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Fauquier County to seek $31.2M in bonds after AAA ratings affirmed; county plans competitive sale in November
Summary
County financial advisor and bond counsel told supervisors the Economic Development Authority will act as conduit for roughly $31.2 million in public‑facility revenue bonds, with all three AAA ratings affirmed and a planned market entry the week of Nov. 3.
Fauquier County officials presented a plan Oct. 9 to borrow about $31,200,000 through the Economic Development Authority as conduit issuer to finance FY26 capital projects, county financial advisor Kyle Laux and bond counsel Chris Culp told the Board of Supervisors.
"I think what we have on the screen... is a plan to go borrow about $31,200,000 for board approved, capital projects in support of your CIP," Kyle Laux said. The presenters reported that all three major rating agencies reaffirmed the county’s AAA ratings, which they said allows the county to access the public markets at lower interest rates and potentially refinance higher‑cost vendor financing such as the public safety radio lease.
Staff presented key debt ratios and conservative assumptions, including a 5% assumed borrowing rate in modeling, a county policy target of 10% debt service to revenue (models showing an expected 8%+ result) and a debt‑to‑assessed‑value policy limit of 3% (models projecting roughly 1.5% even after planned CIP borrowings). The presenters outlined a schedule: EDA briefing this month, competitive bond sale the week of Nov. 3 and anticipated closing before Thanksgiving with proceeds available for the projects.
No final action was recorded during the agenda review; staff said a resolution related to the 2025 bond issue appears on the evening agenda for board consideration.
