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Nelson County approves initial resolution to seek VPSA pooled bonds for high‑school renovation
Summary
The Board authorized application to the Virginia Public School Authority to pursue pooled bond financing for up to $25 million in general obligation bonds to fund the Nelson County High School renovation and set a March 11 public hearing on the financing.
The Nelson County Board of Supervisors on Feb. 18 approved Resolution R2025‑09 authorizing staff to submit an application to the Virginia Public School Authority (VPSA) to participate in the VPSA’s 2025 spring pooled bond sale to finance the Nelson County High School renovation.
The resolution authorizes an application describing local bonds in a maximum principal amount of $25,000,000 and requests proceeds of up to $22,000,000 plus amounts needed for closing costs and capitalized interest. County staff said construction bids were expected back in late February and that the Board will hold a public hearing on the financing at its March 11, 2025 evening meeting.
County Administrator Candice W. McGarry said VPSA financing applications are due Feb. 24 and the VPSA bond sale is scheduled for April 22 with a tentative closing May 13. Supervisors voted unanimously (4–0) to approve the resolution.
What happens next: The School Board will consider a companion resolution and the Board will hold the statutorily required public hearing March 11 before finalizing financing documents and proceeding toward the VPSA sale.
