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VML Bank of Finance presents financing options for Nottoway County courthouse project
Summary
At a work session on Aug. 14, 2017, representatives of VML Bank of Finance briefed the Nottoway County Board of Supervisors on financing options for a major courthouse renovation or replacement, saying the firm can prepare a plan of finance and manage execution using tax‑exempt lease revenue bonds, pooled bond programs or bank financing.
At a work session on Aug. 14, 2017, representatives of VML Bank of Finance told the Nottoway County Board of Supervisors they can help the county plan and execute financing for a major courthouse renovation or replacement.
The presenter said VML Bank of Finance offers municipal advisory services, investment management and accounting support and can prepare a “plan of finance” that models five-year revenue, expense and fund-balance projections and overlays capital projects to show what level of debt the county can afford. “We start out with developing a five‑year projection of revenues, expenses and fund balance,” the presenter said. He added VML can participate in board work sessions and that the nonprofit arm may offer a grant credit of $7,000 toward planning work.
Why it matters: County staff told the board the chief circuit court has identified ADA, security and building-system deficiencies that likely require either major renovation or replacement. The…
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