2019 Bond Issuance

2019 Rating Agency Reports

In July 2019, County representatives met with Fitch, Moody’s and Standard & Poor’s to present current economic and financial information pertaining to Spotsylvania County.  The presentation is available here.

In early August, the County’s credit rating was upgraded to AAA by Standard & Poor’s.  Fitch and Moody’s affirmed their ratings of the County at AAA and Aa1, respectively.  Below are the full rating reports from each agency:

Standard & Poor’s

2019 General Obligation Bond Issuance

On June 25, 2019, the Board of Supervisors approved the issuance of up to $85.0 million in General Obligation (GO) bonds to finance the following projects:

  • Replacement of Computer Aided Dispatch (CAD) system;
  • Animal Shelter expansion/renovations;
  • Company 6 (Salem Church) bunkroom addition/renovation;
  • Rt. 17 widening & bridge replacement;
  • Renovation and expansion of Courtland High School; and
  • School technology, bus replacements, and school building capital maintenance.  The Schools CIP, approved on February 11, 2019, can be found here.

Then, on August 7, the County sold $51.165 million in GO bonds at an “all in” interest rate of 1.686%.  The refunding of previously issued bonds results in $3.4 million in net savings over the remaining life of the refunded bonds. 

                Executive Summary from June 25, 2019 Board of Supervisors Meeting
                Resolution Adopted by Board of Supervisors on June 25, 2019