AGENDA DATE: 2/18/2026
TITLE:
Title
Introduction to the Bond Issuance Process
BODY
SUBJECT/PROPOSAL/REQUEST: This presentation is to inform the Board of Supervisors of the upcoming bond issuance process in advance of Board action that will be requested on March 18, 2026.
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Sumner, Bowman, Huff, Greene
PRESENTER (S): Andy Bowman
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The County's Capital Improvement Plan (CIP) is primarily funded through the issuance of bonds, consistent with the Board's adopted Financial Management Policies that were last updated on November 19, 2025.
As capital projects progress and expenditures occur, the County undertakes periodic bond issuances to provide long-term financing for eligible projects and to maintain alignment with approved CIP cash flows.
At the February 18, 2026 Board of Supervisors meeting, staff will present a brief educational overview of the bond issuance process and highlight the key factors that credit rating agencies consider.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: The issuance of municipal bonds is a coordinated and methodical process involving County staff, the County's financial advisors (Davenport & Company LLC) and bond counsel (Hunton Andrews Kurth LLP), and the national credit rating agencies, among others. Leading up to any debt issuance, County staff and Davenport work closely together to align the County's capital needs, financial policies, and long-term repayment considerations, developing a Plan of Finance that supports responsible and sustainable debt management. As the issuance process begins, Hunton prepares the legal and disclosure documents that form the basis of the financing, while Davenport advises on structuring consi...
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