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Wood County holds public hearing on proposed $5,508,000 water bond
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Summary
The Wood County Board of Supervisors held a public hearing July 8 on a proposed bond not to exceed $5,508,000 to fund water system capital improvements, including extensions to the Merrick Mill area; no members of the public signed up to comment and supervisors moved to adopt a resolution authorizing the issuance.
The Wood County Board of Supervisors held a public hearing July 8 on a proposed issuance of bonds not to exceed $5,508,000 to pay the cost of capital improvements to the county’s water system, including extensions to the Merrick Mill area, and to pay costs of issuing the bonds.
The hearing drew no registered speakers, and board staff presented a resolution asking supervisors to authorize issuance and sale of general obligation or water revenue bonds in an aggregate principal amount not to exceed $5,508,000. Board members discussed that the additional borrowing responds to inflation-related increases in project costs after an initial Rural Development loan/grant package.
Mr. Bernstein, a staff member who read the public notice, said the hearing could be continued or adjourned and that the meeting would consider the matter at the July 8 session. Mr. Carter, a staff member, summarized the request and told the board that Rural Development had provided an initial loan/grant but the county sought an additional amount to cover price increases.
Supervisor Morgan moved to adopt the resolution authorizing issuance of the bonds; Supervisor Vernon seconded the motion. No members of the public had signed up to speak during the public hearing, and the clerk closed the public hearing portion of the meeting before the board took the motion.
The resolution presented to the board specifies a maximum aggregate principal amount of $5,508,000 and provides for the form, details and payment of the bonds. The public notice read into the record lists the Wood County Board of Supervisors meeting room at 3 Point South Sixth Street, Woodfield, Virginia, as the location for the hearing.
Background: board staff said the additional funding request follows earlier Rural Development financing; beyond that staff referred to routine steps in municipal bond issuance, including resolution adoption and sale procedures. The board did not receive any public comment during the hearing.
The board proceeded to consider other agenda items following the bond discussion.
