AGENDA DATE: 3/18/2026
TITLE:
Resolution Authorizing a Bond Issuance and the Issuance of Refunding Bonds
SUBJECT/PROPOSAL/REQUEST: Approve a financing plan with the Economic Development Authority of Albemarle County to issue revenue bonds to finance certain Public School and County Government improvements, to refinance a portion of the Rivanna Futures property, and to issue revenue refunding bonds to refinance the 2015B Bond Issue.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Herrick, Ruege, Sumner, Bowman, Greene, Huff, Mitchell
PRESENTER (S): Jacob Sumner and Davenport & Co., Financial Advisors
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The County's adopted Capital Improvements Plan (CIP) is primarily funded with revenues from borrowed proceeds from the issuance of bonds, which are applied to projects that are eligible to be funded with this revenue. As the CIP is implemented and expenditures are incurred, the County issues bonds to fund the CIP, as authorized by resolutions approved by the Board of Supervisors. For example, between 2010 and 2023, the County undertook eight revenue bond financings through the Economic Development Authority (EDA) and used the proceeds either to reimburse the County or to refinance existing bonds at lower interest rates.
Additionally, the County periodically reviews its outstanding bond issues to compare existing interest rates with current market conditions and identify potential savings. When lower rates are available, the County may issue new bonds and use the proceeds to redeem higher-cost outstanding bonds. This process is known as refunding.
Issuances are completed within the framework of the Board's approved Financial Management Policies.
The County seeks to request the EDA to issue new tax-exempt revenue bonds (Revenue Bonds) not to exceed $156.55 million, including cost of issuance. The proposed plan for financing would support the following three components:
1. Ca...
Click here for full text