sachs will pay $10 million total to the state, with $9.025 million going to the Commonwealth and $975,000 to the Attorney General's office.
2) For performing first-lien loans, Goldman Sachs will forgive up to 25% of the loan balance to facilitate refinancing or short sales.
3) For non-performing first-lien loans, Goldman Sachs will forgive up to 35% of the balance to facilitate refinancing or short sales.
4) For performing second
How does a charter school in the middle of a financial audit and $1.2 million shortfall apply and receive a bond for over $6 million. Magnolia Science Academy is a gulen operated charter school full of mismanagement, scandals, fraud and a revolving door of staff. They will continue to lie and claim they are high performing but they are only about money.
http://www.fetofacts.us
http://www.magnoliascienceacademy.blogspot.com
http://bitvore.com/2014/07/why-high-yield-the-untold-story-of-a-california-charter-school-bond-issue/
http://www.guleninvestigation.com
The document discusses the impacts of recent mortgage lending reforms on loan officers and borrowers. It summarizes that since 2009, three phases of reform - including changes to appraisal practices, disclosure requirements, and the Good Faith Estimate - have added 9 new forms to the loan process. This has increased compliance complexity, costs, and processing times. Borrowers are confused by the excessive information and often uninterested in details like fees paid by sellers. The reforms have unintentionally grown an industry around compliance at the expense of transparency and efficiency in lending.
This document is a promissory note and loan agreement between a lender (Missouri Development Finance Board) and borrower for a $25,000 loan at 3% interest to be repaid in quarterly installments. Key details include: the borrower will use the loan for the purposes stated in their application; the borrower provides collateral for the loan in the form of business assets and agrees to various covenants; events of default are outlined such as missing a payment or providing false information; and remedies for default include accelerating the loan and taking possession of collateral.
Northeast Ohio Medical University - Series 2021BDigitalMuni LLC
This document provides information for investors regarding a proposed bond offering by Northeast Ohio Medical University. It includes a preliminary principal amount of $19.1 million for General Receipts Refunding Bonds, Series 2021B to refund outstanding 2011 bonds and achieve debt service savings. The bonds will be secured by the University's general receipts and have a final maturity in 2042. Historical general receipts for the University are provided, demonstrating revenues sufficient to cover projected debt service.
The document summarizes $135 million in commercial paper notes issued by the San Diego County Water Authority. The notes are unsecured limited obligations payable from net water revenues, subordinate to any outstanding senior obligations. They carry short-term credit ratings of F1, P-1, and A-1+. Bank of America has agreed to provide liquidity support of up to $135 million for payment of principal through a revolving credit agreement, though interest is not covered. The proceeds will be used to refinance water system capital improvements.
The document outlines the general parameters for obtaining project funding, including:
1) The process takes 5-7 days from letter of interest to funding agreement, with a standby letter of credit (SBLC) provided upfront equal to 12-15% of the loan amount.
2) First loan disbursement occurs around 2 weeks after receiving the SBLC, then monthly, with interest starting after the draw period at 6-9% over 10-20 years.
3) The lender will fund up to 100% of costs and take up to a 20% equity stake in exchanges for bearing expenses.
This document provides information for investors regarding a proposed $29.985 million bond offering by Northeast Ohio Medical University. Proceeds would be used to purchase a student housing property called The Village to redeem outstanding bonds. The bonds are general obligation bonds secured by the University's general receipts. Historical financial information shows general receipts covering maximum annual bond payments at least 19 times over. The presentation includes contact information, transaction details, and legal disclaimers.
What are the regulatory changes that will affect mortgage lending in 2010? How will the mortgage rates move and what are the loan production forecasts?
Similar to Gloucester, VA New School Bonds Issue - August, 2013 (20)
This document contains an oath for members of the Virginia Minute Men (And Women) militia to uphold the U.S. and Virginia Constitutions against all enemies and abide by the militia's rules. It requests that signed copies of the oath and membership be emailed to the militia's email address as either a PDF or picture. It also provides a template for a membership certificate for a member of the Virginia militia.
Constitutional Law Your Ironclad Guarantee of FreedomChuck Thompson
This document discusses various aspects of constitutional law, including:
- The supremacy of the U.S. Constitution over other laws according to Article VI of the Constitution.
- Protections provided by the Bill of Rights, such as freedom of speech and protection from unreasonable searches.
- The principle that unconstitutional statutes are void and unenforceable from the date of enactment based on the 1803 Marbury v. Madison Supreme Court decision.
- Citations from American Jurisprudence discussing the interpretation and application of the Constitution, including the principle that citizens are not bound to obey unconstitutional laws.
This document contains an index to laws and regulations for the government of the United States Army in 1815. It lists articles of war, acts of Congress, and general regulations on topics such as courts martial, desertion, pay, and organization of infantry, artillery, and other units. The index provides page references to the full text of these laws and regulations contained in the printed publication from which this document was drawn.
This document provides a table of contents for a book titled "The American Judiciary" by Simeon E. Baldwin. The table of contents lists 24 chapters divided into two parts. Part I discusses the nature and scope of judicial power in the United States, including the separation of judicial power from other branches of government and the force of precedents. Part II addresses the organization of state and federal courts and relations between different court systems. It also covers topics like trial procedures, appellate courts, and the appointment of judges.
This document is a decision and order from a United States District Court regarding the subversion of common law by rules. It argues that in 1938, the Supreme Court enacted rules merging equity and common law claims into "civil actions", claiming common law rules caused injustice. However, the document asserts this was an act of treason, as rules cannot overturn the natural law embodied in common law. It maintains that judges are bound only by the Constitution and natural law, and that "civil law" enacted by Congress and rules created by courts improperly restrict rights endowed by our Creator. The document concludes that rules are not law and cannot change the fact that courts are bound by common law principles of equity and maxims.
Why climate change science does not matterChuck Thompson
The document argues that climate change science violates evolutionary science in two key ways. First, it fails to consider humanity's ability to adapt to environmental changes or go extinct and be replaced by something greater. Second, it ignores that evolution occurred through rapid progression followed by slower adaptation, so humanity could rapidly adapt to climate impacts. The document also notes that climate scientists and evolutionary scientists have not adequately considered how their disciplines intersect. It concludes that climate change may be part of natural evolutionary processes, so there is no need to worry about its impacts on humanity.
Default brief filed in court on February 19th, 2019. This legal brief calls for the arrest and conviction of Circuit Court Judge Jeffery W Shaw for a multitude of counts of fraud. Copy shows court stamps.
Book digitized by Google. Understanding exactly what the Federal Government of the United States has a right to tax by looking at a history of taxation. This book will open your eyes.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the results of a study on the effects of exercise on memory and thinking abilities in older adults. The study found that regular exercise can help reduce the decline in thinking abilities that often occurs with age. Older adults who exercised regularly performed better on cognitive tests and brain scans showed they had greater activity in important areas for memory and learning compared to less active peers.
Letter of Vice Admiral Lord Viscount Horatio NelsonChuck Thompson
This document discusses the development of a new type of lightweight material called aerographite. Aerographite is an ultra-light carbon nanotube-based foam that is 100 times less dense than balsa wood. It was created by growing a highly porous network of carbon nanotubes on a template substrate then removing the template, leaving behind a nanotube structure that is over 99% air. Aerographite is one of the world's lightest solid materials and has potential applications in aircraft, batteries and insulation due to its unique combination of lightness, strength, and thermal properties.
Homeland Security Building RecommendationsChuck Thompson
http://www.gloucestercounty-va.com This is the building security recommendations for schools from Homeland Security. 317 pages up to date and complete. Is your school safe?
http://www.gloucestercounty-va.com The Battle of Gettysburg. Civil war history for those who would like to learn more about the past of the United States. Free downloads to Slideshare members. Enjoy.
The document discusses the results of a study on the effects of a new drug on memory and cognitive function in older adults. The double-blind study involved giving either the new drug or a placebo to 100 volunteers aged 65-80 over a 6 month period. Testing showed those receiving the drug experienced statistically significant improvements in short-term memory retention and processing speed compared to the placebo group.
Les Miserables, five volumes, complete by victor hugoChuck Thompson
This document provides a table of contents for Victor Hugo's novel Les Misérables. It lists the volumes, books, and chapters that make up the work. The novel is divided into 5 volumes, with each volume containing multiple books divided into chapters. Some key details include that Volume I is titled "Fantine" and contains 14 chapters across 2 books. Volume II is titled "Cosette" and includes 19 chapters across 7 books related to the Battle of Waterloo.
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Gloucester, VA New School Bonds Issue - August, 2013
1. County of Gloucester
Finance Department
6467 Main Street
Gloucester, Virginia 23061 (804)693-6927
Interoffice Memorandum
To: Gloucester County Board of Supervisors
From: Nickie C. Champion, Director of Financial Services
CC: Howard B. Kiser, Ed.D., Superintendent of Schools
Brenda G. Garton, County Administrator
Edwin N. Wilmot, County Attorney
Joanne C. Wright, Director of Budget and Finance, GCPS
Date: July 22, 2013
Re: Resolutions for School Bonds and Other Materials
At the July 2, 2013 Board meeting, the Board agreed to hear public comment on August 6, 2013 on
a possible school bond issue for the Page Middle School project ($12.0 million) and various school
HVAC and roof repairs/upgrades ($5.0 million).
McGuireWoods, bond counsel, has prepared the attached documents for the Board’s
consideration:
• Option 1: This resolution authorizes the issuance of $12.0 million in school bonds for Page
Middle School.
• Option 2: This resolution authorizes the issuance of $17.0 million in school bonds with
$12.0 million for Page Middle School and approximately $5.0 million for school HVAC/roof
needs.
Please note that these resolutions were drafted with the goal of setting a limit on the amount (par
value) of bonds that will be issued. This means we will issue some face amount of bonds, but will
not know the actual bond proceeds (cash to be received) until the bond sale later in the year.
