By Debbie Hall
The Henry County Board of Supervisors and the Henry County School Board will hold a joint meeting at 5 p.m., on Tuesday, Feb. 23 in the Summerlin Room, located on the first floor of the Henry County Administration Building.
The school board is scheduled to consider meeting in closed session before the two boards consider resolutions related to refinancing school debt.
Henry County Administrator Tim Hall is scheduled to discuss the opportunity to restructure certain school debt to reduce future costs.
Recommendations include refinancing a loan of approximately $1,125,000 as part of a multi-jurisdictional issuance known as the Public Facilities Refunding Bonds.
If approved, the county agrees to repay Carter Bank & Trust the principal amount on or before February 15, 2030, together with interest on the outstanding principal amount of this bond at a rate of 1.75 percent per year, calculated on the basis of a 360-day year of twelve 30-day months.
County and school staff also will discuss the opportunity to issue not more than $19 million in Virginia Public School Authority (VSPA) General Obligation bonds to refund the existing $10 million lease revenue bonds issued by the Industrial Development Authority to finance Meadow View Elementary School.
The school board is expected to adjourn before the Board of Supervisors’ 6 p.m. meeting.
Supervisors also are scheduled to hold a public hearing on a proposed amendment to the budget.
As part of the ongoing development of Commonwealth Crossing Business Centre (CCBC), the county will work with Southwestern Virginia Gas Company (SVG) and the Henry County Industrial Development Authority (IDA) to install natural gas to the park.
The county received a grant of $1.5 million from the Appalachian Regional Commission to help with the project.
The board will consider appropriating an additional $4.5 million from the general fund, approve the performance agreement with the gas company, and award a sole-source contract to the company to install the service.
This appropriation would be a “not to exceed” number, with the project’s total cost potentially being less than the amount appropriated.
A public hearing is required because the amount exceeds one percent of the current budget.
The IDA is expected to consider the proposal at a noon meeting on Feb. 24.
In other matters during the 6 p.m. meeting, supervisors are:
Scheduled to hear a report on general highway matters.
Receive public comment.
The Henry County Board of Supervisors is scheduled to meet at 3 p.m. in the Summerlin Room of the Henry County Administration Building.
The board is scheduled to consider performance agreements related to economic development deals that include the LamTech expansion, announced on Jan. 15, and the Crown Holdings facility, announced on Jan. 28.
The traditional method of approving Performance Agreements for economic development deals before the deals are made public changed due to the onset of COVID-19 and associated protocols.
In other matters at its 3 p.m. meeting, the board will:
* Hear a report from Mark Heath, president and CEO of the Martinsville-Henry County Economic Development Corp.
*Hear a report from County Treasurer Scott Grindstaff on delinquent tax collection efforts. According to the agenda packet a total of 87.56 percent was collected as of January 29, 2021. The amount collected in the same time frame last year was 86.93 percent.
As of January 29, 2021, 91.07 percent of 2020 Real Estate taxes had been collected, compared to January 2020, with 89.60 percent collected.
Anyone attending the meetings will be expected to wear a facemask and practice social distancing. Attendance may be limited.
