2012 Bond Issuance
2012 Rating Agency Reports (General Obligation Bonds)
In June 2012, the County’s credit rating on General Obligation bonds was upgraded from AA to AA+ by Fitch, and was affirmed by Moody’s and Standard & Poor’s at Aa2 and AA+, respectively.
Standard & Poor’s
Press Release on June 19, 2012
Select Information from June Presentation to Rating Agencies:
Economic Development Highlights
Plan of Finance – Lease Revenue Bonds
Plan of Finance – General Obligation Bonds
Existing and Proposed Debt Service
Effect of Capital Plan on Debt Policy
2012 Economic Development Authority Lease-Revenue Bond Issuance
On May 22, 2012, the Board of Supervisors approved the issuance of up to $91.0 million in Economic Development Authority (EDA) lease-revenue bonds to refinance certain previously issued school lease-revenue bonds. On June 7, the EDA also approved the sale of the EDA bonds for this refinancing.
Then, on June 27, the County sold $33.8 million in EDA lease-revenue bonds to refinance the outstanding 2003 and 2003B lease-revenue bonds previously issued for school capital projects. Based on the County’s bond ratings and the current bond market, an “all in” interest rate of 2.97% was obtained. The refunding of these bonds will reduce school debt service costs by a total of $3.7 million over the remaining 17-year life of the bonds.
Resolution Adopted by Board of Supervisors on May 22, 2012
Resolution Adopted by EDA on June 7, 2012
2012 General Obligation Bond Issuance & Refinancing
On July 10, 2012, the Board of Supervisors approved the issuance of up to $19.0 million in General Obligation (GO) bonds for purposes of funding the VRE Station/Parking project, refinancing the 2007 Massaponax and Harrison Crossing Special Service District (SSD) notes, and refinancing the 2002 School Literary Loans.
Then, on July 19, the County sold $17.4 million in GO bonds. Based on the County’s bond ratings and the current bond market, we secured an “all in” interest rate of 1.905% - the lowest borrowing cost the County has obtained. The refinancing of the School Literary Loans will reduce school debt service cost by a total of $381,000 over the remaining 11-year life of the bonds.
Executive Summary from July 10, 2012 Board of Supervisors Meeting
Resolution Adopted by Board of Supervisors on July 10, 2012
Main: (540) 507-7575
Fax: (540) 582-7021
Mary Sorrell, Finance Director
Beckie Forry, Controller
Eric Slivka, Accounting Manager
Adam Rollyson, Accountant III/Sr Accountant
Ashley George, Sr Accountant/Internal Controls
Nick Sotier, Financial Systems Administrator
Alice Timmerman, Accountant I
Christine Minter, Payroll Administrator
Terri Miles, Accounting Technician II
Pam Pross, Accounting Technician II
Arleen Taninecz, Accounting Technician II
Wendy Warlick, Accounting Technician II
PO Box 215
Spotsylvania, VA 22553
Physical Address: Directions
8800 Courthouse Road
Spotsylvania, VA 22553