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HomeMy WebLinkAbout5/8/2018 - Adopted Board RecordsAT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD THE ROANOKE COUNTY ADMINISTRATION CENTER ON TUESDAY, MAY 8, 2018 RESOLUTION 050818-1 APPROVING THE ROANOKE COUNTY PUBLIC SCHOOLS BUDGET FOR FISCAL YEAR 2018-2019 UPON CERTAIN TERMS AND CONDITIONS WHEREAS, State Code 22.1-93 requires the governing body of a County to prepare and approve an annual budget for education purposes by May 15 or within thirty (30) days of the receipt by the County of the estimates of state funds, whichever shall later occur; and WHEREAS, the Roanoke County School Board approved their fiscal year 2018- 2019 budget on March 22, 2018, and subsequently amended the budget on April 26, 2018. THEREFORE, BE IT RESOLVED by the Board of Supervisors of Roanoke County, Virginia that the fiscal year 2018-2019 Roanoke County Public Schools budget as set forth by the School Board's adoption on March 22, 2018, and incorporating approved amendments to that budget on April 26, 2018, a copy of which is incorporated by reference herein, is hereby APPROVED, and the County Administrator and the Clerk are authorized to execute and attest, respectively, on behalf of the County, any documentation, in form approved by the County Attorney, necessary to evidence said approval. Page 1 of 2 On motion of Supervisor Hooker to adopt the resolution, seconded by Supervisor Assaid and carried by the following recorded vote: AYES: Supervisors Assaid, Hooker, McNamara NAYS: None ABSENT: Supervisor Peters A FOPY TESTE: U'tt�#' Deb rah C. Jack Chief Deputy ClerV to Board of Supervisors cc: Christopher Bever, Director of Management and Budget Rebecca Owens, Director of Finance Dr. Gregory Killough, Superintendent of Roanoke County Schools Penny Hodge, Assistant Superintendent of Finance, Roanoke County Schools Page 2 of 2 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER, ON TUESDAY, MAY 8, 2018 ORDINANCE 050818-2 AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $30,000,000 GENERAL OBLIGATION SCHOOL BOND OF THE COUNTY OF ROANOKE, 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 Roanoke, Virginia (the "County"), has determined that it is necessary and expedient to borrow an amount not to exceed $30,000,000 and to issue its general obligation school bond (as more specifically defined below, the "Local School Bond") for the purpose of financing a portion of the costs of the renovation of Cave Spring High School (collectively, the "Project"); WHEREAS, the County held a public hearing, duly noticed, on May 8, 2018, on the issuance of the Local School Bond in accordance with the requirements of Section 15.2-2606, Code of Virginia 1950, as amended (the "Virginia Code"); WHEREAS, the School Board of the County has, by Ordinance, requested the Board to authorize the issuance of the Local School Bond and consented to the issuance of the Local School Bond; WHEREAS, Virginia Public School Authority ("VPSA") has offered to purchase the Local School Bond along with the local school bonds of certain other localities with a portion of the proceeds of certain bonds to be issued by VPSA in the fall of 2018 (the "VPSA Bonds"); Page 1 of 11 WHEREAS, the Bond Sale Agreement (as defined below) shall indicate that $30,000,000 is the amount of proceeds requested (the "Proceeds Requested") from VPSA in connection with the sale of the Local School Bond; WHEREAS, VPSA's objective is to pay the County a purchase price for the Local School Bond which, in VPSA's judgment, reflects the Local School Bond's market value (the "VPSA Purchase Price Objective"), taking into consideration of such factors as the amortization schedule the County has requested for the Local School Bond relative to the amortization schedules requested by other localities, the purchase price to be received by VPSA from the sale of the VPSA Bonds and other market conditions relating to the sale of the VPSA Bonds; WHEREAS, such factors may result in the Local School Bond having a purchase price other than par and consequently (i) the County may have to issue the Local School Bond in a principal amount that is greater than or less than the Proceeds Requested in order to receive an amount of proceeds that is substantially equal to the Proceeds Requested, or (ii) if the maximum authorized principal amount of the Local School Bond set forth in section 1 below does not exceed the Proceeds Requested by at least the amount of any discount, the purchase price to be paid to the