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County closes on VPSA loan for high school renovation; VRA financing planned for DSS project
Summary
Nelson County reported that the Virginia Public School Authority spring pool closed with a 4.43% rate, replacing interim notes for the high school renovation; the county is applying to the Virginia Resources Authority summer pool to finance the new social services building and will return June 10 for authorizing action after bids arrive.
County finance staff updated the Nelson County Board of Supervisors on May 13 about the financing status for two capital projects: the high school renovation and the new social services building.
Staff told the board that the Virginia Public School Authority (VPSA) spring pool closed April 22 and the county locked a borrowing rate of 4.43% for the high school renovation, which replaced interim bond anticipation notes; the county's financial advisor said that rate was below earlier planning assumptions and reduced projected borrowing costs compared with a 5% planning rate. The first payment on the VPSA loan is expected in January 2026 and will be included in the FY26 budget.
For the social services project, staff reported an application to the Virginia Resources Authority (VRA) summer pool was submitted and that due diligence calls had proceeded without substantive concerns. The county plans to return to the board on June 10 with an authorizing resolution that will set the final borrowing amount after bids are received in late June; VRA's sale of the summer pool bonds is expected in July, with funds arriving in August to retire interim notes and fully fund the DSS project.
No board action was required the day of the report. Staff said the financing alignment is timed to match the project bidding schedule and permitted adjustments to the borrowing amount once actual bids are known.
