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Scott County approves 20‑year loan for school projects; public questions cross‑border student costs
Summary
The Scott County Board of Supervisors voted to approve parameters for a 20‑year Capital One loan to finance school capital projects and authorized county officials to sign final documents.
The Scott County Board of Supervisors voted to approve a resolution authorizing the county to proceed with long‑term financing for school capital projects, setting maximum borrowing parameters and empowering county officials to execute final loan documents.
Austin Sachs of Davenport, the county—s financial adviser, told the board the recommendation was to proceed with a fixed rate, 20‑year loan from Capital One and that bond counsel had prepared draft financing documents in the resolution packet. The resolution sets ceiling limits for principal, interest rate and term and grants authority to the county—s designated officials to sign final documents when ready.
Public comment ahead of the vote focused on cross‑border schooling costs. Bobby Powers asked the board to identify any Virginia statute or formal interlocal or interstate agreement authorizing the county to levy property taxes to pay schooling costs for nonresident (Tennessee) students, and requested any written legal opinions or contracts showing cost‑sharing. He also asked how the county would handle refunds or relief if a court later found such levies unauthorized.
Sachs and county staff did not cite a specific interstate contract during the meeting. After the vote a county representative provided enrollment figures to the board: the county—s registrar or staff reported 3,268 total students and 453 students from Tennessee. Board discussion revealed confusion about the percentage that number represented; a board member later said the correct percentage was about 7.2 percent rather than the higher figure mentioned earlier.
The board took a roll‑call vote on the financing resolution. The clerk recorded the following votes: Daryl Jeter, yes; Michelle Glover, yes; Eddie Skeen, no; Michael Bridal, yes; Danny Castile, no; Chris Maness, yes; Stephanie Addington, yes. The motion carried.
What happens next: County staff said additional approvals from the EDA and the school board remain before closing. The resolution authorizes designated county officials to sign when final financing documents are complete.
Anthony Davenport, the county—s bond counsel (Sands Anderson), prepared the financing attachments and will assist with closing the transaction.
