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.

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: June 20, 2013
Re: Request for Public Hearing on School Construction Bonds
As you know, the Board of Supervisors agreed in principal to borrow an additional $12.0 million
for the Page Middle School Project. In addition, included in the fiscal year 2014 budget was a
$5.0 million borrowing for school HVAC and roof repairs/upgrades. Due to the costs associated
with selling school bonds, it makes fiscal sense to consolidate these needs into one bond issue
if it is the desire of the Board to move forward with both projects. In that each bond sale could
result in issuance costs of approximately $75,000 to $100,000, consolidating the needs could
result in a sizable savings to the County.
Ted Cole of Davenport and Company, the County’s financial advisors, will be at the July 2, 2013
meeting to discuss possible borrowing options (Case 1 = $12.0 million and Case 2 = $17.0
million) and the effects of those options on future County finances. A draft copy of his
presentation has been included in these materials for your review. Copies of the final
presentation will be distributed at the meeting.
Additionally, the Board will be respectfully asked to authorize a public hearing for August 6,
2013 in order to receive public comment on the matter. Bonnie France, bond counsel with
McGuire Woods, has helped prepare the attached resolution and public hearing notice. The
documents were prepared to delineate the amount to be used for the Page Middle School
project and the amount to be used for school HVAC and roof needs. While the total amount of
actual bond receipts are unknown at this time, the resolution is written in such a way that $12.0
million will be assigned to the Page Middle School project and any remaining receipts (expected
to be approximately $5.0 million) will be assigned to school HVAC and roof needs.
Finally, while the resolution and public hearing notice included with this memorandum have
been prepared in anticipation of the Board agreeing to hear comments on a combined
borrowing of $17.0 million, the documents can be easily modified to reduce or increase the
scope of the project.
Please do not hesitate to contact me if you have any questions.
Page 91

2. Discussion Materials
County of Gloucester, VACounty of Gloucester, VA
Prepared By
D & C LLCDavenport & Company LLC
Member NYSE - FINRA - SIPC
July 2, 2013
Page 92

3. County of Gloucester VA
Background
County of Gloucester, VA
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
DAVENPORT & COMPANY LLC 2
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 93

4. County of Gloucester VA
New Money Financings
County of Gloucester, VA
Following discussions with County Staff, Davenport & Company LLC (“Davenport”) has developed
two 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); and,
Case 2: $17 Million New Money Financing (Page Middle School and HVAC/Roof Projects).
Both 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 both Cases.
Both Cases assume that 1¢ is equal to $400,000, and is not expected to grow in value.
While the VPSA Schedule is not expected to become available for another 1 2 weeks VPSA has
DAVENPORT & COMPANY LLC 3
While the VPSA Schedule is not expected to become available for another 1 – 2 weeks, 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 94

5. County of Gloucester VA
Debt Affordability Analysis – Case 1
County of Gloucester, VA
A B C D E F G H I J K L
(1)
FY2014
Remaining
Required
(2)
FY2014 Net
Budget
(1 3)
FY2015 Tax
(4)
Total Revenues Surplus/ Capital Reserve Adjusted Surplus/
Estimated
Incremental Tax Capital Reserve
Revenues Available for Debt ServiceDebt Service Requirements Debt Service Cash Flow Surplus (Deficit)
FY Existing DS
(1)
Financing
(2)
Total Appropriation
(1,3)
Increase
(4)
Available (Deficit) Utilized (Deficit) Equivalent 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 2862023 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 9022028 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¢
DAVENPORT & COMPANY LLC 4
(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.
Page 95

6. County of Gloucester VA
Key Debt Ratios – Case 1
County of Gloucester, VA
90%
100%
2 50%
3.00%
Page Middle
10-Year Payout Ratio Debt to Assessed Value
Fiscal Payout
Year Ratio
2014 60.1%
2015 63.5%
2016 65.7%
50%
60%
70%
80%
1.50%
2.00%
2.50% Page Middle
Existing
Policy
2017 68.2%
2018 71.4%
2019 73.9%
2020 76.9%
2021 80.7%
2022 85.4%
2023 88.5%
2024 92.7%
10%
20%
30%
40%
0.00%
0.50%
1.00%
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
2024 92.7%
2025 98.4%
2026 100.0%
2027 100.0%
2028 100.0%
2029 100.0%
2030 100.0%
2031 100.0%
2032 100 0%
10%
0%
2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034
201
201
201
201
201
201
201
202
202
202
202
202
202
202
202
202
202
203
203
203
203
203
203
$1,800
Debt per Capita Debt Service vs. Expenditures
2032 100.0%
2033 100.0%
2034 100.0%
2035 100.0%
6%
8%
10%
Page Middle
Budgeted/Projected Utility Transfer
Existing
Policy
$1,000
$1,200
$1,400
$1,600
Page Middle
Existing
Policy
2%
4%
Policy
$200
$400
$600
$800
y
DAVENPORT & COMPANY LLC
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
$-
$200
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
5
Page 96

