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Botetourt County board approves financing parameters to cap new borrowing at $25 million for communications and 9-1-1 projects
Summary
The Botetourt County board voted to approve financing parameters that would limit new borrowing to $25 million for a $21 million radio system and a $15 million 9‑1‑1 center, authorize contingent refinancing of 2014 public-safety debt if it yields at least 3% NPV savings, and proceed with required financing documents and schedule.
The Botetourt County board voted to approve parameters allowing the county to borrow up to $25,000,000 to fund two public‑safety capital projects — an emergency communications radio system and upgrades to the Reed Mountain 9‑1‑1 center — and authorized staff to proceed with the financing documents and timelines required for a bond sale.
During the presentation, a county staff member summarized the projects and costs: "the communication system, $21,000,000, and the 9 1 1 center is $15,000,000 for a total of 36," and outlined two financing approaches. One option was to borrow the full amount (roughly $36.2 million) with illustrative terms (15 years for radio equipment, 20 years for the 9‑1‑1 center) and an example annual debt service of about $3.1 million at a 4.5% interest assumption. The staff member said they expected market rates to be lower than that illustrative rate.
The board approved option 2, which…
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