Public Hearing On Farmville Bond Issue
Published 4:00 pm Thursday, March 8, 2012
FARMVILLE – Town Council has set a public hearing next Wednesday at 7 p.m. on a proposed $22.5 million bond issue to finance water and sewer capitol projects and to refund some of the Town's outstanding bonds.
Town Manager Gerald Spates explained during council's March work session this week that “it's basically refinancing, looking at refinancing all of our existing bonds and borrowing an additional $4.2 million to complete the water tank.”
Spates noted the favorable economic climate for refinancing bonds. “Everybody's looking at it now,” he said, “to get a lower (interest) rate.”
The new water tank would be placed on Andrews Drive.
Wednesday night is the regular March monthly meeting of Town Council.
A public hearing will be held at 6:45 p.m. at the same meeting on a proposal to be submitted to the Virginia Department of Housing and Community Development for Community Block Grant funding for the R. R. Moton Museum's “The Permanent Exhibit” project.
A draft resolution states that the Town of Farmville wishes to apply for $700,000 in block grant funds for the project.
The resolution also notes that $415,000 in Tobacco Commission Funds, $395,000 in anticipated National Endowment for the Humanities funds, along with $375,883 of the museum's private funds would be expended on the project.
No Town funds would be used.
“We're just supporting it,” said Town Council member Sally Thompson.
“Financially,” Spates said, “we have no obligation whatsoever.”
Ms. Thompson, who is on the museum's board of directors as a Town representative, said, “It's a vote of support.”
Town Council voted during the work session to tweak the offered lease/purchase agreement with Patrick Henry Boys and Girls Homes for the former Farmville-Prince Edward Community Library.
Last week council approved a one-year lease at $700 a year, noting it could be renegotiated after the first year.
Acting on a request by the Brookneal-based organization for a lease of either five or three years, the Town has agreed to a three-year lease, a triple net lease at $700 a year.
Rent payments will be applied to the $225,000 purchase price.
The Patrick Henry Boys and Girls Homes will open a counseling center at the former library site.
The triple net lease means the organization will be for maintenance, taxes and insurance for the building.
Proceeds from the sale of the building at 217 West Third Street will be placed in an escrow account for use by the library at its new Wilck's Lake location to purchase equipment.