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Board approves ratifying resolution for elementary school financing
Summary
Superintendent and school staff presented a financing plan for elementary school construction funded by a state grant and a Virginia Literary Loan bond; the board approved the ratifying resolution authorizing the bond application.
Prince Edward County supervisors approved a ratifying resolution authorizing an application for a Virginia Literary Loan bond to finance the renovation and construction of an elementary school. Superintendent Chip Jones described recent student tours and public enthusiasm for the new facility and asked the board to support the financing.
Officials said the project will be financed through a combination of a state construction grant (approximately $8.655 million), a Virginia Literary Loan bond (up to $25 million with a fixed interest rate not to exceed 3 percent), and other authority funding. The board opened and closed a public hearing on the financing and then voted to approve the resolution.
County finance staff noted the county will apply for the loan and manage timing of reimbursements and debt service; no local match was required for the immediate appropriations presented.
