In July 2019, County representatives met with Fitch, Moody’s and Standard & Poor’s to present current economic and financial information pertaining to Spotsylvania County. The presentation is available here.
In early August, the County’s credit rating was upgraded to AAA by Standard & Poor’s. Fitch and Moody’s affirmed their ratings of the County at AAA and Aa1, respectively. Below are the full rating reports from each agency:
On June 25, 2019, the Board of Supervisors approved the issuance of up to $85.0 million in General Obligation (GO) bonds to finance the following projects:
Replacement of Computer Aided Dispatch (CAD) system;
Animal Shelter expansion/renovations;
Company 6 (Salem Church) bunkroom addition/renovation;
Rt. 17 widening & bridge replacement;
Renovation and expansion of Courtland High School; and
School technology, bus replacements, and school building capital maintenance. The Schools CIP, approved on February 11, 2019, can be found here.
Then, on August 7, the County sold $51.165 million in GO bonds at an “all in” interest rate of 1.686%. The refunding of previously issued bonds results in $3.4 million in net savings over the remaining life of the refunded bonds.