This is a function of the bond market where a bond will sell either above or below its par value
(face amount). For example, if a bond with a par value of $1,000 is selling at a premium, we will
receive more than $1,000; but if the bond is selling at a discount, we will receive less than $1,000.
Bonds are sold for more and less than their par values because of changing interest rates. When
interest rates go up, a bond’s market price will fall and vice versa.
Additionally, a question was recently raised about structuring debt payments in such a way as to
minimize the potential impact on real estate tax rates in the short term. This type of payment
structure enables us to mitigate the impact on tax rate increases until FY 2019, which is when the
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2. communications system is paid in full. An example (Case 3) has been included in the discussion
materials from Davenport & Company, which structures the payments in such a way that the
possible tax rate increase in FY 2015 is reduced from 2.5 cents to 2.0 cents. Please note that this
structure comes at a cost of approximately $303,750 (using the assumptions provided in the
materials) over the life (20 years) of the debt.
This debt repayment structure allows us is reduce the payments on the front end with larger
payments into the term of the debt. As noted above, this option does come at a price, and
extensive use of this type of repayment scheduling is not seen favorably by credit agencies.
Please do not hesitate to let me know if you have any questions or need further information.
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3. OPTION 1
AT A MEETING OF THE GLOUCESTER COUNTY BOARD OF SUPERVISORS,
HELD ON TUESDAY, AUGUST 6, 2013, AT 7:00 P.M., IN THE COLONIAL
COURTHOUSE, 6504 MAIN STREET GLOUCESTER, VIRGINIA: ON A
MOTION MADE BY ______________________ AND SECONDED BY
____________________ THE FOLLOWING RESOLUTION WAS ADOPTED BY
THE FOLLOWING VOTE:
Carter M. Borden, ____;
Ashley C. Chriscoe, ____;
Christopher A. Hutson, ____;
Andrew James, Jr., ____;
John H. Northstein, ____;
Robert J. Orth, ____;
Louise D. Theberge, ____;
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF GENERAL
OBLIGATION SCHOOL BONDS OF THE COUNTY OF GLOUCESTER,
VIRGINIA TO BE SOLD TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY
AND PROVIDING FOR THE FORM AND DETAILS THEREOF
WHEREAS, the Board of Supervisors (the "Board") of the County of
Gloucester, Virginia (the "County") has determined that it is necessary and
expedient to borrow an amount not to exceed the amount set forth in
paragraph 1 below and to issue its general obligation school bonds to finance
certain capital projects for public school purposes;
WHEREAS, the Board held a public hearing on August 6, 2013, on the
issuance of the Bonds (as defined below) in accordance with the requirements
of Section 15.2-2606, Code of Virginia of 1950, as amended (the "Virginia
Code");
WHEREAS, the School Board of the County has requested by resolution
the Board to authorize the issuance of the Bonds (as hereinafter defined) and
has consented to the issuance of the Bonds;
WHEREAS, the County proposes to enter into a Bond Sale Agreement
(the "Bond Sale Agreement") with the Virginia Public School Authority ("VPSA")
which will indicate that the amount set forth below in paragraph 1 is the
amount of proceeds requested (the "Proceeds Requested") from the VPSA in
connection with the sale of the Bonds;
WHEREAS, VPSA's objective is to pay the County a purchase price for
the Bonds which, in VPSA's judgment, reflects the Bonds' market value (the
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4. "VPSA Purchase Price Objective"), taking into consideration such factors as the
amortization schedule the County has requested for the Bonds relative to the
amortization schedules requested by other localities, the purchase price to be
received by VPSA for its bonds, and other market conditions relating to the sale
of VPSA's bonds; and
WHEREAS, such factors may result in requiring the County to accept a
discount, given the VPSA Purchase Price Objective and market conditions,
under which circumstance the proceeds from the sale of the Bonds received by
the County will be less than the Proceeds Requested.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE COUNTY OF GLOUCESTER, VIRGINIA:
1. Authorization of Bonds and Use of Proceeds
2.
. The Board hereby
determines that it is advisable to contract a debt and to issue and sell general
obligation school bonds of the County in the aggregate principal amount not to
exceed $12,000,000 (the “Bonds”) for the purpose of financing certain capital
projects for public school purposes, consisting primarily of a portion of the cost
of construction and equipping of a new middle school (the “Project”). The
Board hereby authorizes the issuance and sale of the Bonds in the form and
upon the terms established pursuant to this Resolution.
Sale of the Bonds
3.
. It is determined to be in the best interest of
the County to accept the offer of VPSA to purchase from the County, and to sell
to VPSA, the Bonds at a price determined by VPSA and accepted by the
Chairman of the Board or the County Administrator and upon the terms
established pursuant to this Resolution. The County Administrator and the
Chairman of the Board, or either of them, and such officer or officers of the
County as either of them may designate, are hereby authorized and directed to
enter the Bond Sale Agreement with the VPSA providing for the sale of the
Bonds to VPSA in such form as may be approved by the Chairman of the Board
and the County Administrator, or either of them.
Details of the Bonds. The Bonds shall be issuable in fully
registered form in denominations of $5,000 and whole multiples thereof; shall
be dated the date of issuance and delivery of the Bonds; shall be designated
"General Obligation School Bonds, Series 2013" (or such other designation as
the County Administrator may approve) shall bear interest from the date of
delivery thereof payable semi-annually on each January 15 and July 15 (each
an "Interest Payment Date"), at the rates established in accordance with
paragraph 4 of this Resolution; and shall mature on July 15 in the years (each
a "Principal Payment Date") and in the amounts established in accordance with
paragraph 4 of this Resolution. The Interest Payment Dates and the Principal
Payment Dates are subject to change at the request of VPSA.
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5. 4. Interest Rates and Principal installments
5.
. The County
Administrator is hereby authorized and directed to accept the interest rates on
the Bonds established by VPSA, provided that the true interest cost of the
Bonds does not exceed six and one-half percent (6.5%) per annum. The
County Administrator is further authorized and directed to accept the
aggregate principal amount of the Bonds and the amounts of principal of the
Bonds coming due on each Principal Payment Date ("Principal Installments")
established by VPSA, including any changes in the Interest Payment Dates, the
Principal Payment Dates and the Principal Installments which may be
requested by VPSA provided that such aggregate principal amount shall not
exceed the maximum amount set forth in paragraph 1 above and the final
maturity of the Bonds shall not be later than 26 years from their date. The
execution and delivery of the Bonds as described in paragraph 8 hereof shall
conclusively evidence such Interest Payment Dates, Principal Payment Dates,
interest rates, principal amount and Principal Installments as having been so
accepted as authorized by this Resolution.
Form of the Bonds. The Bonds shall be initially in the form of a
single, temporary typewritten bond substantially in the form attached hereto as
Exhibit A
6.
.
Payment; Paying Agent and Bond Registrar
(a) For as long as VPSA is the registered owner of the Bonds, all
payments of principal, premium, if any, and interest on the Bonds shall be
made in immediately available funds to VPSA at or before 11:00 a.m. on the
applicable Interest Payment Date, Principal Payment Date or date fixed for
prepayment or redemption, or if such date is not a business day for Virginia
banks or for the Commonwealth of Virginia, then at or before 11:00 a.m. on the
business day next succeeding such Interest Payment Date, Principal Payment
Date or date fixed for prepayment or redemption.
. The following
provisions shall apply to the Bonds:
(b) All overdue payments of principal and, to the extent
permitted by law, interest shall bear interest at the applicable interest rate or
rates on the Bonds.
(c) The County Administrator is authorized and directed to
designate a bank or trust company as Bond Registrar and Paying Agent for the
Bonds.
7. Prepayment or Redemption. The Principal Installments of the
Bonds held by the VPSA coming due on or before July 15, 2023, and the
definitive Bonds for which the Bonds held by the VPSA may be exchanged that
mature on or before July 15, 2023, are not subject to prepayment or
redemption prior to their stated maturities. The Principal Installments of the
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6. Bonds held by the VPSA coming due on or after July 15, 2024, and the
definitive bonds for which the Bonds held by the VPSA may be exchanged that
mature on or after July 15, 2024, are subject to prepayment or redemption at
the option of the County prior to their stated maturities in whole or in part, on
any date on or after July 15, 2023, upon payment of the prepayment or
redemption prices (expressed as percentages of Principal Installments to be
prepaid or the principal amount of the Bonds to be redeemed) set forth below
plus accrued interest to the date set for prepayment or redemption:
Dates Prices
July 15, 2023 through July 14, 2024 ........................ 101%
July 15, 2024 through July 14, 2025 ......................... 100.5
July 15, 2025 and thereafter...................................... 100;
Provided, however
8.
, that the Bonds shall not be subject to prepayment or
redemption prior to their stated maturities as described above without first
obtaining the written consent of VPSA or the registered owner of the Bonds.
Notice of any such prepayment or redemption shall be given by the Bond
Registrar to the registered owner by registered mail not more than ninety (90)
and not less than sixty (60) days before the date fixed for prepayment or
redemption. The County Administrator is authorized to approve such other
redemption provisions, including changes to the redemption dates set forth
above, as may be requested by VPSA.
Execution of the Bonds
9.
. The Chairman or Vice Chairman and
the Clerk or any Deputy Clerk of the Board are authorized and directed to
execute and deliver the Bonds and to affix the seal of the County thereto. The
manner of such execution may be by facsimile, provided that if both signatures
are by facsimile, the Bonds shall not be valid until authenticated by the
manual signature of the Paying Agent.