7. County of Gloucester VA
Debt Affordability Analysis – Case 2
County of Gloucester, VA
A B C D E F G H I J K L M
(1)
FY2014
Remaining
Required
(2)
FY2014
HVAC/Roof
Repair
(3)
FY2014 Net
Budget
(1 4)
FY2015 Tax
(5)
Total Revenues Surplus/ Capital Reserve Adjusted Surplus/
Estimated
Incremental Tax Capital Reserve
Revenues Available for Debt ServiceDebt Service Requirements Debt Service Cash Flow Surplus (Deficit)
FY Existing DS
(1)
Financing
(2)
Financing
(3)
Total Appropriation
(1,4)
Increase
(5)
Available (Deficit) Utilized (Deficit) Equivalent Fund Balance
2014 4,397,219 - - 4,397,219 4,397,219 - 4,397,219 - - - -- -
2015 4,371,318 919,375 383,073 5,673,766 4,397,219 1,400,000 5,797,219 123,454 - 123,454 3.50 123,454
2016 4,260,521 919,750 383,229 5,563,500 4,397,219 1,400,000 5,797,219 233,719 - 233,719 -- 357,173
2017 4,234,812 921,300 383,875 5,539,987 4,397,219 1,400,000 5,797,219 257,233 - 257,233 -- 614,406
2018 4 101 627 921 950 384 146 5 407 723 4 397 219 1 400 000 5 797 219 389 496 389 496 1 003 9022018 4,101,627 921,950 384,146 5,407,723 4,397,219 1,400,000 5,797,219 389,496 - 389,496 -- 1,003,902
2019 2,884,809 921,700 384,042 4,190,550 4,397,219 1,400,000 5,797,219 1,606,669 - 1,606,669 -- 2,610,571
2020 2,644,223 920,550 383,563 3,948,336 4,397,219 1,400,000 5,797,219 1,848,884 - 1,848,884 -- 4,459,455
2021 2,633,104 918,500 382,708 3,934,312 4,397,219 1,400,000 5,797,219 1,862,908 - 1,862,908 -- 6,322,362
2022 2,627,046 920,438 383,516 3,930,999 4,397,219 1,400,000 5,797,219 1,866,221 - 1,866,221 -- 8,188,583
2023 2,595,417 921,250 383,854 3,900,521 4,397,219 1,400,000 5,797,219 1,896,698 - 1,896,698 -- 10,085,281
2024 2,583,412 920,938 383,724 3,888,073 4,397,219 1,400,000 5,797,219 1,909,146 - 1,909,146 -- 11,994,427
2025 1,851,370 919,500 383,125 3,153,995 4,397,219 1,400,000 5,797,219 2,643,224 - 2,643,224 -- 14,637,652
2026 1,839,343 916,938 382,057 3,138,338 4,397,219 1,400,000 5,797,219 2,658,882 - 2,658,882 -- 17,296,533
2027 1,824,937 918,138 382,557 3,125,632 4,397,219 1,400,000 5,797,219 2,671,588 - 2,671,588 -- 19,968,121
2028 1,319,919 917,988 382,495 2,620,402 4,397,219 1,400,000 5,797,219 3,176,818 - 3,176,818 -- 23,144,939
2029 935,670 921,375 383,906 2,240,951 4,397,219 1,400,000 5,797,219 3,556,268 - 3,556,268 -- 26,701,207
2030 936,032 918,300 382,625 2,236,957 4,397,219 1,400,000 5,797,219 3,560,262 - 3,560,262 -- 30,261,469
2031 939,233 918,763 382,818 2,240,813 4,397,219 1,400,000 5,797,219 3,556,406 - 3,556,406 -- 33,817,876
2032 307,256 917,650 382,354 1,607,260 4,397,219 1,400,000 5,797,219 4,189,960 - 4,189,960 -- 38,007,835
2033 307,257 919,850 383,271 1,610,378 4,397,219 1,400,000 5,797,219 4,186,842 - 4,186,842 -- 42,194,677
2034 307 257 920 250 383 438 1 610 944 4 397 219 1 400 000 5 797 219 4 186 275 4 186 275 46 380 9522034 307,257 920,250 383,438 1,610,944 4,397,219 1,400,000 5,797,219 4,186,275 - 4,186,275 -- 46,380,952
2035 297,235 - - 297,235 4,397,219 1,400,000 5,797,219 5,499,985 - 5,499,985 -- 51,880,937
Total 48,199,016 18,394,500 7,664,375 74,257,891 Total - Total TaxEffect 3.50¢
(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.
DAVENPORT & COMPANY LLC 6
(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 $5,000,000 FY 2014 HVAC/Roof Financing is borrowed at 4.5% over 20 years with debt service payments beginning in FY 2015.
(4)Assumes the County budgets its FY 2014 Debt Service going forward.
(5)Assumes the value of 1 penny is equal to $400,000 and does not grow over time.
Page 97

