2016 Bond Issuance

2016 Rating Agency Reports

In early August 2016, County representatives traveled to New York to present Spotsylvania County economic and financial information to Fitch, Moody’s and Standard and Poor’s. Select information from the presentation to the rating agencies is provided below:

• Economic Development Highlights (PDF)
• Economic Trends (PDF)
• Financial Management (PDF)
• Plan of Finance (PDF)

In mid-August 2016, the County’s credit rating was upgraded to AAA by Fitch and to Aa1 by Moody’s. Standard and Poor's affirmed its AA+ rating of the County. Below are the full rating reports from each agency:

• Fitch (PDF)
• Moody's (PDF)
• Standard and Poor's (PDF)

Listen to Spotsylvania County Administrator Mark Taylor and Budget Manager Bonnie Jewell talk about Spotsylvania's AAA bond rating from Fitch and being upgraded from Moody's (MP3).

2016 General Obligation Bond Issuance

On July 12, 2016, the Board of Supervisors approved the issuance of up to $36.0 million in General Obligation (GO) bonds to finance the following projects:

• Replacement of the computer aided dispatch system for public safety
• Replacement fire and EMS equipment
• Fire Training Center improvements
• Renovation of the animal shelter
• Road improvements at Hickory Ridge/Route 1 and at Exit 118
• School technology, bus replacements, and school building capital maintenance

Then, on August 17, the County sold $27.985 million in GO bonds at an “all in” interest rate of 1.64%.

• Executive Summary from July 12, 2016 Board of Supervisors (PDF)
• Resolution Adopted by Board of Supervisors on July 12, 2016 (PDF)