Pledge of Full Faith and Credit. For the prompt payment of the
principal of, and the premium, if any, and the interest on the Bonds as the
same shall become due, the full faith and credit of the County are hereby
irrevocably pledged, and in each year while any of the Bonds shall be
outstanding there shall be levied and collected in accordance with law an
annual ad valorem tax upon all taxable property in the County subject to local
taxation sufficient in amount to provide for the payment of the principal of, and
the premium, if any, and the interest on the Bonds as such principal,
premium, if any, and interest shall become due, which tax shall be without
limitation as to rate or amount and in addition to all other taxes authorized to
be levied in the County to the extent other funds of the County are not lawfully
available and appropriated for such purpose.
Page 187
7. 10. Use of Proceeds Certificate; Non-Arbitrage Certificate
11.
. The
Chairman of the Board and the County Administrator, or either of them and
such other officer or officers of the County as either may designate are hereby
authorized and directed to execute a Non-Arbitrage Certificate, if required by
bond counsel, and a Use of Proceeds Certificate setting forth the expected use
and investment of the proceeds of the Bonds and containing such covenants as
may be necessary in order to show compliance with the provisions of the
Internal Revenue Code of 1986, as amended (the "Code"), and applicable
regulations relating to the exclusion from gross income of interest on the Bonds
and on the bonds to be issued by the VPSA (the "VPSA Bonds"), a portion of the
proceeds of which will be used to purchase the Bonds. The Board covenants
on behalf of the County that (i) the proceeds from the issuance and sale of the
Bonds will be invested and expended as set forth in such Use of Proceeds
Certificate and the County shall comply with the covenants and
representations contained therein and (ii) the County shall comply with the
provisions of the Code so that interest on the Bonds and on the VPSA Bonds
will remain excludable from gross income for federal income tax purposes.
State Non-Arbitrage Program; Proceeds Agreement
12.
. The
Board hereby determines that it is in the best interests of the County to
authorize and direct the County Treasurer to participate in the State Non-
Arbitrage Program in connection with the Bonds. The County Administrator
and the Chairman of the Board, or either of them and such officer or officers of
the County as either of them may designate, are hereby authorized and
directed to execute and deliver a Proceeds Agreement with respect to the
deposit and investment of proceeds of the Bonds by and among the County, the
other participants in the sale of the VPSA Bonds, VPSA, the investment
manager, and the depository in such form as may be approved by the County
Administrator, whose approval will be conclusively evidenced by the execution
and delivery of the Proceeds Agreement.
Continuing Disclosure Agreement
13.
. The Chairman of the
Board and the County Administrator, or either of them, and such other officer
or officers of the County as either of them may designate are hereby authorized
and directed (i) to execute a Continuing Disclosure Agreement, setting forth the
reports and notices to be filed by the County and containing such covenants as
may be necessary in order to show compliance with the provisions of the
Securities and Exchange Commission Rule 15c2-12, under the Securities
Exchange Act of 1934, as amended, and directed, and (ii) to make all filings
required by the Bond Sale Agreement should the County be determined by the
VPSA to be a Material Obligated Person (as defined in the Bond Sale Agreement
and the Continuing Disclosure Agreement).
Filing of Resolution. The appropriate officers or agents of the
County are hereby authorized and directed to cause a certified copy of this
Resolution to be filed with the Circuit Court of the County.
Page 188
8. 14. Further Actions
15.
. The County Administrator, the Chairman
of the Board, and all such other officers, employees and agents of the County
as either of them may designate are hereby authorized to take such action as
the County Administrator or the Chairman of the Board may consider
necessary or desirable in connection with the issuance and sale of the Bonds
and any such action previously taken is hereby ratified and confirmed.
Effective Date
The undersigned Clerk of the Board of Supervisors of the County of
Gloucester, Virginia, hereby certifies that the foregoing constitutes a true and
correct extract from the minutes of a meeting of the Board of Supervisors held
on ______________ 2013, and of the whole thereof so far as applicable to the
matters referred to in such extract. I hereby further certify that such meeting
was a regularly scheduled meeting and that, during the consideration of the
foregoing resolution, a quorum was present.
. This Resolution shall take effect immediately.
________________________________
Clerk, Board of Supervisors
of the County of Gloucester, Virginia
(SEAL)
Page 189
9. EXHIBIT A
(FORM OF TEMPORARY BOND)
NO. TR-1 $____________
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
COUNTY OF GLOUCESTER
General Obligation School Bond
Series 2013
The COUNTY OF GLOUCESTER, VIRGINIA (the "County"), for value received,
hereby acknowledges itself indebted and promises to pay to the VIRGINIA PUBLIC SCHOOL
AUTHORITY the principal amount of ______________________ Dollars ($___________), in
annual installments in the amounts set forth on Schedule I attached hereto payable on July 15,
20___ and annually on July 15 thereafter to and including July 15, 20__ (each a "Principal
Payment Date"), together with interest from the date of this Bond on the unpaid installments,
payable semi-annually on January 15 and July 15 of each year commencing on _______ 15,
2014 (each an "Interest Payment Date;" together with any Principal Payment Date, a "Payment
Date"), at the rates per annum set forth on Schedule I
For as long as the Virginia Public School Authority is the registered owner of this Bond,
_______________, Richmond, Virginia, as bond registrar (the "Bond Registrar") shall make all
payments of principal, premium, if any, and interest on this Bond, without presentation or
surrender hereof, to the Virginia Public School Authority, in immediately available funds at or
attached hereto, subject to prepayment or
redemption as hereinafter provided. Both principal of and interest on this Bond are payable in
lawful money of the United States of America.
Page 190
10. before 11:00 a.m. on the applicable Payment Date or date fixed for prepayment or redemption.
If a Payment Date or date fixed for prepayment or redemption is not a business day for banks in
the Commonwealth of Virginia or for the Commonwealth of Virginia, then the payment of
principal, premium, if any, or interest on this Bond shall be made in immediately available funds
at or before 11:00 a.m. on the business day next succeeding the scheduled Payment Date or date
fixed for prepayment or redemption. Upon receipt by the registered owner of this Bond of said
payments of principal, premium, if any, and interest, written acknowledgment of the receipt
thereof shall be given promptly to the Bond Registrar, and the County shall be fully discharged
of its obligation on this Bond to the extent of the payment so made. Upon final payment, this
Bond shall be surrendered to the Bond Registrar for cancellation.
The full faith and credit of the County are irrevocably pledged for the payment of the
principal of and the premium, if any, and interest on this Bond. The resolution adopted by the
Board of Supervisors authorizing the issuance of the Bonds provides, and Section 15.2-2624 of
the Code of Virginia of 1950, as amended, requires, that there shall be levied and collected an
annual tax upon all taxable property in the County subject to local taxation sufficient to provide
for the payment of the principal, premium, if any, and interest on this Bond as the same shall
become due which tax shall be without limitation as to rate or amount and shall be in addition to
all other taxes authorized to be levied in the County to the extent other funds of the County are
not lawfully available and appropriated for such purpose.
This Bond is duly authorized and issued in compliance with and pursuant to the
Constitution and laws of the Commonwealth of Virginia, including the Public Finance Act of
1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended, and resolutions duly
Page 191
11. adopted by the Board of Supervisors of the County and the School Board of the County to
provide funds for capital projects for school purposes.
This Bond may be exchanged without cost, on twenty (20) days written notice from the
Virginia Public School Authority at the office of the Bond Registrar on one or more occasions
for one or more temporary bonds or definitive bonds in marketable form and, in any case, in
fully registered form, in denominations of $5,000 and whole multiples thereof, having an equal
aggregate principal amount, having principal installments or maturities and bearing interest at
rates corresponding to the maturities of and the interest rates on the installments of principal of
this Bond then unpaid. This Bond is registered in the name of the Virginia Public School
Authority on the books of the County kept by the Bond Registrar, and the transfer of this Bond
may be effected by the registered owner of this Bond only upon due execution of an assignment
by such registered owner. Upon receipt of such assignment and the surrender of this Bond, the
Bond Registrar shall exchange this Bond for definitive Bonds as hereinabove provided, such
definitive Bonds to be registered on such registration books in the name of the assignee or
assignees named in such assignment.
The principal installments of this Bond coming due on or before July 15, 2023 and the
definitive Bonds for which this Bond may be exchanged that mature on or before July 15, 2023
are not subject to prepayment or redemption prior to their stated maturities. The principal
installments of this Bond coming due on or after July 15, 2024, and the definitive Bonds for
which this Bond may be exchanged that mature on or after July 15, 2024 are subject to
prepayment or redemption at the option of the County prior to their stated maturities in whole or
in part, on any date on or after July 15, 2023, upon payment of the prepayment or redemption
prices (expressed as percentages of principal installments to be prepaid or the principal amount
Page 192
12. of the Bonds to be redeemed) set forth below plus accrued interest to the date set for prepayment
or redemption:
Dates Prices
July 15, 2023 through July 14, 2024.................................................. 101%
July 15, 2024 through July 14, 2025 ................................................... 100.5
July 15, 2025 and thereafter................................................................ 100;
Provided, however
All acts, conditions and things required by the Constitution and laws of the
Commonwealth of Virginia to happen, exist or be performed precedent to and in the issuance of
this Bond have happened, exist and have been performed in due time, form and manner as so
required, and this Bond, together with all other indebtedness of the County, is within every debt
and other limit prescribed by the Constitution and laws of the Commonwealth of Virginia.
, that the Bonds shall not be subject to prepayment or redemption prior
to their stated maturities as described above without the prior written consent of the registered
owner of the Bonds. Notice of any such prepayment or redemption shall be given by the Bond
Registrar to the registered owner by registered mail not more than ninety (90) and not less than
sixty (60) days before the date fixed for prepayment or redemption.
THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK
Page 193
13. IN WITNESS WHEREOF, the Board of Supervisors of the County of Gloucester,
Virginia, has caused this Bond to be issued in the name of the County of Gloucester, Virginia, to
be signed by its Chairman or Vice-Chairman, its seal to be affixed hereto and attested by the
signature of its Clerk or any of its Deputy Clerks, and this Bond to be dated ____________,
2013.
