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Lindley Estes is a business writer for The Free Lance-Star and This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Spotsylvania sells bonds for record-low rate

Spotsylvania borrowed $17.4 million last week at an interest rate of 1.905 percent, the lowest rate in the county’s history.

The county raised the money through a general obligation bond sale July 19. The money will be used for the planned Virginia Railway Express station and parking area project, and to refinance other debt that carried higher borrowing costs.

Interest rates on highly rated bonds are low in the current economic climate, and Spotsylvania’s high bond rating allows it to take advantage. Fitch Ratings last month upgraded Spotsylvania’s bond rating from AA to AA-plus.

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