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Buckingham supervisors approve $8.4 million VRA borrowing to fund parks, police training and other capital projects
Summary
The board adopted a resolution authorizing Buckingham County to pursue about $8.4 million in borrowing through the Virginia Resources Authority to finance a package of capital projects, with officials saying debt service would be absorbed by paydown of existing loans and favorable market conditions.
The Buckingham County Board of Supervisors on Sept. 8 adopted a resolution authorizing the county to pursue roughly $8.4 million in borrowing through the Virginia Resources Authority to finance a package of capital projects, including work at Eugene Davidson Park and a police training range.
County financial advisor Kyle Loucks of Davenport told the board the request represents the conclusion of a planning process and fits the county’s existing debt profile. Loucks said the loans would be fixed-rate and amortized over about 20 years. "This is really the…
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