Spotsy to save millions in refinancing
Spotsylvania County officials say they will save $10.8 million in taxpayer dollars over the next 17 years by refinancing a previous bond issue.
The refinancing this month will result in overall interest-rate savings of $5.6 million for schools projects and $5.2 million for general county expenses, according to a county press release. For the fiscal year that began July 1, the savings will be $644,393, the release states.
Officials also announced that credit rating agencies Fitch, Moody’s and Standard & Poor’s have reaffirmed Spotsylvania’s strong credit ratings.
In November, voters will decide whether Spotsylvania can borrow more money. The Board of Supervisors last month voted to put an approximately $274.2 million bond referendum on the Nov. 4 ballot.
If voters approve the bond issue in its entirety, the county will be able to borrow up to $141.7 million for schools; up to $63.3 million for transportation; up to $36.4 million for public safety; up to $21.5 million for general government projects; and up to $11.3 million for environmental and solid-waste projects. Residents will cast separate votes on each of those categories.
Jeff Branscome: 540/374-5402