Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Amherst County supervisors pick bank loan option for landfill Cell 2 after financial review
Summary
After a multi-year financial review showing rising operating costs and constrained debt affordability, the Board voted to pursue a 15-year bank loan with Truist to fund construction of Landfill Cell 2, delaying a final financing resolution until March 18 and asking staff to return with more detail on the landfill closure/post-closure shortfall.
Amherst County supervisors voted to pursue a 15-year bank loan with Truist to finance construction of Landfill Cell 2 and related costs, after receiving a multi-year fiscal review from financial adviser Davenport and discussing options for managing capital needs.
Davenport managing director R.T. Taylor presented an executive summary of a comprehensive financial review that showed operating expenditures growing faster than operating revenues, a concentration of debt related to schools, and an identified capital need pool including the landfill. Taylor said the county is considering borrowing ‘‘not to exceed’’ $5.6 million for Cell 2 but that staff would borrow only the amount needed based on final bids and engineering estimates. He reviewed two bank financing scenarios and recommended a 15-year Truist loan at about 3.99 percent because it reduces near-term debt-service pressure and allows prepayment flexibility.
The review flagged several budget…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
