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Board authorizes 20‑year bank loan to fund county radio system
Summary
After a Davenport presentation, the Board approved using a 20‑year direct bank loan (recommended Huntington Bank) to finance a long‑planned radio system, citing prepayment flexibility and equipment‑only collateral; roll‑call confirmed the authorization.
The Nottoway County Board of Supervisors voted to authorize financing documents that will let the county move forward with a long‑planned radio system project using a 20‑year direct bank loan recommendation from consultants at Davenport.
Roland Kooch of Davenport summarized the financing analysis and recommended the 20‑year Huntington Bank option because it reduced annual budget pressure and allowed prepayment “anytime without penalty.” Kooch said the bank proposal carried an approximate cost of funds of about 4.1% and that the equipment being financed would serve as the loan collateral, avoiding liens on county real property. “What I'm here to talk about tonight is is what we think is a a good result in looking at, financing opportunities for the radio system project,” Kooch told the Board.
Supervisors asked technical questions about the bid process and whether the planned financing assumes a $1,000,000 grant; staff confirmed the proposal was modeled with the grant factored in (the county would finance $1,000,000 less if the grant is received). After discussion, the chair called for a motion to authorize a resolution in form of financing documents recommended by Davenport. The motion passed and the Board completed a roll‑call confirmation with Collins, Ingram, Norton, Toth and the chair each stating “Aye.”
The county administrator and consultants told supervisors they expect to be able to close by mid‑October if the Board proceeds, and staff emphasized the loan structure allows refinancing or prepayment later as market conditions change.
