Hearing set next month for $17M in school construction bonds

by Bill Nachman - Posted on Jul 10, 2013 - 12:26 PM

The Gloucester County Board of Supervisors voted last Tuesday night to schedule a public hearing Aug. 6 on school construction bonds totaling $17 million. Funding that amount of debt is projected to add 3½ cents to the tax rate, a consultant said.

By consolidating two bond issues into one, the county can save $75,000 to $100,000, finance director Nickie Champion said. The larger bond issue—$12 million—is to help fund construction of the new Page Middle School off T.C. Walker Road, while a smaller issue of $5 million will cover school roof projects and heating, ventilation and air conditioning upgrades.

Holding a single hearing will allow the board to receive public comment at one time, Champion said, but supervisors can ultimately decide to approve all or part of the bond issue, or none at all. For example, she said the board might decide to seek bond financing for Page now, without seeking money for the HVAC work.

Ted Cole, a representative of financial management firm Davenport and Company, said that if the Gloucester officials want to be considered for the Virginia Public School Authority fall pool bond issuance, they would have to apply by September. The bonds would be issued in October or November, he said, with the county likely to receive funds later this fall.