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Bond/Debt Information
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%.
Executive Summary from June 14, 2022 Board of Supervisors Meeting
Resolution Adopted by Board of Supervisors on June 22, 2021
2022 Rating Agency Reports - Water/Sewer System
In September 2022, County representatives met with Fitch, Moody’s and Standard & Poor’s to present current economic and financial information pertaining to Spotsylvania County’s water and sewer system. The presentation is available here.
The County’s strong credit ratings were affirmed by each of the three agencies - AA+ from Fitch, AA from Standard & Poor's, and Aa2 from Moody's. Below are the full rating reports from each agency:
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.