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Poquoson hears financial advisor plan for $3 million high-school HVAC loan; city’s triple-A credit cited
Summary
Davenport & Company briefed council on the city’s strong credit ratings and recommended a direct bank loan approach to finance a roughly $3 million high-school HVAC project, with a planning interest rate of 5% and an estimated annual principal-and-interest of about $235,000 under the assumptions presented.
Poquoson City Council received a presentation from Davenport & Company outlining a proposed financing plan for a roughly $3 million high-school HVAC replacement and a broader review of the city’s debt capacity and credit ratings.
Kyle Laux of Davenport said the city’s long record of methodical financial planning and strong fund balance has resulted in upgraded credit ratings over the last 15 years, including a Moody’s upgrade sequence and a Standard & Poor’s rating that has reached AA+ and triple-A at times. “You are a very, very well run city,” Laux told council, noting strong liquidity and reserves that rating agencies consider when evaluating local governments.
Davenport recommended a competitive direct bank…
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