2013 Bond Issuances

2013 Rating Agency Reports (General Obligation and Lease Revenue Bonds) 
In June 2013, the County hosted representatives from Fitch, Standard & Poor’s, and Moody’s for a review of the County’s financial and economic progress as well as a tour of the County. Following these meetings, the County’s credit rating was affirmed by all three agencies for general obligation and lease revenue bonds. Current ratings may be found in the link directly above. 

Fitch 
Moody’s - GO 
Moody’s - EDA 
Standard & Poor’s – GO 
Standard & Poor’s – EDA 


Press Release on August 12, 2013


Select Information from June Presentation to Rating Agencies: 
Tour Route 
Economic Development Highlights 
Economic Trends 
Financial Management 
Plan of Finance 
Utilities Information 


2013 General Obligation Bond Issuance 
On July 9, 2013, the Board of Supervisors approved the issuance of up to $18.5 million in General Obligation (GO) bonds for purposes of funding the VRE station/parking lot project; the Harrison Rd./Rt. 1 Intersection project; paving of various unpaved roads; preliminary design of improvements to the I-95 interchanges at Thornburg (Exit 118) and Massaponax (Exit 126); and school technology, bus replacements, and capital maintenance.

Then, on July 31, the County closed on the sale of $17.9 million in GO bonds. An “all in” interest rate of 2.64% was obtained on this bond issue.

Executive Summary from July 9, 2013 Board of Supervisors Meeting 
Resolution Adopted by Board of Supervisors on July 9, 2013 


2013 Economic Development Authority Lease-Revenue Bond Issuance 
On July 9, 2013, the Board of Supervisors approved the issuance of up to $46.0 million in Economic Development Authority (EDA) lease-revenue bonds to refinance certain previously issued school lease-revenue bonds, and to purchase replacement fire and rescue equipment (i.e. fire trucks and ambulances). On June 27, the EDA also approved the sale of the EDA bonds for these purposes. 

Then, on August 8, the County closed on the sale of $13.4 million in EDA lease-revenue bonds. An “all in” interest rate of 2.73% was obtained on this bond issue. $11.7 million is related to refinancing the 2004 School bonds, which reduces school debt service costs by a total of $1.8 million over the remaining 17-year life of the bonds. 

Although authority was granted by the Board to refinance the 2005 School bonds, interest rates at the time of the sale were not suitable to achieve the generally accepted 3% minimum net present value savings. Therefore the 2005 bonds were not refinanced at this time. We will continue to monitor the potential to refinance the 2005 bonds in the future. 

Executive Summary from July 9, 2013 Board of Supervisors Meeting 
Resolution Adopted by the Board of Supervisors on July 9, 2013 
Resolution Adopted by the EDA on June 27, 2013 


2013 Water/Sewer Revenue Bonds
 
On July 9, 2013, the Board of Supervisors approved the issuance of up to $23.5 million in water/sewer revenue bonds to refinance the 2004 water/sewer bonds to achieve interest cost savings. 

Then, on August 6, the County closed on the sale of $21.3 million in water/sewer revenue bonds. An “all in” interest rate of 2.66% was obtained on this bond issue, reducing water/sewer debt service costs by a total of $5.0 million over the remaining 22-year life of the bonds. 

Executive Summary from July 9, 2013 Board of Supervisors Meeting 
Resolution Adopted by the Board of Supervisors on July 9, 2013 

Previous Years

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