8. County of Gloucester VA
Key Debt Ratios – Case 2
County of Gloucester, VA
90%
100%
2 50%
3.00%
HVAC/Roof
10-Year Payout Ratio Debt to Assessed Value
Fiscal Payout
Year Ratio
2014 57.7%
2015 61.1%
2016 63.3%
50%
60%
70%
80%
1.50%
2.00%
2.50% HVAC/Roof
Page Middle
Existing
Policy
2017 65.8%
2018 69.0%
2019 71.6%
2020 74.7%
2021 78.7%
2022 83.6%
2023 87.3%
2024 92.1%
0%
10%
20%
30%
40%
0.00%
0.50%
1.00%
3
4
5
6
7
8
9
20
21
22
23
24
25
26
27
28
29
0
1
2
3
4
5
2024 92.1%
2025 98.6%
2026 100.0%
2027 100.0%
2028 100.0%
2029 100.0%
2030 100.0%
2031 100.0%
2032 100.0%
0%
2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034
201
201
201
201
201
201
201
202
202
202
202
202
202
202
202
202
202
203
203
203
203
203
203
$1,800
Debt per Capita Debt Service vs. Expenditures
2032 100.0%
2033 100.0%
2034 100.0%
2035 100.0%
6%
8%
10%
HVAC/Roof
Page Middle
Budgeted/Projected Utility Transfer
Existing
$1,000
$1,200
$1,400
$1,600
HVAC/Roof
Page Middle
2%
4%
Policy
$200
$400
$600
$800
,
Existing
Policy
DAVENPORT & COMPANY LLC
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
$-
$200
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
7
Page 98

9. County of Gloucester VA
Observations
County of Gloucester, VA
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 thatDebt Service on the $12 million Page Middle School Financing is estimated to have an impact that
is roughly equivalent to 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 3.5¢ when combined with the Page Financing; and,
The County has historically managed its debt in a conservative fashion. Having policies in place is
i i f di i d “B P i ” i d h C h ld iseen 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.
DAVENPORT & COMPANY LLC 8
Page 99

10. County of Gloucester VA
Next Steps
County of Gloucester, VA
Date Action
July 2 2013 County Board considers approval of Preliminary Authorizing ResolutionJuly 2, 2013 County Board considers approval of Preliminary Authorizing Resolution.
July 9 2013 School Board considers approval of VPSA applicationJuly 9, 2013 School Board considers approval of VPSA application.
August 6 2013 County Board conducts Public HearingAugust 6, 2013 County Board conducts Public Hearing.
August Timeframe VPSA application submittedAugust Timeframe VPSA application submitted.
Oct /Nov Timeframe VPSA Bonds are soldOct./Nov. Timeframe VPSA Bonds are sold.
Nov /Dec Timeframe VPSA Bonds are closed and funds are available for the Project
DAVENPORT & COMPANY LLC
Nov./Dec. Timeframe VPSA Bonds are closed and funds are available for the Project.
Page 100

