2024-05-01 Schools Literary Loan PITTSYLVANIA COUNTY BOARD OF SUPERVISORS
RESOLUTION #2024-05-01
RESOLUTION AUTHORIZING THE SCHOOL BOARD OF PITTSYLVANIA COUNTY,VIRGINIA,
TO FILE APPLICATIONS TO THE LITERARY LOAN FUND OF THE COMMONWEALTH OF
VIRGINIA REQUESTING LOANS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$26,486,278
VIRGINIA: At the Pittsylvania County Board of Supervisors' ("Board") May 21, 2024, Business
Meeting,the following Resolution was presented and adopted:
WHEREAS,the School Board of Pittsylvania County, Virginia(the "School Board"), has presented on
the date hereof to the Board of Supervisors of Pittsylvania County, Virginia (the "Board of Supervisors"), a
resolution authorizing one or more applications addressed to the Virginia Board of Education for the purpose of
borrowing from the Literary Fund an aggregate principal amount not to exceed $26,486,278 for various capital
improvements for its public school system, including costs to acquire, construct, develop, expand, renovate and
equip the projects and schools described on Exhibit A attached hereto (collectively,the"Projects");
BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF PITTSYLVANIA COUNTY,
VIRGINIA:
1. The applications of the School Board to the State Board of Education of Virginia (the "State
Board")for one or more loans in an aggregate principal amount not to exceed$26,486,278 from the Literary Fund
is hereby authorized,and authority is hereby granted to the School Board to borrow such amount for the purposes
set out in such applications. It is understood that each such loan will be repayable over a term determined by the
School Board and the State Board (not to exceed 30 years) and that the interest rate thereon will be determined
pursuant to applicable Virginia law and the regulations established by the State Board (not to exceed 3.35%per
annum).
2. The Board of Supervisors agrees each year during the life of the loans, at the time the Board fixes the
regular levies,to fix a rate of levy for schools or make a cash appropriation sufficient for operation expenses and
to pay such loans in annual installments and the interest thereon, as required by law regulating loans from the
Literary Fund.
3. This resolution shall take effect immediately.
I hereby certify that the foregoing is a true and correct extract from the minutes of a regular meeting of
the Board of Supervisors of Pittsylvania County, Virginia, held in Pittsylvania County on the 21' day of May,
2024, and of the whole thereof so far as applicable to the matters referred to in such extract.
WITNESS my signature and seal of the Pittsylvan' County, Virginia this 21' day of May, 2024.
Darrell W. Da ton
Chairman, Pittsylvania County Board of Supervisors
David F.Arno
Assistant County Administrator
ATTEST:
TYai711 '
J. Vaden Hunt, Esq.
Pittsylvania County Attorney
EXHIBIT A
PROJECTS
Name of School Project Description Amount of Loan
Requested
Kentuck Elementary School 12 Classroom Addition $10,792,290
Southside Elementary School Replace HVAC system and $9,388,584
windows _
Union Hall Elementary School Replace HVAC system and $6,305,404
windows
Total $26,486,278