Proposed bond issue would fund roads, parks, schools

Some delayed projects will get a kick-start, and the county will save money, if the Board of Supervisors gives the OK to a proposed sale of county bonds.

Budget and Management Director Allan Carmody told members of the county’s Budget and Audit Committee last week that he will present the board with a proposal at today’s meeting to sell up to $79 million in general obligation bonds.

Almost $19 million of the sale’s proceeds would provide funding for four road-improvement projects and some upgrades and expansions in the county’s parks. They would also enable the departments concerned with public safety – police, fire and emergency medical services, and sheriff’s – to buy new equipment and move forward on land acquisition and site evaluation.

The majority of the funds, up to $60 million, would go to refinance some existing bonds, including $35 million to refund bonds the county issued through the Virginia Public School Authority. Projects in line to receive funding from that source include upgrades at Watkins Elementary and major maintenance on heating and air conditioning in school system facilities.

Carmody said the county’s AAA bond rating and a favorable interest rate environment will enable it to save an estimated $1.5 million by refunding the general-obligation bonds and $3.2 million by refinancing the VPSA debt.

The bonds will be issued under approval given by residents in a 2004 referendum. That approval normally would have expired by now, but a Circuit Court judge ruled recently that the county could have an extension allowing it to issue the bonds no later than November 2014, Carmody said.

At today’s meeting, the Board of Supervisors is expected to set a public hearing and adopt a resolution authorizing county staff to execute the refunding. Carmody said the target date for holding the public hearing is the board’s March 7 meeting.

Projects to be funded by the bonds were already included in the county’s budget appropriations for fiscal years 2011 and 2012. They include:

• $2 million to widen Robious Road at James River High School;

• $2 million to build sidewalks in Midlothian;

• $4 million to extend the Powhite Parkway to Watermill Parkway;

• $4.7 million to widen Route 10 in the Enon area;

• $1.2 million for improvements to county parks;

• $1.3 million for upgrades at Falling Creek and Stratton parks;

• $830,000 for facilities at Matoaca Park;

• $35,000 to build a trail along the Appomattox River near Virginia State University in Ettrick;

• $1.5 million for public safety equipment;

• and $1.2 million for site evaluation and land acquisition by public safety departments.