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VML Bank of Finance outlines courthouse financing options for Nottoway County
Summary
A VML Bank of Finance representative told the Nottoway County Board that municipal advisory services can help structure planning and execution for a courthouse project, noting programs, example projects and an available $7,000 planning credit.
The Nottoway County Board of Supervisors heard a detailed presentation from a VML Bank of Finance municipal advisory representative on financing options for the county’s courthouse needs. The presenter described two core services — planning (a plan of finance and five‑year revenue/expense projections) and execution (managing financing vehicles such as bank loans, municipal bonds, or pooled bond programs) — and said VML can review PPEA proposals and the assumptions they contain.
The presenter highlighted VML’s investment and trust programs and gave concrete examples from other Virginia localities: “They’re about $6,000,000,000 in assets for local governments,” he said, and cited recent financings including Botetourt County ($31,000,000 lease‑revenue financing) and a $27,000,000 Lexington/Rockbridge courthouse refinancing. He also told supervisors that VML has authorized grants of $7,000 that “could be applied toward this planning assistance” so that, he said, “if you were coming to us for a plan of finance, we'd give you a credit of $7,000 toward that, that deliverable.”
Why it matters: the board is in a PPEA review period for competing courthouse proposals and faces choices about whether to renovate or replace the existing courthouse and how to fund that work. VML walked supervisors through common Virginia approaches — using an IDA as a conduit issuer, tax‑exempt lease‑revenue bonds with an appropriation/moral‑obligation pledge, and interim construction financing — and explained how debt‑service reserve funds and pooled state programs may affect terms and interest rates. The presenter said projects of this kind often run into the millions: “this could be a project $5,000,000 or more,” he said.
Next steps: staff and the board will continue PPEA evaluation; the presenter recommended VML review incoming proposals, prepare a plan of finance, and participate in board work sessions if the county engages the firm. The board also discussed grant and VRA pooled bond options and asked staff to compile financing scenarios for follow‑up work sessions.