County, given the VPSA Purchase Price Objective and market conditions, will be less than the Proceeds Requested-, WHEREAS, the first reading of this ordinance was held on April 24, 2018, and the second reading and public hearing of this ordinance was held on May 8, 2018. Page 2 of 11 NOW, THEREFORE, BE IT ENACTED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF ROANOKE, VIRGINIA: 1. Authorization of Local School Bond and Use of Proceeds. The Board hereby determines that it is advisable to contract a debt and issue and sell its general obligation school bond in an aggregate principal amount not to exceed $30,000,000 (the "Local School Bond") for the purpose of financing the Project. The Board hereby authorizes the issuance and sale of the Local School Bond in the form and upon the terms established pursuant to this Ordinance. 2. Sale of the Local School Bond. The sale of the Local School Bond, within the parameters set forth in paragraph 4 of this Ordinance, to VPSA is authorized. Given the VPSA Purchase Price Objective and market conditions, the County acknowledges that the limitation on the maximum principal amount of the Local School Bond set forth in paragraph 1 of this Ordinance restricts VPSA's ability to generate the Proceeds Requested, however, the Local School Bond may be sold for a purchase price not lower than 95% of the Proceeds Requested. The Chairman of the Board, the County Administrator, or either of them (each a "Delegate") and such other officer or officers of the County as either may designate are hereby authorized and directed to enter into an agreement with VPSA providing for the sale of the Local School Bond to VPSA (the "Bond Sale Agreement"). The Bond Sale Agreement shall be in a form approved by a Delegate, which approval shall be evidenced by the execution and delivery of the Bond Sale Agreement by the applicable Delegate. Page 3 of 11 3. Details of the Local School Bond. The Local School Bond shall be dated 16 days prior to the date of its issuance and delivery or such other date designated by VPSA; shall be designated "General Obligation School Bond, Series 2018"; shall bear interest from its dated date payable semi-annually on each January 15 and July 15 beginning no earlier than July 15, 2019 (each an "Interest Payment Date"), at the rates established in accordance with paragraph 4 of this Ordinance; and shall mature on July 15 in the years (each a "Principal Payment Date") and in the amounts acceptable to a Delegate (the "Principal Installments"), subject to the provisions of paragraph 4 of this Ordinance. 4. Interest Rates and Principal Installments. Each Delegate is hereby authorized and directed to accept the interest rates on the Local School Bond established by VPSA, provided that each interest rate shall be five one -hundredths of one percent (0.05%) over the interest rate to be paid by VPSA for the corresponding principal payment date of the VPSA Bonds, a portion of the proceeds of which will be used to purchase the Local School Bond, and provided further that the true interest cost of the Local School Bond does not exceed five and fifty one -hundredths percent (5.50%) per annum. The Interest Payment Dates and the Principal Installments are subject to change at the request of VPSA. Each Delegate is hereby authorized and directed to accept changes in the Interest Payment Dates and the Principal Installments at the request of VPSA based on the final term to maturity of the VPSA Bonds, requirements imposed on VPSA by the nationally -recognized rating agencies and the final principal amount of the Local School Bond; provided, however, that the principal amount of the Local School Bond shall not Page 4 of 11 exceed the amount authorized by this Ordinance and the principal components of the Local School Bond shall amortize over no more than 20 years. The execution and delivery of the Local School Bond as described in paragraph 8 hereof shall conclusively evidence the approval and acceptance of all of the details of the Local School Bond by the Delegate as authorized by this Ordinance. 