Board approves reimbursement resolution for proposed recreation center, schedules March 23 public hearing

The Rockbridge County Board of Supervisors voted Feb. 23 to adopt a reimbursement resolution and set a public hearing on March 23 for a proposed recreation center financing through the Virginia Public School Authority (VPSA).

Tyler Smith of Davenport & Company, the county’s financial advisor, outlined bond‑pricing structures and explained why the board’s resolution includes a 'not to exceed' par amount. Smith said the county’s anticipated interest rate on tax‑exempt VPSA debt would be around 4 percent and that the reimbursement resolution simply permits the county to fund design and other pre‑issuance costs and later reimburse those expenses from bond proceeds if the debt sale occurs.

Board members asked whether adopting the reimbursement resolution binds the county to issue bonds. Davenport and the county’s bond counsel clarified the resolution opens a reimbursement window — it does not obligate the board to sell debt or approve bond terms after a public hearing. The board adopted the reimbursement resolution and simultaneously set a public hearing for March 23.

Several residents at the meeting urged caution about the long‑term tax impacts. Tim Goodbar and others said retirees and fixed‑income households could be harmed by larger debt burdens; supervisors and staff responded that financing parameters and public input are part of the upcoming hearing process.