Bonds ~ 2014 Bond Issuances

2014 Rating Agency Reports (General Obligation and Lease Revenue Bonds)
In August 2014, the County's credit rating was affirmed by Fitch, Moody’s and Standard & Poor’s 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  


Press Release on August 15, 2014

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


2014 General Obligation Bond Issuance
On June 10, 2014, the Board of Supervisors approved the issuance of up to $86.6 million in General Obligation (GO) bonds for purposes of refinancing certain previously issued bonds to gain interest cost savings; design of the Judicial Center renovation project; numerous transportation projects; and school technology, bus replacements, and capital maintenance.

Then, on August 13, the County sold $59.1 million in GO bonds. An “all in” interest rate of 2.24% was obtained on this bond issue. The refinancings associated with this issue will save a total of $6.9 million in interest costs over the remaining 13-year life of the bonds. 

Although authority was granted by the Board to refinance the 2007 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 2007 bonds were not refinanced at this time. We will continue to monitor the potential to refinance the 2007 bonds in the future. 

Executive Summary from June 10, 2014 Board of Supervisors Meeting
Resolution Adopted by Board of Supervisors on June 10, 2014 


2014 Economic Development Authority Lease-Revenue Bond Issuance
On June 10, 2014, the Board of Supervisors approved the issuance of up to $34.6 million in Economic Development Authority (EDA) lease-revenue bonds to refinance certain previously issued school lease-revenue bonds, to obtain the final installment of funding necessary for the new public safety radio system, and to purchase replacement fire equipment. On June 26, the EDA also approved the sale of the EDA bonds for these purposes.

Then, on August 14, the County sold $32.8 million in EDA lease-revenue bonds. An “all in” interest rate of 2.85% was obtained on this bond issue. The refinancings associated with this issue will save a total of $3.9 million in interest costs over the remaining 17-year life of the bonds. 

Executive Summary from June 10, 2014 Board of Supervisors Meeting
Resolution Adopted by the Board of Supervisors on June 10, 2014 
Resolution Adopted by the EDA on June 26, 2014

Previous Years

Additional Links

Contact Information

Main: (540) 507-7590 
Fax: (540) 582-6304
E-Mail: budget@spotsylvania.va.us 

Mary Sorrell, Finance Director

Budget Staff
Bonnie Jewell, Budget Manager
Vacant , Senior Financial Analyst
Holly Dove, Budget Analyst II
Barbara Verhaalen, Budget Analyst I

Mailing Address:                             
PO Box 215                                       
Spotsylvania, VA 22553

Physical Address:
 Directions 
8800 Courthouse Road
Spotsylvania, VA 22553