FRONT ROYAL -– The Warren County School Board has passed a resolution that approves a ground lease with the Economic Development Authority to allow financing of several county projects during a special meeting on Tuesday.
According to the resolution, the county is seeking a bond in the amount of $11,395,000 to help fund or finish funding three different projects in Warren County that were approved by the EDA: renovations and additions to Ressie Jeffries Elementary School building and site, improvements to the county Health and Human Services Complex, and the construction of a replacement facility for the Rivermont Fire Station.
The resolution also said that the School Board will put up the county Health and Human Services Building as collateral to help secure the bond. Warren County Administrator Doug Stanley said that the School Board will not be liable for any money that still needs to be paid for the work that was done on the elementary school and health and human services building.
All five members of the School Board and Warren County Public Schools Superintendent Greg Drescher were in attendance for the meeting.
The meeting lasted close to an hour and 45 minutes, most of which was spent in closed session. Once the closed meeting was over, the board voted on the resolution, which passed 4-1. Arnold Williams was the only board member to vote no on the resolution. Williams was not available for comment.
“The school system is an integral part of our county government and total budget,” Drescher said. “When it comes to financing projects, current properties are used as collateral to refinance past projects and/or to finance current projects.”
Drescher said that the School Board needs to pass resolutions any time this occurs as part of the process. He also said that similar resolutions and financing have occurred in the past when they have done projects.
The resolution that was passed was reviewed by Blankingship & Keith, the same firm that met with board members during a closed meeting prior to last week’s School Board meeting.
Stanley said that the Warren County Board of Supervisors has already approved the resolution.
The School Board's resolution can be downloaded here: https://tinyurl.com/y2aynk9g.