2021 Bond Issuance

2021 Rating Agency Reports - General

In July 2021, 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.  

The County’s strong credit ratings were affirmed by each of the three agencies – AAA from Fitch and Standard & Poor’s, and Aa1 from Moody’s.  Below are the full rating reports from each agency:

Fitch
Standard & Poor’s
Moody’s

2021 General Obligation Bond Issuance

On June 22, 2021, the Board of Supervisors approved the issuance of up to $43.59 million in General Obligation (GO) bonds to refund previously issued bonds for debt service savings and to finance the following projects:

  • Fire/Rescue equipment replacement;
  • Public Safety Building addition; 
  • Replacement of Co. 3 (Partlow);
  • Rt. 3 safety improvements (known as removal of bumpouts);
  • Improvements at Exit 118; and
  • School technology, bus replacements, and school building capital maintenance.

Then, on August 10, the County sold $35.46 million in GO bonds at an “all in” true interest cost of 1.487%.  The refunding of previously issued bonds results in $1.1 million in savings over the remaining life of the refunded bonds.  

Executive Summary from June 22, 2021 Board of Supervisors Meeting
Resolution Adopted by Board of Supervisors on June 22, 2021

2021 Lease Revenue Bond Issuance

On June 22, 2021, the Board of Supervisors approved the issuance of up to $31.0 million in Economic Development Authority (EDA) lease-revenue bonds to refund certain previously issued lease-revenue bonds to achieve debt service savings.  On July 22, the EDA also approved the sale of the EDA bonds for this purpose.

Then, on August 25, the County sold $26.0 million in EDA lease-revenue bonds.  An “all in” true interest cost of 0.740% was achieved on this issue.  The refunding results in $3.4 million in debt service cost savings over the remaining 11-year life of the refunded bonds.

Executive Summary from June 22, 2021 Board of Supervisors Meeting
Resolution Adopted by Board of Supervisors on June 22, 2021
Resolution Adopted by the EDA on July 22, 2021