COUNTY OF GLOUCESTER,
VIRGINIA
[SEAL]
ATTEST:
By: ________________________________
Clerk, Board of Supervisors of the
County of Gloucester, Virginia
By: __________________________________
Chairman, Board of Supervisors of the
County of Gloucester, Virginia
Page 194
14. ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE)
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE: ________________________________________
the within Bond and irrevocably constitutes and appoints
__________________________________________________ attorney to exchange said Bond
for definitive bonds in lieu of which this Bond is issued and to register the transfer of such
definitive bonds on the books kept for registration thereof, with full power of substitution in the
premises.
Dated: ______________________
Signature Guaranteed:
___________________________________
(NOTICE: Signature(s) must be guaranteed
by an "eligible guarantor institution"
meeting the requirements of the Bond
Registrar which requirements will include
membership or participation in STAMP or
such other "signature guarantee program" as
may be determined by the Bond Registrar in
addition to, or in substitution for, STAMP,
all in accordance with the Securities
Exchange Act of 1934, as amended.)
______________________________
Registered Owner
(NOTICE: The signature above must
correspond with the name of the Registered
Owner as it appears on the front of this
Bond in every particular, without alteration
or change.)
Page 195
15. OPTION 2
AT A MEETING OF THE GLOUCESTER COUNTY BOARD OF SUPERVISORS,
HELD ON TUESDAY, AUGUST 6, 2013, AT 7:00 P.M., IN THE COLONIAL
COURTHOUSE, 6504 MAIN STREET GLOUCESTER, VIRGINIA: ON A
MOTION MADE BY ______________________ AND SECONDED BY
____________________ THE FOLLOWING RESOLUTION WAS ADOPTED BY
THE FOLLOWING VOTE:
Carter M. Borden, ____;
Ashley C. Chriscoe, ____;
Christopher A. Hutson, ____;
Andrew James, Jr., ____;
John H. Northstein, ____;
Robert J. Orth, ____;
Louise D. Theberge, ____;
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF GENERAL
OBLIGATION SCHOOL BONDS OF THE COUNTY OF GLOUCESTER,
VIRGINIA TO BE SOLD TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY
AND PROVIDING FOR THE FORM AND DETAILS THEREOF
WHEREAS, the Board of Supervisors (the "Board") of the County of
Gloucester, Virginia (the "County") has determined that it is necessary and
expedient to borrow an amount not to exceed the amount set forth in
paragraph 1 below and to issue its general obligation school bonds to finance
certain capital projects for public school purposes;
WHEREAS, the Board held a public hearing on August 6, 2013, on the
issuance of the Bonds (as defined below) in accordance with the requirements
of Section 15.2-2606, Code of Virginia of 1950, as amended (the "Virginia
Code");
WHEREAS, the School Board of the County has requested by resolution
the Board to authorize the issuance of the Bonds (as hereinafter defined) and
has consented to the issuance of the Bonds;
WHEREAS, the County proposes to enter into a Bond Sale Agreement
(the "Bond Sale Agreement") with the Virginia Public School Authority ("VPSA")
which will indicate that the amount set forth below in paragraph 1 is the
amount of proceeds requested (the "Proceeds Requested") from the VPSA in
connection with the sale of the Bonds;
WHEREAS, VPSA's objective is to pay the County a purchase price for
the Bonds which, in VPSA's judgment, reflects the Bonds' market value (the
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16. "VPSA Purchase Price Objective"), taking into consideration such factors as the
amortization schedule the County has requested for the Bonds relative to the
amortization schedules requested by other localities, the purchase price to be
received by VPSA for its bonds, and other market conditions relating to the sale
of VPSA's bonds; and
WHEREAS, such factors may result in requiring the County to accept a
discount, given the VPSA Purchase Price Objective and market conditions,
under which circumstance the proceeds from the sale of the Bonds received by
the County will be less than the Proceeds Requested.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE COUNTY OF GLOUCESTER, VIRGINIA:
1. Authorization of Bonds and Use of Proceeds
2.
. The Board
hereby determines that it is advisable to contract a debt and to issue and sell
general obligation school bonds of the County in the aggregate principal
amount not to exceed $17,000,000 (the "Bonds") for the purpose of financing
certain capital projects for public school purposes, consisting primarily of
$12,000,000 to finance a portion of the costs of the construction and equipping
of a new middle school and approximately $5,000,000 to finance the costs of
HVAC improvements and roof repairs or replacements for various County
schools (the "Project"). The Board hereby authorizes the issuance and sale of
the Bonds in the form and upon the terms established pursuant to this
Resolution.
Sale of the Bonds
3.
. It is determined to be in the best interest
of the County to accept the offer of VPSA to purchase from the County, and to
sell to VPSA, the Bonds at a price determined by VPSA and accepted by the
Chairman of the Board or the County Administrator and upon the terms
established pursuant to this Resolution. The County Administrator and the
Chairman of the Board, or either of them, and such officer or officers of the
County as either of them may designate, are hereby authorized and directed to
enter the Bond Sale Agreement with the VPSA providing for the sale of the
Bonds to VPSA in such form as may be approved by the Chairman of the Board
and the County Administrator, or either of them.
Details of the Bonds. The Bonds shall be issuable in fully
registered form in denominations of $5,000 and whole multiples thereof; shall
be dated the date of issuance and delivery of the Bonds; shall be designated
"General Obligation School Bonds, Series 2013" (or such other designation as
the County Administrator may approve) shall bear interest from the date of
delivery thereof payable semi-annually on each January 15 and July 15 (each
an "Interest Payment Date"), at the rates established in accordance with
paragraph 4 of this Resolution; and shall mature on July 15 in the years (each
a "Principal Payment Date") and in the amounts established in accordance with
Page 197
17. paragraph 4 of this Resolution. The Interest Payment Dates and the Principal
Payment Dates are subject to change at the request of VPSA.
4. Interest Rates and Principal installments
5.
. The County
Administrator is hereby authorized and directed to accept the interest rates on
the Bonds established by VPSA, provided that the true interest cost of the
Bonds does not exceed six and one-half percent (6.5%) per annum. The
County Administrator is further authorized and directed to accept the
aggregate principal amount of the Bonds and the amounts of principal of the
Bonds coming due on each Principal Payment Date ("Principal Installments")
established by VPSA, including any changes in the Interest Payment Dates, the
Principal Payment Dates and the Principal Installments which may be
requested by VPSA provided that such aggregate principal amount shall not
exceed the maximum amount set forth in paragraph 1 above and the final
maturity of the Bonds shall not be later than 26 years from their date. The
execution and delivery of the Bonds as described in paragraph 8 hereof shall
conclusively evidence such Interest Payment Dates, Principal Payment Dates,
interest rates, principal amount and Principal Installments as having been so
accepted as authorized by this Resolution.
Form of the Bonds. The Bonds shall be initially in the form
of a single, temporary typewritten bond substantially in the form attached
hereto as Exhibit A
6.
.
Payment; Paying Agent and Bond Registrar
(a) For as long as VPSA is the registered owner of the Bonds, all
payments of principal, premium, if any, and interest on the Bonds shall be
made in immediately available funds to VPSA at or before 11:00 a.m. on the
applicable Interest Payment Date, Principal Payment Date or date fixed for
prepayment or redemption, or if such date is not a business day for Virginia
banks or for the Commonwealth of Virginia, then at or before 11:00 a.m. on the
business day next succeeding such Interest Payment Date, Principal Payment
Date or date fixed for prepayment or redemption.
. The following
provisions shall apply to the Bonds:
(b) All overdue payments of principal and, to the extent
permitted by law, interest shall bear interest at the applicable interest rate or
rates on the Bonds.
(c) The County Administrator is authorized and directed to
designate a bank or trust company as Bond Registrar and Paying Agent for the
Bonds.
7. Prepayment or Redemption. The Principal Installments of
the Bonds held by the VPSA coming due on or before July 15, 2023, and the
definitive Bonds for which the Bonds held by the VPSA may be exchanged that
Page 198
18. mature on or before July 15, 2023, are not subject to prepayment or
redemption prior to their stated maturities. The Principal Installments of the
Bonds held by the VPSA coming due on or after July 15, 2024, and the
definitive bonds for which the Bonds held by the VPSA may be exchanged that
mature on or after July 15, 2024, are subject to prepayment or redemption at
the option of the County prior to their stated maturities in whole or in part, on
any date on or after July 15, 2023, upon payment of the prepayment or
redemption prices (expressed as percentages of Principal Installments to be
prepaid or the principal amount of the Bonds to be redeemed) set forth below
plus accrued interest to the date set for prepayment or redemption:
Dates Prices
July 15, 2023 through July 14, 2024 ........................ 101%
July 15, 2024 through July 14, 2025 ......................... 100.5
July 15, 2025 and thereafter...................................... 100;
Provided, however
8.
, that the Bonds shall not be subject to prepayment or
redemption prior to their stated maturities as described above without first
obtaining the written consent of VPSA or the registered owner of the Bonds.
Notice of any such prepayment or redemption shall be given by the Bond
Registrar to the registered owner by registered mail not more than ninety (90)
and not less than sixty (60) days before the date fixed for prepayment or
redemption. The County Administrator is authorized to approve such other
redemption provisions, including changes to the redemption dates set forth
above, as may be requested by VPSA.
Execution of the Bonds
9.
. The Chairman or Vice Chairman
and the Clerk or any Deputy Clerk of the Board are authorized and directed to
execute and deliver the Bonds and to affix the seal of the County thereto. The
manner of such execution may be by facsimile, provided that if both signatures
are by facsimile, the Bonds shall not be valid until authenticated by the
manual signature of the Paying Agent.
