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Henrico County's School Board has requested that the county ask a state agency to issue bonds to cover additional funding for school projects.
At a work session yesterday, the board adopted a resolution asking Henrico's Board of Supervisors to submit an application to the Virginia Public School Authority for issuance of $45 million in general obligation bonds.
"We are being reactive to a construction market where we find ourselves underfunded," said David Myers, assistant superintendent for finance. Soaring construction costs were not anticipated in the original funding for the projects.
The general obligation bonds will be used to support several School Board adopted capital improvement program projects. They include several new schools slated to open in the next few years and classroom additions at two elementary schools.
The bonds are a quicker option than a bond referendum and will allow the county to stay on its construction schedule for the process, said Myers. The appropriation should be in place by the end of July.
-- Lisa Crutchfield

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