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Supervisors seek $1 million bond sale

by Larry S. Chowning

The Middlesex Board of Supervisors voted 4-1 on Feb. 3 to pay the county fund balance back for improvements at Middlesex High School and St. Clare Walker Middle School, and the construction of 10 airplane hangars at Hummel Field in Topping.

The funds will come through the sale of revenue bonds totaling $1,035,000. The Middlesex Industrial Development Authority (IDA) and Bank of Lancaster will handle the bond sale. The interest rate is to be set at 4.35%.

The board adopted a resolution in February 2002 that would allow the county to reimburse itself for expenditures associated with the roof and hangar projects.

When the county approved $159,504 to build 10 airplane hangars, $749,763 for the replacement of a portion of the Middlesex High School roof, and $46,010 for pre-engineering and clerk’s work on the St. Clare Walker Middle School roof, supervisors agreed to use funds from the county’s fund balance—with the understanding the funds would be replaced.

The IDA met yesterday, Feb. 11, to consider the bond proposal.

Supervisor Kenneth W. Williams voted against the bond sale. Williams indicated that because of the “hard” economic times, now is not the time to be borrowing money (selling bonds). He also reminded the board he voted against the construction of the hangars at the airport.

The other supervisors felt it was a good move, and by waiting this long to borrow they have saved taxpayers from having to pay a higher interest rate. (Interest rates have fallen significantly over the past 12 months).

Supervisor Fred Crittenden wanted to wait a couple of weeks to approve the bond sale in hopes that President Obama’s economic stimulus package might reimburse the county for the construction costs.
Board chairman Robert Crump said any federal stimulus funds would be to create new jobs. “These projects are already done,” he said.  “I don’t think we will be seeing any incentive monies for this.”

In other matters, supervisors:

  • Voted to endorse supervisor Jack Miller in his candidacy for secretary/treasurer of Virginia Association of Counties.
  • Voted to send a donation to the Gloucester-Mathews Humane Society to honor Scott Kauffman for his long tenure on the Middlesex County Airport Committee.
  • Approved the use of a “Peer Review Program” that will allow the Rosegill Development to secure qualified testing and construction inspection services for well-constructed streets within the development.

The added testing, inspection and documentation will be required in order for the streets to be taken into the state maintenance program. The Rosegill developer is providing this service at no cost to the county.

“This is just another sign of the Rosegill developers wanting to do the right thing,” said Williams.

posted 02.11.2009

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