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

Discussion MaterialsCounty of Gloucester, VACounty of Gloucester, VA

Prepared ByD & C LLCDavenport & Company LLC

Member NYSE - FINRA - SIPC

July 2, 2013

Page 92

County of Gloucester VA

BackgroundCounty 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

County of Gloucester VA

New Money FinancingsCounty 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

County of Gloucester VA

Debt Affordability Analysis – Case 1County of Gloucester, VA

A B C D E F G H I J K L

(1)

FY 2014 Remaining Required

(2)

FY 2014 Net Budget

(1 3)FY 2015 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 2.50 106,5272016 4,260,521 919,750 5,180,271 4,397,219 1,000,000 5,397,219 216,948 - 216,948 -- 323,4752017 4,234,812 921,300 5,156,112 4,397,219 1,000,000 5,397,219 241,108 - 241,108 -- 564,5832018 4,101,627 921,950 5,023,577 4,397,219 1,000,000 5,397,219 373,642 - 373,642 -- 938,2252019 2,884,809 921,700 3,806,509 4,397,219 1,000,000 5,397,219 1,590,711 - 1,590,711 -- 2,528,9362020 2,644,223 920,550 3,564,773 4,397,219 1,000,000 5,397,219 1,832,446 - 1,832,446 -- 4,361,3822021 2,633,104 918,500 3,551,604 4,397,219 1,000,000 5,397,219 1,845,616 - 1,845,616 -- 6,206,9982022 2,627,046 920,438 3,547,483 4,397,219 1,000,000 5,397,219 1,849,736 - 1,849,736 -- 8,056,7342023 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 -- 9,937,2862024 2,583,412 920,938 3,504,349 4,397,219 1,000,000 5,397,219 1,892,870 - 1,892,870 -- 11,830,1562025 1,851,370 919,500 2,770,870 4,397,219 1,000,000 5,397,219 2,626,349 - 2,626,349 -- 14,456,5062026 1,839,343 916,938 2,756,281 4,397,219 1,000,000 5,397,219 2,640,939 - 2,640,939 -- 17,097,4452027 1,824,937 918,138 2,743,075 4,397,219 1,000,000 5,397,219 2,654,145 - 2,654,145 -- 19,751,5902028 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 22,910,9022029 935,670 921,375 1,857,045 4,397,219 1,000,000 5,397,219 3,540,175 - 3,540,175 -- 26,451,0772030 936,032 918,300 1,854,332 4,397,219 1,000,000 5,397,219 3,542,887 - 3,542,887 -- 29,993,9642031 939,233 918,763 1,857,995 4,397,219 1,000,000 5,397,219 3,539,224 - 3,539,224 -- 33,533,1882032 307,256 917,650 1,224,906 4,397,219 1,000,000 5,397,219 4,172,314 - 4,172,314 -- 37,705,5022033 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 -- 46,045,3272035 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 Tax Effect 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

County of Gloucester VA

Key Debt Ratios – Case 1County of Gloucester, VA

90%

100%

2 50%

3.00%

Page Middle

10-Year Payout Ratio Debt to Assessed ValueFiscal PayoutYear Ratio2014 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

County of Gloucester VA

Debt Affordability Analysis – Case 2County of Gloucester, VA

A B C D E F G H I J K L M

(1)

FY 2014 Remaining Required

(2)

FY 2014 HVAC/Roof

Repair (3)

FY 2014 Net Budget

(1 4)FY 2015 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 3.50 123,4542016 4,260,521 919,750 383,229 5,563,500 4,397,219 1,400,000 5,797,219 233,719 - 233,719 -- 357,1732017 4,234,812 921,300 383,875 5,539,987 4,397,219 1,400,000 5,797,219 257,233 - 257,233 -- 614,4062018 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 -- 1,003,9022019 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 -- 2,610,5712020 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 -- 4,459,4552021 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 -- 6,322,3622022 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 -- 8,188,5832023 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 -- 10,085,2812024 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 -- 11,994,4272025 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 -- 14,637,6522026 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 -- 17,296,5332027 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 -- 19,968,1212028 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 -- 23,144,9392029 935,670 921,375 383,906 2,240,951 4,397,219 1,400,000 5,797,219 3,556,268 - 3,556,268 -- 26,701,2072030 936,032 918,300 382,625 2,236,957 4,397,219 1,400,000 5,797,219 3,560,262 - 3,560,262 -- 30,261,4692031 939,233 918,763 382,818 2,240,813 4,397,219 1,400,000 5,797,219 3,556,406 - 3,556,406 -- 33,817,8762032 307,256 917,650 382,354 1,607,260 4,397,219 1,400,000 5,797,219 4,189,960 - 4,189,960 -- 38,007,8352033 307,257 919,850 383,271 1,610,378 4,397,219 1,400,000 5,797,219 4,186,842 - 4,186,842 -- 42,194,6772034 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 -- 46,380,9522035 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 Tax Effect 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

County of Gloucester VA

Key Debt Ratios – Case 2County of Gloucester, VA

90%

100%

2 50%

3.00%

HVAC/Roof

10-Year Payout Ratio Debt to Assessed ValueFiscal PayoutYear Ratio2014 57.7%2015 61.1%2016 63.3%

50%

60%

70%

80%

1.50%

2.00%

2.50% HVAC/RoofPage MiddleExistingPolicy

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

County of Gloucester VA

ObservationsCounty 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

County of Gloucester VA

Next StepsCounty 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

County of Gloucester VA

DisclaimerCounty 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

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

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