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CL-2763 Consent Agenda   Item #: C.       
Meeting Date: 05/17/2022  
Subject:    Fiscal Year 2022 Budget Appropriation Ordinance for School Bonds
From: Henrietta Weaver

COUNCIL ACTION
First Reading: 05/03/2022                                                               
Final Adoption: 05/17/2022
SUMMARY
The City Council has authorized the issuance of General Obligation Bonds to fund various capital projects for Danville Public Schools.
BACKGROUND
The Virginia General Assembly approved HB 1634, which was signed into law by the Governor on March 19, 2019, and which took effect on July 1, 2019, as Chapter 648 of the 2019 Acts of the General Assembly of the Commonwealth of Virginia. HB 1634 is codified at Virginia Code §58.1-605.1. It provides the City of Danville with the statutory authority to levy a general retail sales tax at a rate not to exceed one percent (1%) to provide revenue solely for capital projects for the construction or renovation of schools in the City of Danville if approved by a majority of the voters in a referendum, held in accordance with Virginia Code §24.2-684 and initiated by a resolution of the Council of the City of Danville.  This resolution was passed by City Council on June 1, 2021, and the citizens of Danville voted to approve this in November 2021.
RECOMMENDATION
It is recommended that the City Council adopt the attached ordinance Amending the Fiscal Year 2022 Budget Appropriation Ordinance for bonds issued for Danville Public Schools capital projects.

Attachments
Ordinance


    

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