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Nelson County approves up to $25 million in bonds to fund high school renovations
Summary
The Nelson County Board of Supervisors approved Resolution R2025-18 on March 11 to authorize up to $25 million in general obligation school bonds, to be sold to the Virginia Public School Authority, to finance renovations at Nelson County High School; the board heard one public comment in support and voted unanimously to adopt the resolution.
Nelson County supervisors on March 11 approved Resolution R2025-18 authorizing the issuance of up to $25,000,000 in general obligation school bonds to be sold to the Virginia Public School Authority (VPSA) to finance design, renovation, construction and equipping work at Nelson County High School.
The resolution, approved after a public hearing, sets a not-to-exceed principal amount of $25,000,000 and lists an anticipated borrowing amount of about $22,065,327 to cover project costs not covered by the School Construction Assistance Program (SCAP) grant and to finance closing costs and capitalized interest if needed. The resolution also authorizes the county to participate in the State Non-Arbitrage Program (SNAP) and names US Bank Trust Company, N.A., Richmond, as paying agent and bond registrar.
The public hearing was held under the county's authority to issue school bonds pursuant to the Public Finance Act of 1991 (Chapter 26 of Title 15.2, Virginia Code) and related provisions…
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