11. County of Gloucester VA
Disclaimer
County of Gloucester, VA
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 thatact 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
analyst or research report. Unless otherwise indicated, these views (if any) are the author’s and may differ from those of the Davenport fixed income or research department or others in the firm.
This material may have been prepared by or in conjunction with Davenport trading desks that may deal as principal in or own or act as market maker or liquidity provider for the securities/instruments
mentioned herein. The trading desk may have accumulated a position in the subject securities/instruments based on the information contained herein. Trading desk materials are not independent of the
proprietary interests of Davenport, which may conflict with your interests. Davenport may also perform or seek to perform financial advisory, underwriting or placement agent services for the issuers of the
securities and instruments mentioned herein.
This material has been prepared for information purposes only and is not a solicitation of any offer to buy or sell any security/instrument or to participate in any trading strategy. Any such offer would be
made only after a prospective participant had completed its own independent investigation of the securities, instruments or transactions and received all information it required to make its own investment
decision, including, where applicable, a review of any offering circular or memorandum describing such security or instrument. That information would contain material information not contained herein
and to which prospective participants are referred. This material is based on public information as of the specified date, and may be stale thereafter. We have no obligation to tell you when information
herein may change. We make no representation or warranty with respect to the completeness of this material. Davenport has no obligation to continue to publish on the securities/instruments mentioned
herein.
Any securities referred to in this material may not have been registered under the U.S. Securities Act of 1933, as amended, and, if not, may not be offered or sold absent an exemption therefrom. Recipients
are required to comply with any legal or contractual restrictions on their purchase, holding, sale, exercise of rights or performance of obligations under any securities/instruments transaction.
The securities/instruments discussed in this material may not be suitable for all investors. This material has been prepared and issued by Davenport for distribution to market professionals and institutional
investor clients only. Other recipients should seek independent financial advice prior to making any investment decision based on this material. This material does not provide individually tailored
investment advice or offer tax, regulatory, accounting or legal advice. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax,
regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. You should consider this material
as only a single factor in making an investment decision.as only a single factor in making an investment decision.
The value of and income from investments and the cost of borrowing may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices,
market indexes, operational or financial conditions or companies or other factors. There may be time limitations on the exercise of options or other rights in securities/instruments transactions. Past
performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and
changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain
assumptions may have been made for modeling purposes only to simplify the presentation and/or calculation of any projections or estimates, and Davenport does not represent that any such assumptions
will reflect actual future events. Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from
DAVENPORT & COMPANY LLC 26
those estimated herein. Some of the information contained in this document may be aggregated data of transactions in securities or other financial instruments executed by Davenport that has been
compiled so as not to identify the underlying transactions of any particular customer. This material may not be sold or redistributed without the prior written consent of Davenport.
Version 06/01/12 RP TC
Page 101

12. 48490251_2.DOC
NOTICE OF PUBLIC HEARING
ON PROPOSED GENERAL OBLIGATION
SCHOOL BOND FINANCING
BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF GLOUCESTER, VIRGINIA
Notice is hereby given that the Board of Supervisors (the "Board") of the
County of Gloucester, Virginia (the "County") will hold a public hearing in
accordance with Section 15.2-2606 of the Code of Virginia of 1950, as
amended, on the issuance of one or more series of general obligation school
bonds (the "Bonds") of the County in an estimated maximum principal amount
of $17,000,000 to finance some or all of the costs of public school
improvements for the County, of which $12,000,000 will be used to finance a
portion of the costs of construction and equipping of Page Middle School and
approximately $5,000,000 will be used for HVAC improvements and roof repair
or replacement at various County schools. The Board will consider a resolution
authorizing the issuance of the Bonds at its meeting on Tuesday, August 6,
2013.
The public hearing, which may be continued or adjourned, will be held at
8:00 p.m., or as soon thereafter as the matter is heard on Tuesday, August 6,
2013, before the Board of Supervisors in the Colonial Courthouse, 6504 Main
Street, Gloucester, Virginia.
All interested individuals are invited to attend and present oral or written
comments.
[PUBLISH ON JULY 18 AND JULY 25]
Page 102

13. AT A MEETING OF THE GLOUCESTER COUNTY BOARD OF SUPERVISORS,
HELD ON TUESDAY, JULY 2, 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, ____;
A RESOLUTION TO AUTHORIZE A PUBLIC HEARING TO CONSIDER THE
ISSUANCE OF $17,000,000 GENERAL OBLIGATION BONDS OF THE
COUNTY OF GLOUCESTER, VIRGINIA TO BE SOLD TO THE PUBLIC
SCHOOL AUTHORITY
WHEREAS, the Board of Supervisors has determined that it is necessary
or desirable to contract a debt and to issue general obligation bonds of the
County of Gloucester, Virginia in an estimated maximum principal amount of
$17,000,000 to finance some or all of the costs of public school improvements
for the County consisting primarily of construction of Page Middle School and
acquisition, construction, and installation of HVAC facilities and roof repairs or
replacements in various schools; and
WHEREAS, bond proceeds in the amount of $12,000,000 will be used for
the Page Middle School project and bond proceeds in the amount of
approximately $5,000,000 will be used for the HVAC/Roof Project.
NOW, THEREFORE, BE IT RESOLVED by the Gloucester County Board
of Supervisors that the Clerk is directed to advertise in a newspaper published or
having general circulation in Gloucester, a public hearing notice for a public
hearing to consider the issuance of bonds, which public hearing is to be held in
the Colonial Courthouse located at 6504 Main Street on August 6, 2013 at 8:00
p.m.
A Copy Teste:
_______________________________
Brenda G. Garton
County Administrator
Page 103