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The Rockbridge County Board of Supervisors on Monday scheduled a public hearing for Sept. 11 to consider approval of a resolution authorizing a Virginia Public School Authority bond issuance this fall to finance the renovations/expansion construction project of the Rockbridge Innovation Center.
The county School Board last week formally requested the Board of Supervisors authorize the VPSA bond issuance to finance the construction project for the RIC, formerly known as the Floyd S. Kay Career and Technical Education Center.
KNA Contracting LLC was earlier awarded the contract after submitting a low bid of $14,789,196, including costs for architectural and engineering. The total amount for the construction project alluded to at last week’s School Board meeting was $16.7 million, including contingencies to cover cost overruns. The amount to be borrowed should be less than that because the county was awarded a $2,409,570 School Construction Assistance Program grant from the Virginia Department of Education and the Board of Supervisors has agreed to cover the county’s share of contingencies with the county schools’ capital escrow funds.
The supervisors will have to adopt a resolution for bond issuance by early October, after which the requested amount cannot be changed. The VPSA bond sale is to take place in mid-to-late October, and the funds will be available by the middle of November.
