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Gloucester supervisors reaffirm support for volunteer fire station, authorize financing steps
Summary
After a detailed presentation from Davenport on options to finance a new Gloucester Volunteer Fire & Rescue station, the Board voted to reaffirm its commitment to fund the project and authorized staff to solicit bank proposals and pursue a credit rating to compare bank loan and public bond options.
The Gloucester County Board of Supervisors voted this evening to reaffirm its support for a new Gloucester Volunteer Fire & Rescue station and to authorize county staff and financial advisers to move forward with steps to identify financing.
Davenport senior vice president Ted Cole told the board the "current working estimate for the project cost is $17.05 million," plus an 8% contingency and issuance costs, producing a working financed amount in the roughly $19 million range. Cole said the county could pursue either a direct bank loan or a public bond issuance; a public sale would require the county to obtain a bond rating. “There needs to be a very clear and identifiable commitment from the county board of supervisors to make the annual payment on the debt,” Cole said, noting lenders also need clarity on collateral and remedies if payments aren’t made.
Volunteer-fire leaders urged the board to end delays. JD Clements, chief of Gloucester Volunteer Fire and Rescue, told supervisors he and…
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