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Davenport presents school capital financing update; board to consider initial financing actions in March
Summary
Financial advisor Davenport updated commissioners and school representatives on a roughly $12 million financing for school capital projects, noting the county’s strong credit rating, responses to an RFP from banks and a planned March timeline for initial and final county actions.
Davenport representatives updated the Rockingham County Board of Commissioners on progress toward financing school capital projects and said the county is moving toward a roughly $12 million financing expected to close in April.
Mitch Gulio and a school system presenter told the board the county has maintained a strong credit rating and adopted debt policies that make it feasible to access market financing. The firm has distributed an RFP to banks and received proposals below initial planning estimates, the presenters said.
The financing is the first of two anticipated financings included in the schools’ capital funding plan approved last January. Davenport outlined next steps: the board is expected to take initial financing action at its March 3 meeting and final county approval at the March 17 meeting; the Local Government Commission review is scheduled for April 1 with closing anticipated on or about April 10.
Presenters also described completed and bid projects for school vestibules, parking lot lighting, intercom upgrades, playground replacements, roof replacements at several schools and HVAC projects. The packet and presentation cited a $7.5 million grant that reduced the anticipated need for a second financing.
Commissioners asked whether bank proposals matched expectations; Davenport said proposals evaluated so far were below planning estimates and that the grant reduced the need for the second financing. No formal board action was taken at the briefing; staff said specific financing items will return for board votes in March.
