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Scott County board backs moving forward with Capital One loan to finance school projects
Summary
After a public hearing, the Scott County Board of Supervisors authorized staff to pursue Capital One—s fixed-rate loan proposal (recommended 4.6%) to finance about $5.3 million in renovation and construction at Weber City and Yuma elementary schools; formal resolution and school-board approvals remain required.
The Scott County Board of Supervisors voted to proceed with a Capital One loan proposal offering a 4.6% fixed interest rate to fund school capital projects that Davenport & Company estimated at about $5.3 million.
Davenport & Company's Austin Sachs told the board the county pursued a dual-track plan: a pool financing option through the Virginia Public School Authority (VPSA) and a competitively bid direct bank loan. Sachs recommended the Capital One option because it locks a known, fixed rate now and offers a seven-year call/prepayment feature,…
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