5. Form of the Local School Bond. The Local School Bond shall be initially in the form of a single, temporary typewritten bond substantially in the form attached hereto as Exhibit A. 6. Payment; Paving Agent and Bond Registrar. The following provisions shall apply to the Local School Bond: (a) For as long as VPSA is the registered owner of the Local School Bond, all payments of principal, premium, if any, and interest on the Local School Bond 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. (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 Local School Page 5 of 11 (c) The County Administrator is hereby authorized and directed to designate a Bond Registrar and Paying Agent for the Local School Bond as required by VPSA. 7. Prepayment or Redemption. Unless required otherwise by VPSA, the Principal Installments of the Local School Bond held by VPSA coming due on or before July 15, 2028, and the definitive bond for which the Local School Bond held by VPSA may be exchanged that mature on or before July 15, 2028, are not subject to prepayment or redemption prior to their stated maturities. The Principal Installments of the Local School Bond held by VPSA coming due on or after July 15, 2029, and the definitive bond(s) for which the Local School Bond held by VPSA may be exchanged that mature on or after July 15, 2029, 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, 2028, upon payment of the prepayment or redemption prices (expressed as percentages of Principal Installments to be prepaid or the principal amount of the Local School Bond to be redeemed) set forth below plus accrued interest to the date set for prepayment or redemption: Dates Prices July 15, 2028 through July 14, 2029 101% July 15, 2030 through July 14, 2031 100'/2 July 15, 2032 and thereafter 100 Provided, however, that the Principal Installments of the Local School Bond shall not be subject to prepayment or redemption prior to their stated maturities as described Page 6 of 11 above without first obtaining the written consent of VPSA or other registered owner of the Local School Bond. Notice of any such prepayment or redemption shall be given by the Bond Registrar to VPSA or other 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. If VPSA refunds the VPSA Bonds in the future and such refunding causes the Local School Bond to be deemed refunded, the prepayment or redemption of the Local School Bond will be subject to VPSA approval and subject to similar prepayment or redemption provisions as set forth above that correspond to the call period of the VPSA bonds issued in part to refund the Local School Bond. 8. Execution of the Local School Bond. The Chairman or Vice Chairman and the Clerk or any Deputy Clerk of the Board are authorized and directed to execute and deliver the Local School Bond and to affix the seal of the County thereto. 9. Pledge of Full Faith and Credit. For the prompt payment of the principal of, premium, if any, and the interest on the Local School Bond as the same shall become due, the full faith and credit of the County are hereby irrevocably pledged, and in each year while any portion of the Local School Bond 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 premium, if any, and the interest on the Local School Bond as such principal, premium, if any, and interest shall become due, which tax shall be without Page 7 of 11 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. 10. Use of Proceeds Certificate and Tax Compliance Agreement. The Chairman of the Board, the County Administrator and such other officer or officers of the County or the School Board as either may designate are hereby authorized and directed to execute and deliver on behalf of the County a Use of Proceeds Certificate and Tax Compliance Agreement (the "Tax Compliance Agreement") setting forth the expected use and investment of the proceeds of the Local School Bond 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 VPSA Bonds. The Board covenants on behalf of the County that (i) the proceeds from the issuance and sale of the Local School Bond will be invested and expended as set forth in such Tax Compliance Agreement and that the County shall comply with the other covenants and representations contained therein and (ii) the County shall comply with the provisions of the Code so that interest on the VPSA Bonds will remain excludable from gross income for federal income tax purposes. 11. State Non -Arbitrage Program; Proceeds Agreement. The Board hereby determines that it is in the best interests of the County to authorize and direct the County Director of Finance to participate in the State Non -Arbitrage Program in connection with the Local School Bond. The Chairman of the Board, the County Administrator and such Page 8 of 11 officer or officers of the County as either 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 Local School Bond by and among the County, the other participants in the sale of the VPSA Bonds, VPSA, the investment manager and the depository, substantially in the form submitted to the Board at this meeting, which form is hereby approved. 