Council approves $30.71 million appropriation to pay off 2023 landfill notes, officials say payoff strengthens city finances

Bristol Virginia City Council on Aug. 26 approved a supplemental appropriation of $30,710,000 to prepay the principal on the city’s 2023 bond anticipation notes tied to the quarry landfill remediation project, funding the payment largely with state grant proceeds and remaining bond proceeds.

The council voted unanimously to authorize the city manager to redeem the notes; the roll call for the appropriation recorded votes in favor from Council members Farnam, Holmes, Osborne, Pollard and Mayor Nave.

Financial adviser Roland Kooch of Davenport & Company told council the city could apply roughly $16 million in Commonwealth grant funds and about $10.5 million of unspent 2023 note proceeds toward the payoff and tap about $4.3 million of unassigned general‑fund balance to finish the redemption. “We anticipate that you’re gonna take action on as a result of of the, the public hearing,” Kooch said during…