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Lancaster County approves VRA financing to cover $10M in parks and school projects
Summary
Board of Supervisors voted to pursue a lease-financing arrangement through the Virginia Resources Authority’s summer bond pool to raise up to $10 million for county parks, school-related capital projects and related costs; staff presented bank and VRA options beforehand.
Lancaster County supervisors voted Wednesday to pursue a lease-financing arrangement through the Virginia Resources Authority (VRA) summer bond pool to secure up to $10 million for county parks, school-related capital work and associated project costs.
The board moved to authorize participation in VRA’s financing pool after reviewing a staff presentation that compared direct bank loan proposals with the VRA option. County financial adviser Ben Wilson of Davenport & Company told the board the VRA pool currently produces lower estimated annual payments than the bank offers, though final VRA rates will not be fixed until a July bond sale. "VRA is quite a bit lower at the moment," Wilson said during the presentation.
The comparison presented to the board examined four bank…
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