12. Continuing Disclosure Agreement. The Chairman of the Board, the County Administrator and such other officer or officers of the County as either may designate are hereby authorized and directed to execute a Continuing Disclosure Agreement, as set forth in Appendix D to the Bond Sale 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 to make all filings required by Section 3 of the Bond Sale Agreement should the County be determined by VPSA to be a MOP (as defined in the Bond Sale Agreement). 13. Refunding. The Board hereby acknowledges that VPSA may issue refunding bonds to refund any bonds previously issued by VPSA, including the VPSA Bonds issued to purchase the Local School Bond, and that the purpose of such refunding bonds would be to enable VPSA to pass on annual debt service savings to the local issuers, including the County. Each of the Delegates is authorized to execute and deliver to VPSA such along to the Local School Bond, revised debt service schedule, IRS Form 8038-G or such other documents reasonably deemed necessary by VPSA and VPSA's Page 9 of 11 bond counsel to be necessary to reflect and facilitate the refunding of the Local School Bond and the allocation of the annual debt service savings to the County by VPSA. The Clerk to the Board of Supervisors is authorized to affix the County's seal on any such documents and attest or countersign the same. 14. Filing of Ordinance. The appropriate officers or agents of the County are hereby authorized and directed to cause a certified copy of this Ordinance to be filed with the Circuit Court of the County. 15. Election to Proceed under Public Finance Act. In accordance with Section 15.2-2601 of the Virginia Code, the Board elects to issue the Local School Bond pursuant to the provisions of the Public Finance Act of 1991, Chapter 26 of Title 15.2 of the Virginia Code. 16. Further Actions. The members of the Board and all officers, employees and agents of the County are hereby authorized to take such action as they or any one of them may consider necessary or desirable in connection with the issuance and sale of the Local School Bond and otherwise in furtherance of this Ordinance and any such action previously taken is hereby ratified and confirmed. 17. Effective Date. This Ordinance shall take effect immediately. Page 10 of 11 On motion of Supervisor McNamara to adopt the ordinance, seconded by Supervisor Hooker and carried by the following recorded vote: AYES: Supervisors Assaid, Hooker, McNamara NAYS: None ABSENT: Supervisor Peters 0 De`bora'h-C. Jacks Chief Deputy Clerk to fhe i0ard of Supervisors cc: Rebecca Owens, Director of Finance Page 11 of 11 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER ON TUESDAY, MAY 08, 2018 RESOLUTION 050818-3.a APPROVING PARTICIPATION IN AND CONDITIONS OF THE VIRGINIA JUVENILE COMMUNITY CRIME CONTROL ACT (VJCCCA) GRANT PROGRAM OF THE DEPARTMENT OF JUVENILE JUSTICE FOR FISCAL YEARS 2018-2019 AND 2019- 2020 AND TO ALLOW PARTICIPATION BY THE CITY OF SALEM WHEREAS, the County of Roanoke has participated in the Virginia Juvenile Community Crime Control Act (VJCCCA) program in the past allowing the Court Service Unit to provide direct services, substance abuse services and probation activities associated with the Juvenile Court; and WHEREAS, through the Juvenile Intervention Services Program of Roanoke County's Court Services Unit, the grant funds have been administered to assist the court by providing immediate and random urine screens, community service, restitution and providing intensive supervision such as Home Electronic Monitoring and Outreach Detention services; and WHEREAS, the Court Services Unit of the Juvenile Court serves the youth of both the County of Roanoke and the City of Salem; and WHEREAS, the Court Services Unit desires to provide services through the Juvenile Intervention Services Program to serve the youth of both the County of Roanoke and the City of Salem utilizing the funding from the VJCCCA grant and other appropriate funds. NOW, THEREFORE, BE IT RESOLVED, that the Board of Supervisors of Roanoke County will participate in the Virginia Juvenile Community Crime Control Act Page 1 of 2 for fiscal years 2018-2019 and 2019-2020 and will accept said funds, appropriating them for the purpose set forth in this Act until it notifies the Department of Juvenile Justice, in writing, that it no longer wishes to participate in the program. BE IT