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Powhatan County approves $6.85M financing package, locks 3.93% rate with Bank of America
Summary
The Board approved a financing resolution to fund county and school capital needs (buses, fire apparatus, HVAC and roofing) with a recommended Bank of America 20‑year tax‑exempt loan at 3.93% fixed; the vote passed 5–0.
Powhatan County supervisors voted 5–0 on Sept. 5 to approve Resolution R2025‑65, authorizing approximately $6.85 million in financing for a package of county and school capital projects after a presentation by Davenport financial advisers.
Kyle Laux of Davenport told the board that county staff pursued a "dual track" process: competitive bank bids and an application to the Virginia Resources Authority. The best bank offer came from Bank of America at a fixed 3.93% for the…
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