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Council holds public hearing on proposed school bond; approves $32,743 appropriation for Fire Station 2
Summary
The council opened a public hearing on authorizing up to $3 million in general obligation school bonds (roof replacement) and discussed refinancing prior HVAC debt; no vote on bonds was taken tonight. Separately, council approved a $32,743 capital appropriation to cover additional roof and trim work at Fire Station 2 and authorized the city manager to sign the contract.
Poquoson City held a public hearing on a proposed ordinance to authorize issuance of a general obligation school bond not to exceed $3 million to fund a high‑school roof replacement and to consider refinancing prior HVAC debt.
"Tonight is the formality. We have to hold the public hearing," Tanya O'Connell, assistant city manager, told the council. O'Connell said Davenport & Company, the city's financial advisor, and bond counsel are scheduled to present financing proposals at the March 23 meeting and that no council action was required tonight.
Council members asked clarifying questions about packet language that referenced both a $3 million issuance for the roof and up to $5.8 million in combined issuance/refinancing; staff said the $3 million figure pertains to the roof and the larger figure reflects refinancing of earlier debt as part of separate financing considerations.
Later in the meeting, O'Connell returned during new business to request an additional appropriation of $32,743 to fund roof and trim work at Fire Station 2 and to authorize the city manager to sign the contract because combined project costs exceeded the manager's authority. O'Connell said the funding was available in the capital project fund.
Council moved the ordinance and the clerk recorded the motion carried by a vote of seven to zero.
No audience members spoke on the bond during the public hearing and no financing decision was made at this meeting; Davenport & Company's proposals and formal bond documents will return for council action on March 23.
