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Board adopts resolution consenting to amendments for Meherrin River Regional Jail refinancing
Summary
On unanimous vote, the Board adopted a resolution consenting to amendments to the Support Agreement enabling the Meherrin River Regional Jail Authority to refinance part or all of its 2016 VRA bond; the resolution authorizes County officers to execute the amendment and carry out obligations related to the refunding.
Ben Wilson of Davenport & Company told the Board that a portion of the Meherrin River Regional Jail Authority's 2016 VRA bond (issued for the Alberta facility) may be refinanced now that a 10‑year restriction has expired; refinancing through the Virginia Resources Authority could lower debt service if a minimum savings threshold is achieved. The Board unanimously adopted a resolution consenting to the requested amendments to the Support Agreement so the Jail Authority may proceed with a refunding bond purchase by VRA.
The resolution (adopted on motion of Tom Tanner) finds refinancing to be in the County's interest to lower debt service costs and authorizes the Chairman, Vice‑Chairman or County Administrator to execute the amendment and take steps to implement the County's obligations under the amended Support Agreement. The resolution reiterates that nothing constitutes a pledge of the County's taxing power and that payments remain subject to appropriation.
