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Dinwiddie staff outline plan to refinance Meherrin River jail bonds; board to consider resolution June 16
Summary
County Administrator W. Kevin Massengill and Davenport & Company presented a proposal to refinance the Meherrin River Regional Jail Authority’s 2016 VRA bonds to lower interest costs without extending the payoff date; the Meherrin board would endorse refinancing only if net present value savings reach at least 3%.
County Administrator W. Kevin Massengill, joined by representatives of Davenport & Company, told the Board of Supervisors on June 2 that the Meherrin River Regional Jail Authority could refinance its 2016 VRA bonds to reduce interest costs while keeping the same final payoff date. The presentation described targeting primarily the maturities tied to the operating Alberta facility and leaving the Mecklenburg-related portion unchanged until the future of that idle site is resolved.
Davenport & Company emphasized the outcome will be highly sensitive to market conditions before the VRA bond sale scheduled for July 21 and said the Meherrin board would support refinancing only if net present value savings reach at least 3 percent. Staff said they will place a refinancing resolution on the Board’s June 16 agenda and that Meherrin’s finance committee planned a follow-up meeting the week of July 6 to finalize which maturities to include. The minutes record that Dinwiddie would receive a proportional share of any lower annual jail debt service if savings are realized.