Pledge of Full Faith and Credit. For the prompt payment of
the principal of, and the premium, if any, and the interest on the Bonds as the
same shall become due, the full faith and credit of the County are hereby
irrevocably pledged, and in each year while any of the Bonds shall be
outstanding there shall be levied and collected in accordance with law an
annual ad valorem tax upon all taxable property in the County subject to local
taxation sufficient in amount to provide for the payment of the principal of, and
the premium, if any, and the interest on the Bonds as such principal,
premium, if any, and interest shall become due, which tax shall be without
limitation as to rate or amount and in addition to all other taxes authorized to
be levied in the County to the extent other funds of the County are not lawfully
available and appropriated for such purpose.
Page 199
19. 10. Use of Proceeds Certificate; Non-Arbitrage Certificate
11.
. The
Chairman of the Board and the County Administrator, or either of them and
such other officer or officers of the County as either may designate are hereby
authorized and directed to execute a Non-Arbitrage Certificate, if required by
bond counsel, and a Use of Proceeds Certificate setting forth the expected use
and investment of the proceeds of the Bonds and containing such covenants as
may be necessary in order to show compliance with the provisions of the
Internal Revenue Code of 1986, as amended (the "Code"), and applicable
regulations relating to the exclusion from gross income of interest on the Bonds
and on the bonds to be issued by the VPSA (the "VPSA Bonds"), a portion of the
proceeds of which will be used to purchase the Bonds. The Board covenants
on behalf of the County that (i) the proceeds from the issuance and sale of the
Bonds will be invested and expended as set forth in such Use of Proceeds
Certificate and the County shall comply with the covenants and
representations contained therein and (ii) the County shall comply with the
provisions of the Code so that interest on the Bonds and on the VPSA Bonds
will remain excludable from gross income for federal income tax purposes.
State Non-Arbitrage Program; Proceeds Agreement
12.
. The
Board hereby determines that it is in the best interests of the County to
authorize and direct the County Treasurer to participate in the State Non-
Arbitrage Program in connection with the Bonds. The County Administrator
and the Chairman of the Board, or either of them and such officer or officers of
the County as either of them may designate, are hereby authorized and
directed to execute and deliver a Proceeds Agreement with respect to the
deposit and investment of proceeds of the Bonds by and among the County, the
other participants in the sale of the VPSA Bonds, VPSA, the investment
manager, and the depository in such form as may be approved by the County
Administrator, whose approval will be conclusively evidenced by the execution
and delivery of the Proceeds Agreement.
Continuing Disclosure Agreement
13.
. The Chairman of the
Board and the County Administrator, or either of them, and such other officer
or officers of the County as either of them may designate are hereby authorized
and directed (i) to execute a Continuing Disclosure Agreement, setting forth the
reports and notices to be filed by the County and containing such covenants as
may be necessary in order to show compliance with the provisions of the
Securities and Exchange Commission Rule 15c2-12, under the Securities
Exchange Act of 1934, as amended, and directed, and (ii) to make all filings
required by the Bond Sale Agreement should the County be determined by the
VPSA to be a Material Obligated Person (as defined in the Bond Sale Agreement
and the Continuing Disclosure Agreement).
Filing of Resolution. The appropriate officers or agents of the
County are hereby authorized and directed to cause a certified copy of this
Resolution to be filed with the Circuit Court of the County.
Page 200
20. 14. Further Actions
15.
. The County Administrator, the Chairman
of the Board, and all such other officers, employees and agents of the County
as either of them may designate are hereby authorized to take such action as
the County Administrator or the Chairman of the Board may consider
necessary or desirable in connection with the issuance and sale of the Bonds
and any such action previously taken is hereby ratified and confirmed.
Effective Date
The undersigned Clerk of the Board of Supervisors of the County of
Gloucester, Virginia, hereby certifies that the foregoing constitutes a true and
correct extract from the minutes of a meeting of the Board of Supervisors held
on ______________ 2013, and of the whole thereof so far as applicable to the
matters referred to in such extract. I hereby further certify that such meeting
was a regularly scheduled meeting and that, during the consideration of the
foregoing resolution, a quorum was present.
. This Resolution shall take effect immediately.
________________________________
Clerk, Board of Supervisors
of the County of Gloucester, Virginia
(SEAL)
Page 201
21. EXHIBIT A
(FORM OF TEMPORARY BOND)
NO. TR-1 $____________
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
COUNTY OF GLOUCESTER
General Obligation School Bond
Series 2013
The COUNTY OF GLOUCESTER, VIRGINIA (the "County"), for value received,
hereby acknowledges itself indebted and promises to pay to the VIRGINIA PUBLIC SCHOOL
AUTHORITY the principal amount of ______________________ Dollars ($___________), in
annual installments in the amounts set forth on Schedule I attached hereto payable on July 15,
20___ and annually on July 15 thereafter to and including July 15, 20__ (each a "Principal
Payment Date"), together with interest from the date of this Bond on the unpaid installments,
payable semi-annually on January 15 and July 15 of each year commencing on _______ 15,
2014 (each an "Interest Payment Date;" together with any Principal Payment Date, a "Payment
Date"), at the rates per annum set forth on Schedule I
For as long as the Virginia Public School Authority is the registered owner of this Bond,
_______________, Richmond, Virginia, as bond registrar (the "Bond Registrar") shall make all
payments of principal, premium, if any, and interest on this Bond, without presentation or
surrender hereof, to the Virginia Public School Authority, in immediately available funds at or
attached hereto, subject to prepayment or
redemption as hereinafter provided. Both principal of and interest on this Bond are payable in
lawful money of the United States of America.
Page 202
22. before 11:00 a.m. on the applicable Payment Date or date fixed for prepayment or redemption.
If a Payment Date or date fixed for prepayment or redemption is not a business day for banks in
the Commonwealth of Virginia or for the Commonwealth of Virginia, then the payment of
principal, premium, if any, or interest on this Bond shall be made in immediately available funds
at or before 11:00 a.m. on the business day next succeeding the scheduled Payment Date or date
fixed for prepayment or redemption. Upon receipt by the registered owner of this Bond of said
payments of principal, premium, if any, and interest, written acknowledgment of the receipt
thereof shall be given promptly to the Bond Registrar, and the County shall be fully discharged
of its obligation on this Bond to the extent of the payment so made. Upon final payment, this
Bond shall be surrendered to the Bond Registrar for cancellation.
The full faith and credit of the County are irrevocably pledged for the payment of the
principal of and the premium, if any, and interest on this Bond. The resolution adopted by the
Board of Supervisors authorizing the issuance of the Bonds provides, and Section 15.2-2624 of
the Code of Virginia of 1950, as amended, requires, that there shall be levied and collected an
annual tax upon all taxable property in the County subject to local taxation sufficient to provide
for the payment of the principal, premium, if any, and interest on this Bond as the same shall
become due which tax shall be without limitation as to rate or amount and shall be in addition to
all other taxes authorized to be levied in the County to the extent other funds of the County are
not lawfully available and appropriated for such purpose.
This Bond is duly authorized and issued in compliance with and pursuant to the
Constitution and laws of the Commonwealth of Virginia, including the Public Finance Act of
1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended, and resolutions duly
Page 203
23. adopted by the Board of Supervisors of the County and the School Board of the County to
provide funds for capital projects for school purposes.
This Bond may be exchanged without cost, on twenty (20) days written notice from the
Virginia Public School Authority at the office of the Bond Registrar on one or more occasions
for one or more temporary bonds or definitive bonds in marketable form and, in any case, in
fully registered form, in denominations of $5,000 and whole multiples thereof, having an equal
aggregate principal amount, having principal installments or maturities and bearing interest at
rates corresponding to the maturities of and the interest rates on the installments of principal of
this Bond then unpaid. This Bond is registered in the name of the Virginia Public School
Authority on the books of the County kept by the Bond Registrar, and the transfer of this Bond
may be effected by the registered owner of this Bond only upon due execution of an assignment
by such registered owner. Upon receipt of such assignment and the surrender of this Bond, the
Bond Registrar shall exchange this Bond for definitive Bonds as hereinabove provided, such
definitive Bonds to be registered on such registration books in the name of the assignee or
assignees named in such assignment.
The principal installments of this Bond coming due on or before July 15, 2023 and the
definitive Bonds for which this Bond may be exchanged that mature on or before July 15, 2023
are not subject to prepayment or redemption prior to their stated maturities. The principal
installments of this Bond coming due on or after July 15, 2024, and the definitive Bonds for
which this Bond may be exchanged that mature on or after July 15, 2024 are subject to
prepayment or redemption at the option of the County prior to their stated maturities in whole or
in part, on any date on or after July 15, 2023, upon payment of the prepayment or redemption
prices (expressed as percentages of principal installments to be prepaid or the principal amount
Page 204
24. of the Bonds to be redeemed) set forth below plus accrued interest to the date set for prepayment
or redemption:
Dates Prices
July 15, 2023 through July 14, 2024.................................................. 101%
July 15, 2024 through July 14, 2025 ................................................... 100.5
July 15, 2025 and thereafter................................................................ 100;
Provided, however
All acts, conditions and things required by the Constitution and laws of the
Commonwealth of Virginia to happen, exist or be performed precedent to and in the issuance of
this Bond have happened, exist and have been performed in due time, form and manner as so
required, and this Bond, together with all other indebtedness of the County, is within every debt
and other limit prescribed by the Constitution and laws of the Commonwealth of Virginia.
, that the Bonds shall not be subject to prepayment or redemption prior
to their stated maturities as described above without the prior written consent of the registered
owner of the Bonds. Notice of any such prepayment or redemption shall be given by the Bond
Registrar to the registered owner by registered mail not more than ninety (90) and not less than
sixty (60) days before the date fixed for prepayment or redemption.
THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK
Page 205
25. IN WITNESS WHEREOF, the Board of Supervisors of the County of Gloucester,
Virginia, has caused this Bond to be issued in the name of the County of Gloucester, Virginia, to
be signed by its Chairman or Vice-Chairman, its seal to be affixed hereto and attested by the
signature of its Clerk or any of its Deputy Clerks, and this Bond to be dated ____________,
2013.
