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Surry County approves $5 million interim loan for YMCA; Huntington Bank bid selected at 4.2%
Summary
Board of Supervisors voted to accept a $5 million interim loan from Huntington Bank to begin design and early work on a proposed YMCA recreation center; financing is fixed-rate, interest-only during interim period and subject to appropriation and a leasehold deed of trust.
The Surry County Board of Supervisors voted July 2 to authorize up to $5 million in interim financing to begin design and early construction work for a proposed YMCA recreation center, accepting a competitive bank bid from Huntington Bank at a 4.2% fixed interest rate.
The interim loan will be structured as a fixed-rate, interest-only facility with a roughly three-year final maturity and prepayment flexibility that would allow the county to pay off the loan without penalty after about one year. County financial adviser said proceeds will be invested while unused through Virginia's SNAP program; current SNAP yields were described as roughly comparable to the borrowing rate, reducing net carrying costs in the near term.
The financing presentation, led by county consultants working with the county administrator,…
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