FURTHER RESOLVED that the County Administrator or the Assistant County Administrator is hereby authorized to execute a local plan on behalf of the County of Roanoke and City of Salem; and BE IT FURTHER RESOLVED that the County of Roanoke will combine services and grant resources with the City of Salem, and the County, as operator of the Juvenile Intervention Services Program, will serve as fiscal agent for these localities. On motion of Supervisor McNamara to adopt the ordinance, seconded by Supervisor Assaid and carried by the following recorded vote: AYES: Supervisors Assaid, Hooker, McNamara NAYS: None ABSENT: Supervisor Peters TESTE: Deborah C. J Chief Deputy cc: Daniel R. O'Donnell, Assistant County Administrator Christopher Bever, Director of Management and Budget Rebecca Owens, Director of Finance Page 2 of 2 the Board of Supervisors AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER ON MAY 8, 2018 RESOLUTION 050818-3.b AMENDING THE VIRGINIA DEPARTMENT OF TRANSPORTATION (VDOT) SECONDARY SIX-YEAR ROAD IMPROVEMENT PLAN FOR FISCAL YEARS 2018 THROUGH 2023, AND ESTIMATED ALLOCATIONS WHEREAS, this Board had previously agreed to assist in the preparation of the Secondary Six -Year Road Improvement Plan, in accordance with Virginia Department of Transportation policies and procedures; and WHEREAS, since such time as the Secondary Six -Year Improvement Plan was approved by this Board, the Virginia Department of Transportation has informed the Board that Construction Formula funds, in the amount of $1,495,520, allocated to Secondary System projects in Roanoke County prior to, and through fiscal year 2010 are subject to deallocation unless transferred to an active project; and WHEREAS, this Board has identified a new project, Fallowater Lane Extension from Electric Road to Chevy Road, as a recipient of the funds to be transferred. NOW, THEREFORE, BE IT FURTHER RESOLVED, that the Board of Supervisors requests that $1,495,520 in Construction Formula funds be transferred to the new project; and BE IT FURTHER RESOLVED, that the Board of Supervisors is responsible for the project balance of $1,004,480, based upon the project estimate; $2,500,000. This balance is eligible for Revenue Sharing Funding; and BE IT FURTHER RESOLVED, that the Board of Supervisors does hereby grant signatory authority to the County Administrator or his designee to execute an amended project agreement with VDOT for the Fallowater Lane Extension project, UPC 112304; Page 1 of 2 and BE IT FURTHER RESOLVED that a copy of this resolution duly attested to be forthwith forwarded to the Virginia Department of Transportation Salem Residency Office along with a duly attested copy of the proposed Roanoke County Secondary Six - Year Road Improvement Plan for fiscal years 2018-2023 by the Clerk to the Board. On motion of Supervisor McNamara to adopt the resolution, seconded by Supervisor Assaid and carried by the following recorded vote: AYES: Supervisors Assaid, Hooker, McNamara NAYS: None ABSENT: Supervisor Peters A)CQPY TESTE: Deborah C. Jackb Chief Deputy Clerk Uhe Board of Supervisors cc: Megan Cronise, Principal Planner David Holladay, Planning Administrator Virginia Department of Transportation Page 2 of 2 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER ON TUESDAY, MAY 8, 2018 RESOLUTION 050818-3 APPROVING AND CONCURRING IN CERTAIN ITEMS SET FORTH ON THE BOARD OF SUPERVISORS AGENDA FOR THIS DATE DESIGNATED AS ITEM K- CONSENT AGENDA BE IT RESOLVED by the Board of Supervisors of Roanoke County, Virginia, as follows.. That the certain section of the agenda of the Board of Supervisors for May 8, 2018, designated as Item K- Consent Agenda be, and hereby is, approved and concurred in as to each item separately set forth in said section designated Items 1 through 3 inclusive, as follows.. 1. Approval of minutes — March 13, 2018 2. Resolution approving participation in and conditions of the Virginia Juvenile Community Crime Control Act (VJCCCA) Grant Program of the Department of Juvenile Justice for the fiscal years 2018-2019 and 2019-2020 and to allow participation by the City of Salem 3. Resolution amending the Virginia Department of Transportation (VDOT) Secondary Six -Year Road Improvement Plan forfiscal years 2018 through 2023 and Estimated Allocations Page 1 of 2 On motion of Supervisor McNamara to adopt the resolution, seconded by Supervisor Assaid and carried by the following recorded vote: AYES: Supervisors Assaid, Hooker, McNamara NAYS: None ABSENT: Supervisor Peters Chief Deputy Cie Page 2 of 2 xs