2015 Bond Issuance

2015 Rating Agency Reports (General Obligation & Water/Sewer Refunding Bonds)

In July 2015, 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:

In late July, the County's credit rating was affirmed by Fitch, Moody's and Standard and Poor, with Moody's assigning the County a positive outlook. Below are the full rating reports from each agency:

2015 General Obligation Bond Issuance

On June 23, 2015, the Board of Supervisors approved the issuance of up to $55.0 million in General Obligation (GO) bonds for purposes of refinancing certain previously issued bonds to gain interest cost savings; renovation of the Judicial Center and former Sheriff's Office buildings; design of an animal shelter; replacement of the computer aided dispatch system for public safety; replacement fire equipment; numerous transportation projects; and school technology, bus replacements, and capital maintenance.

Then, on August 6, the County closed on $45.5 million in GO bonds. An "all in" interest rate of 2.50% was obtained on this bond issue. Included in this issuance was the refinancing of certain out-year maturities of the 2007 GO bonds. This refinancing resulted in debt service savings of $2.0 million over the remaining 12-year term of the originally issued bonds. The life of the bonds was not extended to achieve this savings.

2015 Water/Sewer Refunding Bond Issuance

On June 23, 2015, the Board of Supervisors approved the issuance of up to $63.0 million in Water/Sewer (W/S) System Revenue Refunding bonds to refinance certain previously issued water/sewer bonds to gain interest cost savings.

Then, on August 13, the County closed on $55.3 in W/S bonds to refinance the outstanding 2005 W/S bonds and certain out-year maturities of the 2007 W/S bonds. This refinancing will save Utilities rate payers $8.3 million over the 22-year remaining term of the originally issued bonds. The life of the bonds was not extended to achieve this savings. An all-in interest rate of 2.98% was obtained on this issue.