2011 Bond Issuance

2011 Economic Development Authority Lease-Revenue Bond Issuance 
On September 13, 2011, the Board of Supervisors approved the issuance of up to $13.5 million in Economic Development Authority (EDA) Lease-Revenue Bonds for purchase of the Community Development/Social Services building; replacement equipment for solid waste operations; and technology upgrades. On September 22, the EDA also approved the sale of EDA bonds for County capital projects. 

Bonds totaling $11.3 million were sold on September 27 at a blended “all-in” interest cost of 3.16%. The County purchased the building at 9019 Old Battlefield Boulevard on September 28. This building had been rented by the County for approximately one year to house Community Development and Social Services offices. Purchase of the facility was originally planned for FY 2014, but favorable terms agreements were available with the seller if purchase occurred in September 2011, thereby saving taxpayers $1.5 million in principal and interest costs. 

Resolution Adopted by Board of Supervisors on 9/13/11 
Resolution Adopted by EDA on 9/22/11  

2011 Rating Agency Reports (General Obligation Bonds) 
In June 2011, the County's credit rating on General Obligation bonds was affirmed at AA by Fitch, Aa2 by Moody's and AA+ by Standard & Poor's. 
Fitch 
Moody's 
Standard & Poor's

Select Information from June Presentation to Rating Agencies 
Economic Development Highlights 
Economic Trends 
Plan of Finance 
Existing and Proposed Debt Service 
Effect of Capital Plan on Debt Policy

2011 General Obligation Bond Issuance & Refinancing
On May 24, 2011, the Board of Supervisors approved the sale of up to $12 million in General Obligation Bonds to finance a program of capital improvements for the County, including replacement school buses, school technology upgrades, various school maintenance projects, and the construction of two fire/rescue stations. Then, on June 28, 2011, the Board of Supervisors approved the refinancing of up to $13.5 million in previously issued bonds to achieve interest rate savings. Bonds totaling $16.6 million were sold on July 13, 2011 with a blended “all-in” interest cost of 3.13%. The refinancing of the previously issued bonds will reduce debt service costs by approximately $300,000 over the remaining 13-year term of the bonds. 
Executive Summary from 5/24/11 Board of Supervisors Meeting 
Resolution Adopted by Board of Supervisors on 5/24/11
Executive Summary from 6/28/11 Board of Supervisors Meeting 
Resolution Adopted by Board of Supervisors on 6/28/11

 

Additional Links

Contact Information

Main: (540) 507-7575
Fax: (540) 582-7021

Mary Sorrell, Finance Director

Accounting Staff
Beckie Forry
, Controller
Eric Slivka
, Accounting Manager
Adam Rollyson, Accountant III/Sr Accountant
Vacant, Accountant III/Sr Accountant
Alice Timmerman
, Accountant
Christine Minter, Payroll Administrator 
Terri Miles
, Accounting Technician II
Pam Pross, Accounting Technician II
Arleen Taninecz
, Accounting Technician II
Wendy Warlick
, Accounting Technician II

Mailing Address:                             
PO Box 215                                       
Spotsylvania, VA 22553

Physical Address:
 Directions 
8800 Courthouse Road
Spotsylvania, VA 22553