COUNTY OF GLOUCESTER,
VIRGINIA
[SEAL]
ATTEST:
By: ________________________________
Clerk, Board of Supervisors of the
County of Gloucester, Virginia
By: __________________________________
Chairman, Board of Supervisors of the
County of Gloucester, Virginia
Page 206
26. ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE)
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE: ________________________________________
the within Bond and irrevocably constitutes and appoints
__________________________________________________ attorney to exchange said Bond
for definitive bonds in lieu of which this Bond is issued and to register the transfer of such
definitive bonds on the books kept for registration thereof, with full power of substitution in the
premises.
Dated: ______________________
Signature Guaranteed:
___________________________________
(NOTICE: Signature(s) must be guaranteed
by an "eligible guarantor institution"
meeting the requirements of the Bond
Registrar which requirements will include
membership or participation in STAMP or
such other "signature guarantee program" as
may be determined by the Bond Registrar in
addition to, or in substitution for, STAMP,
all in accordance with the Securities
Exchange Act of 1934, as amended.)
______________________________
Registered Owner
(NOTICE: The signature above must
correspond with the name of the Registered
Owner as it appears on the front of this
Bond in every particular, without alteration
or change.)
Page 207
27. Discussion Materials
County of Gloucester, VA
Prepared By
Davenport & Company LLC
Member NYSE - FINRA - SIPC
August 6, 2013
1
Page 208
28. DAVENPORT & COMPANY LLC
County of Gloucester, VA
2
Background
Gloucester County (the “County”) is currently in the process of planning for and financing the
Construction of Page Middle School.
The Construction is estimated to cost $26 million and the construction bids are expected to be
received this month (i.e. July 2013).
The Construction is expected to be financed as follows:
Insurance Payout: $8,000,000 (To be Received)
Qualified School Construction Bonds: 6,000,000 (Already Received)
Remaining Required Financing: 12,000,000 (To be Received)
Total: $26,000,000
The County also expects a VDOT Revenue Sharing Grant of approximately $1,000,000.
Additionally, the County has a $5,000,000 need for School Capital in its Adopted Fiscal Year 2014
Budget related to HVAC and Roof Projects.
Page 209
29. DAVENPORT & COMPANY LLC
County of Gloucester, VA
3
New Money Financings
Following discussions with County Staff, Davenport & Company LLC (“Davenport”) has developed three models
examining Debt Affordability, which can be found on the following pages and are comprised of the following:
Case 1: $12 Million New Money Financing (Page Middle School Only)
Case 2: $17 Million New Money Financing (Page Middle School and HVAC/Roof Projects)
Case 3: $12 Million New Money Financing (Page Middle School Only) with alternative principal repayment
structure
All cases assume that the borrowing occurs as part of the Fall 2013 Virginia Public School Authority Pooled Bond
Issuance.
A 20 Year Level Debt Service structure has been assumed for Cases 1 and 2; Case 3 assumes a structured principal
amortization.
All Cases assume that 1¢ is equal to $400,000, and is not expected to grow in value.
While the VPSA Schedule is not yet available, VPSA has typically closed its Fall Pool Bond Issuance in the
November timeframe (i.e. the County can likely expect to receive funds around this time).
Page 210
30. DAVENPORT & COMPANY LLC
County of Gloucester, VA
4
Debt Affordability Analysis – Case 1
A B C D E F G H I J K L
FY Existing DS(1)
FY2014
Remaining
Required
Financing(2)
Total
FY2014 Net
Budget
Appropriation(1,3)
FY2015 Tax
Increase(4)
Total Revenues
Available
Surplus/
(Deficit)
Capital Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Capital Reserve
Fund Balance
2014 4,397,219 - 4,397,219 4,397,219 - 4,397,219 - - - -- -
2015 4,371,318 919,375 5,290,693 4,397,219 1,000,000 5,397,219 106,527 - 106,527 2.50 106,527
2016 4,260,521 919,750 5,180,271 4,397,219 1,000,000 5,397,219 216,948 - 216,948 -- 323,475
2017 4,234,812 921,300 5,156,112 4,397,219 1,000,000 5,397,219 241,108 - 241,108 -- 564,583
2018 4,101,627 921,950 5,023,577 4,397,219 1,000,000 5,397,219 373,642 - 373,642 -- 938,225
2019 2,884,809 921,700 3,806,509 4,397,219 1,000,000 5,397,219 1,590,711 - 1,590,711 -- 2,528,936
2020 2,644,223 920,550 3,564,773 4,397,219 1,000,000 5,397,219 1,832,446 - 1,832,446 -- 4,361,382
2021 2,633,104 918,500 3,551,604 4,397,219 1,000,000 5,397,219 1,845,616 - 1,845,616 -- 6,206,998
2022 2,627,046 920,438 3,547,483 4,397,219 1,000,000 5,397,219 1,849,736 - 1,849,736 -- 8,056,734
2023 2,595,417 921,250 3,516,667 4,397,219 1,000,000 5,397,219 1,880,552 - 1,880,552 -- 9,937,286
2024 2,583,412 920,938 3,504,349 4,397,219 1,000,000 5,397,219 1,892,870 - 1,892,870 -- 11,830,156
2025 1,851,370 919,500 2,770,870 4,397,219 1,000,000 5,397,219 2,626,349 - 2,626,349 -- 14,456,506
2026 1,839,343 916,938 2,756,281 4,397,219 1,000,000 5,397,219 2,640,939 - 2,640,939 -- 17,097,445
2027 1,824,937 918,138 2,743,075 4,397,219 1,000,000 5,397,219 2,654,145 - 2,654,145 -- 19,751,590
2028 1,319,919 917,988 2,237,907 4,397,219 1,000,000 5,397,219 3,159,313 - 3,159,313 -- 22,910,902
2029 935,670 921,375 1,857,045 4,397,219 1,000,000 5,397,219 3,540,175 - 3,540,175 -- 26,451,077
2030 936,032 918,300 1,854,332 4,397,219 1,000,000 5,397,219 3,542,887 - 3,542,887 -- 29,993,964
2031 939,233 918,763 1,857,995 4,397,219 1,000,000 5,397,219 3,539,224 - 3,539,224 -- 33,533,188
2032 307,256 917,650 1,224,906 4,397,219 1,000,000 5,397,219 4,172,314 - 4,172,314 -- 37,705,502
2033 307,257 919,850 1,227,107 4,397,219 1,000,000 5,397,219 4,170,113 - 4,170,113 -- 41,875,614
2034 307,257 920,250 1,227,507 4,397,219 1,000,000 5,397,219 4,169,713 - 4,169,713 -- 46,045,327
2035 297,235 - 297,235 4,397,219 1,000,000 5,397,219 5,099,985 - 5,099,985 -- 51,145,312
Total 48,199,016 18,394,500 66,593,516 Total - Total TaxEffect 2.50¢
(1)Assumes the Federal Subsidies on the QSCBs are equal to 91.3% of the interest payments on the QSCBs, per the County's Budget; also includes the VRS Refunding Note.
(2)Assumes the $12,000,000 FY 2014 Remaining Required Financing is borrowed at 4.5% over 20 years with debt service payments beginning in FY 2015.
(3)Assumes the County budgets its FY 2014 Debt Service going forward.
(4)Assumes the value of 1 penny is equal to $400,000 and does not grow over time.
Revenues Available for Debt ServiceDebt Service Requirements Debt Service Cash Flow Surplus (Deficit)
Page 211
36. DAVENPORT & COMPANY LLC
County of Gloucester, VA
Observations
Overall, this presentation has discussed capital, rather than focusing on operating costs. Any
additional/unfunded operating costs would be additive to the proposed tax impact model;
Debt Service on the $12 million Page Middle School Financing is estimated to have an impact that
is roughly equivalent to 2.0¢ - 2.5¢ pennies (assuming each penny is worth $400,000);
Debt Service attributable to the $5 million HVAC and Roof Projects is estimated to have an
additional 1¢ equivalent impact, or 3.0 ¢ - 3.5¢ when combined with the Page Financing; and,
The County has historically managed its debt in a conservative fashion. Having policies in place is
seen as a positive from a credit rating and “Best Practice” perspective, and the County should strive
to follow these policies in its operating and capital planning efforts.
10
Page 217
37. DAVENPORT & COMPANY LLC
County of Gloucester, VA
Next Steps
11
Date Action
July 2, 2013 County Board considers approval of Preliminary Authorizing Resolution.
July 9, 2013 School Board considers approval of VPSA application.
August 6, 2013 County Board conducts Public Hearing.
August Timeframe VPSA application submitted.
September 3, 2013 County Board considers final approval of the financing.
Oct./Nov. Timeframe VPSA Bonds are sold.
Nov./Dec. Timeframe VPSA Bonds are closed and funds are available for the Project.
Page 218
38. DAVENPORT & COMPANY LLC
County of Gloucester, VA
Disclaimer
Unless the enclosed material specifically addresses Davenport & Company LLC (“Davenport”) provision of financial advisory services or investment advisory services, or Davenport has an agreement with
the recipient to provide such services, the recipient should assume that Davenport is acting in the capacity of an underwriter or placement agent.
The Municipal Securities Rulemaking Board (“MSRB”) Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors. The rule also requires an underwriter to
disclose that the underwriter’s primary role is to purchase securities with a view to distribution in an arm’s length commercial transaction with the issuer and the underwriter has financial and other interests
that differ from those of the issuer; unlike a municipal advisor, the underwriter does not have a fiduciary duty to the issuer under the federal securities laws and is, therefore, not required by federal law to
act in the best interest of the issuer without regard to its own financial or other interests; the underwriter has a duty to purchase securities from the issuer at a fair and reasonable price, but must balance that
duty with its duty to sell municipal securities to investors at prices that are fair and reasonable; the underwriter will review the official statement of the issuer’s securities in accordance with, and as part of,
its responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of the transaction.
