Board of Supervisors Meeting Date:
E. Graham, Chairman, Cedar Run District
Anthony I. Hooper, Assistant
Resolution to Authorize the Refunding of Bonds Issued in 1993 for Landfill
County has been contacted by representatives of the Virginia Resources
Authority regarding an opportunity to reduce the debt service costs
associated with a 1993 indenture. The
proposed refunding will provide annual savings of 5.3%, which exceeds the
normal 3% guideline used to assess the appropriateness of a refunding
issue. The sale of bonds for
the refunding is scheduled for late October 2002.
The documents to authorize the refunding have been reviewed by
County Bond Council from Hunton and Williams.
Requested Action of the Board of Supervisors
Consider adoption of attached resolution.
Annual debt service payments made from the
landfill enterprise fund will be reduced by approximately $44,000 each
year, beginning May 2003. The
overall savings from the refunding is estimated to be $377,000. The bonds are scheduled to be retired in 2011.
Identify Any Other Departments, Organizations or
Individuals That Would be Affected by This Request