WV School Building Authority Agenda for 04.23.12 – The Day of Decisions
AGENDA
SCHOOL BUILDING AUTHORITY OF WEST VIRGINIA (SBA)
Governor’s Press Conference Room
State Capitol Complex
1900 Kanawha Boulevard, East, Charleston.
April 23, 2012
9:30 AM
Please note: Click on the Attachment for each item to see the back-up documentation.
I. CALL TO ORDER – Mr. Kurt Dettinger
II. ACKNOWLEDGMENTS AND RECOGNITIONS
III. APPROVAL OF MINUTES - SBA Meeting of March 19 and 20, 2012 ATTACHMENT A
IV. CONSTRUCTION COMMITTEE – Steve Burton / Mr. David Sneed
A. Cabell County – Request Green School Funding for the Huntington East Middle School ATTACHMENT B
This school was designated as one of the SBA’s LEED Silver schools when it was approved by the Authority.
Cabell County received and approved bids for the new Huntington East Middle School. Cabell County is requesting $500,000 in additional Green School Funds to provide funding for of the LEED Silver certification building components for the school.
The Construction Committee will consider this matter and will recommend approval of the final worker verification policy.
B. SBA Project – Construction Progress Report – (Information) – ATTACHMENT C
During the recent March SBA meeting, Mr. Tom Lange requested that the SBA staff provide the status of each active SBA project awarded by the Authority. The SBA staff has compiled a progress report for all currently active SBA projects that are not closing out. The details of this report are provided in Attachment C.
V. FINANCE COMMITTEE – Mr. Nicholas Preservati / Dr. Mark A. Manchin – (Action)
A.Consideration and Approval of a Parameters Resolution for SBA Bonds – (Action)
Jackson Kelly PLLC (Bond Counsel) - Goodwin & Goodwin LLP (Issuer’s Counsel) - Bowles Rice McDavid Graff & Love (Bond Underwriters Counsel) - Citigroup (Senior Bond Underwriter) - Attachment D will be provided as a hand out for the Authority members review and approval on the day of the meeting.
In order to issue Lottery Capital Improvement Revenue Bonds, the members of the SBA must adopt a binding resolution. The Authorizing Resolution will Give final approval of the bonds; Set maximum principal amount and parameters of the bonds; Set parameters for the bonds and sale thereof; Approve form of bond documents; Authorize closing, incidental action and Certificate of Determinations procedure; Make related approvals and take related action; and Establish Projects to be financed by proceeds of the bonds.
Supplement and amend the original reimbursement resolution for the projects.
I respectfully recommend the Authority’s approval of the Parameters Resolution as detailed in the draft version provided in Attachment D.
B. Consideration and Approval of a Resolution Adopting SBA Post-Issuance Compliance Policies – (Action) – ATTACHMENT E
In 2011 the Internal Revenue Service (IRS) revised a key form (known as Form 8038-G for governmental borrowers) that the Authority executes when it issues tax-exempt bonds.
The IRS revisions to the form require a more formal approach to the Authority’s post-issuance compliance procedures. Counsel to the Authority and bond counsel for the Authority’s 2012 Bonds recommend that the Authority adopt the post-issuance compliance procedures set forth in Exhibit A of the Resolution provided in Attachment E of this agenda.
The Finance Committee will consider this matter and will be providing recommendations during the April 23, 2012 meeting.
C. Putnam County – Return of QZAB Funding – (Action/Information) ATTACHMENT F
Putnam County received two allocations of Qualified Zone Academy Bond (QZAB) funding during the December 12, 2011 SBA meeting. An $840,632 allocation was provided from 2010 QZAB Funds and $824,000 from the remaining 2011QZAB Funds.
Putnam County has determined that they do not have enough qualified expenditures to expend the full amount.
On Mach 20, 2012 we received notification that they are returning their 2011 allocation of $824,000. These funds are now available for reallocation to other counties. If the SBA approves these QZAB funds for another county, these funds must be encumbered or under contract with a vendor by December 31, 2013.
The Finance Committee will consider this matter and will be providing recommendations during the April 23, 2012 meeting.
D. Putnam County – Approval of an amendment of the expenditure of Putnam County’s 2010 QZAB Remaining Allocation - (Action/Information) ATTACHMENT G
Putnam County has requested approval to adjust their 2010 QZAB funding expenditures to include projects from Conner Street Elementary School as originally approved and Winfield Elementary School. Expenditure of these funds at both schools will allow the county to deplete all the remaining 2010 funds for projects that meet the requirements of the QZAB funding guidelines.
The Finance Committee will consider this matter and will be providing recommendations during the April 23, 2012 meeting.
E. School Construction Funds Available For Distribution - (Information) ATTACHMENT H
Mr. Stewart will provide the Authority a breakdown of funds available for distribution prior to consideration of the projects.
DELIBERATION AND SELECTION OF NEEDS PROJECTS – Dr. Mark A. Manchin and Mr. David Sneed - (Action) ATTACHMENT I
For your study and deliberation, the SBA staff has provided staff comments regarding each of the projects submitted for “Needs” funding.
Mr. David Sneed will provide a review of staff comments and answer any questions the Authority members may have regarding each project.
At the conclusion of the review, the Authority will consider each project submitted and select those to be funded in the 2012 cycle.
To review the project details, click on the county name and the information will be shown:
• Barbour
• Boone
• Brooke
• Cabell
• Clay
• Fayette
• Gilmer
• Grant
• Hardy
• Jackson
• Kanawha
• Lewis
• Logan
• Marshall
• McDowell
• Mingo
• Morgan
• Preston
• Ritchie
• Tyler
• Wirt
• Wyoming.
VII. PERSONNEL COMMITTEE
The Authority reserves the right to enter into executive session, based upon WV Code §6-9A-4(2) (A) relating to matters of SBA personnel.
VIII. FUTURE MEETINGS
The 2012 summer quarterly meeting of the School Building Authority of West Virginia is scheduled at 9:00 AM on June 25, 2012 with the meeting to be held at the New Cameron High School in Marshall County.
The 2012 fall quarterly meeting of the School Building Authority of West Virginia is scheduled at 9:00 AM on September 17, 2012 with the location to be determined.
The 2012 winter quarterly meeting of the School Building Authority of West Virginia is scheduled at 9:00 AM on December 17, 2012 at 2300 Kanawha Boulevard, East, Charleston.
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