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Supervisors approve resolution to pursue bond refunding through Virginia Resources Authority
Summary
Supervisor Colvin presented a resolution to refinance county bonds held by the Virginia Resources Authority; staff projected partial refunding savings of about $1.4 million with a potential full-refunding saving up to about $2.1 million, and the board approved the request to proceed.
Supervisor Colvin presented a resolution asking the board to authorize pursuing a refunding of certain county bonds through the Virginia Resources Authority. Colvin said the authority indicated the county could save roughly $1.4 million on a partial refunding and that if savings could be achieved on the full bond the total could be closer to $2.1 million. The refinancing approach would lock the refunding at current terms for 10 years and would be monitored up until the July 1 signing deadline.
Board members moved, seconded and approved the resolution by voice vote. Colvin said staff would monitor the market and report back on the final savings figure before signing any documents.
Why it matters: Refinancing public debt can reduce interest costs and free capacity for capital projects such as school improvements, but may extend the period before the county can prepay the debt.
