2022 Bond Issuance
Bonds – 2022 Bond Issuance
2022 Rating Agency Reports - General
In July 2022, 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:
2022 General Obligation Bond Issuance
On June 14, 2022, the Board of Supervisors approved the issuance of up to $37.5 million in General Obligation (GO) bonds to finance the following projects:
- Fire equipment replacement;
- Replacement of Co. 3 (Partlow);
- Rural road safety improvements;
- Hood Drive improvements at VA clinic entrance;
- Rt. 1 improvements at VA clinic entrance; and
- School technology, bus replacements, and school building capital maintenance.
Then, on August 10, the County sold $31.05 million in GO bonds at an “all in” true interest cost of 2.787%.
2022 Rating Agency Reports - Water/Sewer System
2022 Water/Sewer Bond Issuance
On September 27, 2022, the Board of Supervisors held a public hearing and took action authorizing the issuance of up to $69.2 million in Water & Sewer System Revenue (W/S) bonds to finance a series of projects listed here.
Additional documentation is posted below:
Then, on November 1, 2022, the County sold $65.3 million in Water/Sewer Revenue bonds at an “all in” true interest cost of 4.195% to finance a program of capital improvements to the County's water and sewer system and pay the associated costs of issuing the Series 2022 Bonds. A breakdown of the sources and uses of funds can be found here.