Davenport’s compensation when serving as an underwriter is normally contingent on the closing of a transaction. Clients generally prefer this arrangement so they are not obligated to pay a fee unless the
transaction is completed. However, MSRB Rule G-17 requires an underwriter to disclose that compensation that is contingent on the closing of a transaction or the size of a transaction presents a conflict
of interest, because it may cause the underwriter to recommend a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary.
This material was prepared by investment banking, or other non-research personnel of Davenport. This material was not produced by a research analyst, although it may refer to a Davenport research
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Version 07/24/13 CH TC
Page 219
39. County of Gloucester
Finance Department
6467 Main Street
Gloucester, Virginia 23061 (804)693-6927
Interoffice Memorandum
To: Gloucester County Board of Supervisors
From: Nickie C. Champion, Director of Financial Services
CC: Howard B. Kiser, Ed.D., Superintendent of Schools
Brenda G. Garton, County Administrator
Joanne C. Wright, Director of Budget and Finance, GCPS
Date: July 8, 2013
Re: School HVAC and Roof Replacement Capital Program
It came to my attention at the July 2nd
Board meeting that I had not provided sufficient materials for
you to make an informed decision on the possible $5.0 million school borrowing request for HVAC
and school roof needs. In order to rectify that issue, I would like to provide the following summary
of events and supporting documents:
• One very important financial planning tool for local governments is a Capital Improvements
Program. Investments in capital infrastructure, facilities, and equipment are quite often
large and very expensive. Special planning, financing, and management procedures are
called for to ensure that the projects and acquisitions are needed, well designed, and
efficiently implemented (meaning the money we invest in capital is well spent). In
Gloucester County, we define a capital project for planning purposes as a tangible asset
that has a useful life of at least 5 years or costs at least $50,000.
• The annual capital planning process begins each fall with all County departments, County
agencies, and the School Division being asked to submit any project they would like to see
considered for inclusion in the final adopted Capital Improvements Plan.
• The School Board approved their FY 2014-2018 Capital Improvements Plan on September
11, 2012. This plan was then forwarded to the County for inclusion in the capital planning
process and funding consideration.
Please see attachment A, which includes a summary of all submitted school projects as
well as itemized details for roof replacement and HVAC needs. The total five-year request
for roof replacements was $1,689,000 and HVAC was $21,155,308. For additional
planning purposes, the School Division also included amounts out beyond FY 2018.
• The County Administrator’s Capital Improvements Advisory Committee met to consider all
requests (School Board as well as County departments and agencies) late in 2012.
Page 220
40. Individual departments and agencies including the School Division made presentations to
the Committee. Attachment B includes a portion of the School Division’s presentation on
their HVAC and roof replacement program. The pictures show conditions of the three most
pressing School needs (Petsworth, Botetourt, and Achilles).
• The Committee made their final report to the Board of Supervisors at the January 15, 2013
meeting. Please see attachment C, which includes a two-page summary of all County and
School projects considered with the Committee’s recommended funding schedule. The
CIP Advisory Committee attempted to balance the considerable amount of money required
for projects, within the current debt policies of the County, with the needs of competing
demands for capital investment. The Committee’s final product included projects funded
from a mix of dedicated revenue, excess fund balance (cash funding), possible grants, and
issuing new debt.
Attachment D is the actual memorandum from the Capital Improvements Advisory
Committee to the Board of Supervisors. Included in the memorandum are many of the
reasons for making their recommendation. Please note in particular the area shaded in
yellow, which was the recommendation addressing the most critical school roofs and HVAC
issues (borrowing $5.0 million) and deferring the remainder of the project to a future year.
• Also included on attachment C are the many projects the Committee did not recommend for
immediate funding, but as you review the list many would be good candidates for pay-as-
you-go (cash funded) projects sometime in the future.
• Finally, the Board adopted the Capital Improvements Plan for FY 2014-2018 on April 16,
2013, and the plan has been posted to the County’s web site at
http://www.gloucesterva.info/Finance/BudgetsandFinancialReports/tabid/493/Default.aspx.
On that same date, the Board also adopted the FY 2014 budget, which included
appropriations for the first year of the Plan.
So, the request for $5.0 million in borrowing for the School HVAC needs and roof replacements is
the result of a bigger process (long term capital planning) and a bigger project (many dollars over
many years).
Use and Adequacy of Fund Balance
Another topic discussed at the July 2, 2013 Board meeting concerned the use of excess fund
balance in the General Fund for capital projects. I have attached a very conservative and very
preliminary estimate of our unrestricted/uncommitted fund balance at June 30, 2013 (Attachment
E). I expect us to do better than this estimate, but I hesitate to be very optimistic at this time.
As you review Attachment E, you will note that the FY 2014 budget includes the use of $1,408,551
in fund balance (meaning cash in this case) for capital projects, and this amount is reflected in the
estimated fund balance. Additionally, please note that I have included the recommendation of the
Capital Improvements Advisory Committee to use $750,000 in fund balance in FY 2015 to address
software needs of the Treasurer and Commissioner of the Revenue. While we have not publicly
discussed the project, the Committee felt it was very important to begin replacing the revenue
generating software in these offices. Our current software was installed in 1999 and is being
serviced by a vendor with questionable business viability.
The Board has had many discussions on what is an adequate level of unrestricted/uncommitted
fund balance. While we use fund balance and cash interchangeably, they are not the same. Fund
balance is the cumulative difference of all revenues and expenditures from the government’s
Page 221
41. creation. So, if you look at our governmental funds balance sheet, you will see that Fund Assets
minus Fund Liabilities equals Fund Balance. Because cash is a fund asset, it enters into the
equation and has an effect upon fund balance. Cash, however, is only one of a number of fund
assets and fund liabilities; therefore, it is possible for fund balance to remain unchanged while cash
balances decline or increase during a period of time. Having said this, generally sufficient fund
balances will ensure sufficient cash balances.
Some will question why fund balance is even necessary. Two important goals of local government
are the maintenance of a stable tax and revenue structure and the orderly delivery of services to
residents. Determining how well our local economy will perform and its subsequent impact on our
finances if one of the most difficult tasks we face. As we recently experienced, changes in
economic activity affect both the revenue structure and government spending. Of critical
importance to governments attempting to maintain fiscal stability is that the amount of revenue
continues to match or exceed the expenditures.
Although there is some maneuvering room in our budgets, particularly if we defer purchases of
goods, services, capital, etc, we should accept the fact that uncertainty exists and hedge against it
through the development and use of adequate levels of fund balance.
One contingency that deserves consideration deals with surprises – particularly negative ones.
Forward thinking and planning against unforeseen events, including potential revenue shortfalls
despite reasonable economic forecasts, are viewed positively. Sometimes, future challenges are
not completely unforeseen. In our case, when the state continues to contemplate initiatives that
limit or reduce revenue, we should have meaningful contingency plans against the possibility of
state ordered tax cuts. Likewise, since we are located in a zone subject to hurricanes, we should
have a reasonable contingency plan for dealing with financial, economic, and social challenges
posed by storm destruction.
We have a healthy agenda of large capital projects (Page Middle School, Thomas Calhoun Walker
Education Center, build-out of the Emergency Operations Center, and perhaps a school
roof/HVAC project). It would be reasonable to consider potential construction unknowns as a
contingency and good use of excess fund balance.
The adequacy of our unrestricted/uncommitted fund balance should include an examination of past
experiences, including an analysis of cash flows that look at revenue collection and spending
patterns. One financial challenge that we face twice each year deals with our cash flow (tax
collection practices vs. spending patterns). For instance, since we rely on a large percentage of
taxes collected late in the fiscal year, we rely on sufficient fund balance for cash flow purposes. As
long as we can meet our seasonal cash needs from working cash on hand, we can avoid issuing
cash flow notes (such as tax anticipation notes) and all the potential problems that come with
issuing notes in financial shortfalls.
Our County budgets in a conservative manner that benefits our community. We not only try to
come in under expenditures, we also try to reduce expenditures during those times we expect to
see revenue shortfalls. While governmental budgeting is always challenging in that requests for
funds will always exceed our limited resources, this philosophy has helped us prevent financial
distress during tough economic times. Additionally, looking back to FY 2005 this fiscal
conservatism has helped us accumulate and use over $10.0 million for cash capital projects. This
is no small feat, but as you review Attachment F, you will see that we have been able to make
substantial cash investments in several major projects. These are examples of debt avoidance by
funding capital projects with cash.
Please do not hesitate to contact me if you need further information or have any questions.
Page 222
42. Project Title
New Middle School Grades 6-8 *
Renovation of "A" Hall at GHS
Bus Compound Relocation/Garage Consolidation
Roofing Replacement at Various Schools
HVAC Replacement at Various Schools
Flooring Replacement at Peasley Middle and GHS
Casework Replacement at Achilles, Botetourt and Petsworth
Bathroom Renovations at Achilles, Botetourt, Petsworth and GHS
Sports Track at GHS
Tennis Courts at GHS
School Bus Replacement Program
New Achilles Bus Loop
Locker Replacement at Peasley Middle School
Playground Equipment Replacement at Botetourt and Petsworth
Gloucester County Public Schools
Long Range Capital Plan
FY 2014-2018
2014 2015 2016
15,467,397 11,978,266
300000 2,350,000 500,000
600,000 5,400,000
196,000 840,000 653,000
1,385,044 3,103,024 3,077,922
200,000
95,000
160000 200,000 200,000
233,820
400,250
1,663,450 450,885 185.764
70,000
360,000
GHS Automotive Shop·Apron Paving and Installation of Water/Oil Separator 130,000
Subtotals: 20,700,961 24,812,175 4,686,686
2017 2018
-
- -
5.010,500 8,578,818
861,012 492690
630,000
200,000
6,701,512 9,071,508
Note: The repurposlng of TC Walker Is not Included as It Is anticipated to be completed In 2012-2013 If funding Is approved by the Board of Supervisors•
• This project reflects estimated expenditures beyond 2013-2014 and Includes an additional $2 million for furniture and fixtures.
