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Nelson County approves up to $25 million in school bonds for high school renovation
Summary
After a public hearing, the Nelson County Board of Supervisors unanimously approved a resolution to issue up to $25 million in general obligation school bonds (anticipated ~$22.07M) through the Virginia Public School Authority to finance renovations and safety upgrades at Nelson County High School.
The Nelson County Board of Supervisors voted unanimously March 11 to authorize up to $25 million in general obligation school bonds to finance renovations and upgrades at Nelson County High School.
At an evening public hearing, County Administrator Candice W. McGarry presented the bond parameters: a not-to-exceed principal amount of $25 million, an anticipated borrowing amount of $22,065,327, semiannual interest payments beginning Jan. 15, 2026, principal payments beginning July 15, 2028, a maximum interest rate cap of 5.50 percent, and a final maturity not to exceed 30 years. The bonds will be sold to the Virginia Public School Authority (VPSA), and the County will participate in the State Non-Arbitrage Program (SNAP) to manage proceeds and investments.
Retired Rockfish Elementary teacher Allen Dolleris spoke during the public hearing in support of the project, saying the high school serves as a countywide hub and urging the Board to "make it right for the next generations." No speakers opposed the issuance.
Supervisor Jesse N. Rutherford moved to adopt Resolution R2025-18; Supervisor J. David Parr seconded the motion. The Board approved the resolution by roll call vote (4–0). The adopted resolution authorizes the County’s officers to finalize bond-sale documents, to engage a paying agent and registrar, and to take steps required by VPSA for the spring pooled bond sale. The resolution also authorizes the use of bond proceeds to repay prior bond anticipation note draws and to cover project costs not covered by any state School Construction Assistance Program grant.
McGarry said the new annual debt service was already accounted for in the County’s debt-capacity strategy and that no new general-fund revenues would be required. The County’s financing team present at the hearing included representatives from Davenport and bond counsel from Sands Anderson.
The Board adjourned the hearing and continued the meeting to a budget work session scheduled for March 18, 2025.
