05-21-2024 Public Hearing Notice - Pittsylvania County - 2024 Literary Loans
NOTICE OF PUBLIC HEARING
On Tuesday, the 21st day of May, 2024, the Board of Supervisors of Pittsylvania County,
Virginia (the “County”), will hold a public hearing on the proposed undertaking by the County
School Board to obtain loans from the Literary Loan Fund of the Commonwealth of Virginia in
an aggregate principal amount not to exceed $ $26,486,278. The proceeds of such loans will be
used to fund various capital improvements benefiting the County’s public school system. Pursuant
to Virginia law, such loans will constitute general obligation indebtedness of the County, and the
County Board of Supervisors is required to provide for the repayment of such loans.
The public hearing, which may be continued or adjourned, will be held during the Board
of Supervisors regular meeting scheduled to start at 7:00 P.M., local time (or as soon thereafter as
the matter may be heard), in the Board Meeting Room, 39 Bank Street, SE, Chatham, Virginia
24531. All interested persons may appear at such time and place to present their views. Anyone
needing assistance or accommodation under the Americans with Disabilities Act should call the
Assistant County Administrator at (434) 432-7710.
Deputy Clerk, Board of Supervisors of
Pittsylvania County, Virginia
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 21st 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 Pittsylvania County, Virginia this 21st day of May, 2024.
________________________________________________
Darrell W. Dalton
Chairman, Pittsylvania County Board of Supervisors
________________________________________________
David F. Arnold
Assistant County Administrator
ATTEST:
_______________________
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
windows
$9,388,584
Union Hall Elementary School Replace HVAC system and
windows
$6,305,404
Total $26,486,278