Board to discuss budget Tuesday
by Larry Chowning
The Middlesex County Board of Supervisors will meet Tuesday, March 24, at 1 p.m. to continue its discussion of the proposed 2009-10 (FY10) county budget. The meeting is open to the public.
Supervisors received a first draft of proposed FY10 expenditures and revenue on March 3, and discussed the budget at their meeting on Tuesday, March 17.
Also at the March 17 meeting, county administrator Charles Culley told the board the county could not use Middlesex High School property as collateral to borrow $1,032,000 through a bond sale. During the research process, it was discovered that the high school property was used as collateral to finance the construction of Middlesex Elementary School in 2002.
Supervisors want to use the $1,032,000 million that would be raised from the bond sale to pay the county back for funds it previously spent for roof repairs at Middlesex High School and St. Clare Walker Middle School, and to build 10 airplane hangars at Hummel Field. Supervisors originally allocated these funds from the county fund balance.
County attorney Mike Soberick advised the board to use the elementary school as collateral for the bond sale.
The bonds will be issued by Middlesex County and the sale will be handled by the county’s Industrial Development Authority (IDA) and the Bank of Lancaster. The interest rate paid on the bonds will be 4.3 percent.
Soberick said that the Bank of Lancaster needed collateral that was “unencumbered.” The board voted 4-1 to use the elementary school as collateral.
Pinetop District supervisor Kenneth W. Williams voted against the original bond sale proposal, and again voted against the change in collateral.
In another matter, the board agreed to allocate $600 to pay for renting a tent and other expenses for the Art on the Half Shell festival in Urbanna on May 9.
The tent will be rented from the Mathews Lions Club for $450 and will be used by Middlesex artists exhibiting at the festival.