2014-2018 Costs
Total: Beyond 2018
27,445,663
3,150,000
6,000,000
1,689,000 9,966,149
21 ,155,308 18,566,934
200,000
95,000
560,000
233,820
400,250
3,653,801
700,000
200,000
360,000
130,000
65,972,842 28,533,083
Page 223
AttachmentA
43. Long Range Roof Replacement Capital Plan
Project Scope 2014 2015 2016 2017 2018 Total Costs
Beyond 2018
Reroof Bethel Entire Building 2,334,409
Reroof Botetourt Gym - 200,000
Reroof Petsworth Entire Building 35,000 840,000 875,000
ReroofGHS A-Hall, B-Hall 2,728,957
ReroofGHS C-Hall 1,808,345
Guidance, A-Hall, Foreign
Recoat Roofs GHS Language, 213 Gym, Senior Cafe 161,000 161,000 2515,243
Recoat Roofs GHS 1994 Addition 653,000 653,000
ReroofGHS Field House Addition - 139737
ReroofGHS Ori~inal Field House - 49,318
Reroof Transportation Entire Building - 190,140
Totals: - - - - - - - --~-
_19~()00 840,000 653,000 . - 1,689,000 9,966,149
Page 224
44. Costs Beyond
Project Scooe 2014 2016 2016 2017 2018 Total 2018
Achilles Replace 21
Original Area incremental units 749614 749,614
Botetourt 69 Replace (7) rooftop
AddHion package units 576582 576,582
Botetourt 73 Replace 6 increment
Addition units 338740 338,740
Replace 2 roof
Botetourt 73 mounted AlA heat
AddHion ~um~s 174,026 174,026
Botetourt 1 Roof top OX/Gas
CommEO ilSckage unit 7.5 ton 23,153 23153
2 Rooftop 12 ton Gas
Botetourt fired Ox Cooling roof
Gymnasium top ~ackaJltl unHs 63,206 63,206
Bus Garage Replace (2) hanging
Admin area 'gas heaters 9,337 9,337
Bus Garage 4 Ton Trane Gas/OX
Admin area lpackage unit 60,505 60,505
Facilities
fTechnology Replace 3 Package
Offices OX/Gas package units 53,604 53,604
Gloucestar H&V units and
High School Incremental coaches
Field house unit 77,922 77,922
Gloucester Complete renovation
High School of school 3,000,000 5,000000 2578,877 10,578,877
Gloucester "A","C",Cafe,lComm,
High School Audit. 5,885,832 5,885,832
GHSMini Mini splits 1 each c+
splits commons and 2 0 hall - 33,770
Peasley Replace 2 Trane AlA
Middle heat pumps admin
School area 35873 35,873
Peasley Replace bell and
Middle gossett heat
School exchanger 63,530
Peasley
Middle Replace approx 66 air
School to water heat pumps - 18,469,634
Petsworth
Office and
Classroom Replace 5 incremental
Areas AlA heat pumps 200000 2,054,478 2,254,478
Petsworth
Cooling Only Replace 4 cooling only
Units units 180356 180,356
Petsworth
Mechanical Replace chiller 82703 82703
Petsworth Petsworth labs Rms
Mini Splits 11 and 12 10,500 10,500
Totats 1386044 3103024 3077922 6010600 8678818 21166308 18666934
Page 225
67. Not Critical
Requesting Department Project Name Total Cost FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 Recommended Not Funded Deferred
Recommended FY 2014 - FY 2018 CIP
Schools Flooring Replacement - Various Schools 200,000$ 200,000$
Schools Casework Replacement - Various Schools 95,000$ 95,000$
Schools Bathroom Renovations - Various Schools 560,000$ 560,000$
Schools Refurbish Sports Track at Gloucester High School 233,820$ 233,820$
Schools Refurbish Tennis Courts at Gloucester High 400,250$ 400,250$
Schools Locker Replacement at Peasley Middle 200,000$ 200,000$
Schools School Bus Replacement Program 3,653,801$ 3,653,801$
Schools Achilles Bus Loop 700,000$ 700,000$
Schools Voice Over IP (VOIP) 130,000$ 130,000$
Schools Replace Playground Equipment - Various Schools 360,000$ 360,000$
Schools Paving at GHS Auto Shop Apron and Water/Oil 130,000$ 130,000$
Total Requests 54,502,439$ 6,795,218$ 959,563$ -$ -$ -$ 3,653,801$ 4,766,950$ 38,326,907$
Funding FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18
Fund Balance Transfer from General Fund 1,010,218$ 750,000$
Capital Fund Balance 85,000$
Debt 5,000,000$
Grants 300,000$
Revenue 200,000$ 209,563$
Operating Savings 200,000$
Total Funding 6,795,218$ 959,563$ -$ -$ -$
Page 248
68. County of Gloucester
County Administrator
6467 Main Street
P. O. Box 329
Gloucester, Virginia 23061 (804)693-4042
Date: January 9, 2013
To: Gloucester County Board of Supervisors
Gloucester County Planning Commission
From: Christopher A Hutson, Board of Supervisors Representative to CIP Committee
Louise D. Theberge, Board of Supervisors Representative to CIP Committee
Ann F. Burruss, School Board Representative to CIP Committee
Natalie Q. Johnson, Planning Commission Representative to CIP Committee
Thomas J. Danaher, Citizen Representative to CIP Committee
Thomas W. Sawyer, Citizen Representative to CIP Committee, Chairman
Cc: Brenda G. Garton, County Administrator
Anne Ducey-Ortiz, Director of Planning
Nickie C. Champion, Director of Financial Services
Re: Capital Improvement Plan Recommendation
The Gloucester County Capital Improvements Plan Advisory Committee was formed at the direction
of Ms. Brenda G. Garton, County Administrator. Ms. Garton appointed two members of the Board of
Supervisors, one member of the Gloucester School Board, one member of the Planning Commission,
and two citizen representatives. A capital improvement plan is a multiyear plan, and the Capital
Improvements Plan Advisory Committee was conceived with the hope they would recommend and
revisit the plan on an annual basis.
We began our work on October 25, 2012, and this report contains our recommendations to the Board
of Supervisors for a Fiscal Year 2014-18 Capital Improvements Plan.
County departments and agencies, as well as Gloucester County Public Schools, submitted over $76.9
million in capital projects to be considered by the Committee. This amount included $54.4 million in
projects generally funded through the General Fund and $22.5 million in projects for the Utility Fund.
Over the course of several months, the Committee heard presentations from the requestors of
proposed projects, worked with the County’s financial advisors to gain an understanding on the
County’s current debt capacity and future financial position, and developed this recommendation for
future consideration by the Board of Supervisors.
Page 249
69. The CIP Committee recognizes that local governments devote a large portion of their budgets to
capital projects. This large financial investment is required to maintain and expand public facilities
and infrastructure. Ongoing service delivery can only be assured if adequate consideration is given to
capital needs. If we fail to maintain our capital stock, our facilities and infrastructure will deteriorate
until costly, constant maintenance is required, services are threatened, and community growth
stagnates or even declines. Whether our community is growing, stable, or losing population, it needs
to plan and budget for capital assets carefully to maintain existing infrastructure and to meet future
demands.
The CIP Committee is cognizant of the major capital projects being discussed at monthly Board
meetings (Page Middle School, Thomas Calhoun Walker Education Center, and completion of the
Emergency Communication Center basement); therefore, the Committee has not assigned funding
from the $3.1 million Capital Fund Committed for Future Capital Projects. Additionally, the
Committee is making a conservative recommendation for assignment of the excess fund balance in
the General Fund ($1.8 million over a two year period from the $3.4 million available). It is hoped
that this conservatism will assist the Board of Supervisors as they proceed with the many unknowns
relating to Page Middle School, Thomas Calhoun Walker Education Center, and the completion of the
Emergency Communications Center basement.
Additionally, the CIP Committee felt that while some projects were not included in their
recommendation, several are very desirable for our community’s economic development and quality
of life. In particular, projects that improve facilities for older adults and the continued development
of Woodville Park should be considered in future plans. It is the Committee’s hope that future plans
can begin to address these very important projects.
The CIP Committee attempted to balance the considerable amounts of money required for projects,
within the current debt policies of the County, with the needs of competing demands for capital
investment. Early in the process the Committee recognized that if all General Fund projects were
funded, it would result in an increase in the real estate tax rate of $.11, which doesn’t include the
effects of Page Middle School funding. The Committee not only reviewed specific projects for the
recommendation, but also discussed at length the issues and factors impacting the development of a
capital plan. In particular, the Committee reviewed the County’s capacity for issuing new debt,
discussed project alternatives to those presented, and discussed funding alternatives.
The CIP Committee recognizes that funding of a viable, on-going capital plan is a necessary starting
point for this process. To that end, the Committee recommends the Board of Supervisors:
• Invite Davenport and Company, the County’s financial advisors, to the Tuesday, January 15th
meeting of the Board of Supervisors to review the County’s current financial condition as well
as other information beneficial to adopting a formal capital plan.
• Use excess fund balance in the General Fund of $1.8 million for the most immediate, urgent
capital needs (as recommended by the Committee).
• Endorse a grant application through the Land and Water Conservation Fund, which can be
used to offset some of the costs associated with Woodville Park improvements.
• Use $85,000 of the Capital Fund Assigned by County Administrator for Park Projects to offset
some of the costs associated with Woodville Park improvements.
• Issue additional debt of $5.0 million to address the most critical school roofs and HVAC issues,
which is expected to require a $.01 increase in the real estate tax rate in calendar year 2014
Page 250