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Supervisors approve roughly $75.8 million lease‑revenue financing for schools, government projects
Summary
The Board approved a plan asking the Economic Development Authority to issue about $75.8 million in lease‑revenue bonds — capped at 5% interest — to fund pre‑K space, Jamestown High cafeteria expansion, a new General Services Administration building and a new Government Center after staff and financial advisers presented favorable debt metrics.
James City County supervisors voted to authorize a financing plan that would allow the Economic Development Authority to sell approximately $75,800,000 in lease‑revenue bonds to pay for county and school capital projects.
Sharon McCarthy introduced a resolution calling for issuance of lease‑revenue bonds to cover costs including pre‑K space, an expansion of the Jamestown High cafeteria, a new General Services Administration building and a new Government Center. Davenport financial advisor David Rose (presenting) told the board the county’s strong fund balances and conservative payout policies position it to borrow at favorable rates. Rose said the resolution would authorize sale if interest rates on the bonds do not exceed 5% and asked for approval of financing documents.
Board members discussed credit ratings and policy limits; Rose highlighted the county’s large unassigned fund balance (above policy targets) and the 10‑year payout practice that keeps debt service ratios favorable. The financing was planned to be competitive (open to multiple bidders) and structured so the county could refinance later if market conditions materially improved. The board approved the financing documents by roll call.
The bonds are scheduled for the EDA’s consideration the following week with rating agency outreach the week after; closes are planned for early December if the market permits.
