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Gloucester supervisors approve up-to-5% cap for $2.35M water and sewer revenue bonds
Summary
The Board held a public hearing and approved a resolution authorizing revenue-bond financing for utility projects, directing staff to pursue a revenue pledge through the Virginia Resources Authority with a not-to-exceed interest cap of 5% and 25-year maximum maturity.
Gloucester County supervisors held a public hearing on proposed water and sewer revenue bond financing and approved a resolution authorizing staff to pursue revenue-pledged financing for utility projects included in the FY26 budget. The board set a not-to-exceed interest-rate cap of 5% and maintained a 25-year planning horizon for debt maturity.
The public hearing reviewed options from multiple banks and the Virginia Resources Authority (VRA). Maria Calloway, Gloucester County chief financial officer, told the board the county was considering borrowing to fund roughly $2,350,000 of utility projects in FY26 and that Davenport Company had solicited proposals from more than 200 banks to compare market alternatives. Ted…
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