Bonds – 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:
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.
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.