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Board approves budget, counsel retention and collateral schedule for spring bond financing
Summary
Supervisors authorized steps to pursue up to roughly $7 million in spring 2026 financing — $4 million new money and about $2.7 million to refinance — including retention of bond counsel, Davenport Financial and an approved collateral schedule. Board set a recess meeting March 16 to finalize bids pending the county audit.
The Tazewell County Board of Supervisors on March 3 approved the budget and procedural steps to pursue up to about $7 million in April 2026 bond financing, combining new capital and targeted refinancing.
Supervisor (speaker 6) said the package contemplates approximately $2.95 million in refinancing and $4 million in new money with estimated closing costs around $50,000. Proposed uses for the new dollars included a second leachate tank at the landfill ($2 million), $500,000 for a tire shredder, $500,000 to renovate the Cedar Bluff transfer station and roughly $1 million toward a fire station and apparatus; the board authorized the proceeds budget subject to later amendment.
The board approved retaining Hunt Andrews & Kurth as bond counsel and Davenport Financial as financial advisor, with Davenport’s fee to be paid at closing. David Rose of Davenport told the board banks provided several competitive proposals, including private bids near a 4.12% fixed rate with prepayment flexibility and an alternate financing route through the Virginia Resources Authority that could produce lower rates but would take longer to price.
Supervisors also approved a collateral schedule to support the private-bank option, listing county properties including library and school facilities and recently purchased property intended for a new fire station. Staff noted the financing remains contingent on the county audit and bank credit approvals; the board scheduled a recessed meeting on March 16 to choose between bids once the audit and credit approvals are available.
The actions taken at the meeting were approval of the financing proceeds budget, approval of the collateral schedule and authorization to retain both bond counsel and Davenport Financial.
