Subject:
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Consider a supplemental appropriation and reallocation of budgeted funds for the Virginia Public School Authority (VPSA) bond sale
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Presented By: City Staff
Recommendation and Review
In August 2018, the City purchased land from James Madison University for a new school. At that time, the City paid for the land using current reserves with the anticipation that permanent financing would be provided at a later date. The City participated in the 2018 VPSA Fall Bond Sale and borrowed the funds at an interest cost of 3.25%. This supplemental appropriation and reallocation will budget the bond proceeds and will return the reserve funds back to the General Fund.