City bond sale expected to net $41 million in savings over 20 years
Based on a competitive bidding process finalized Nov. 19, the City of Richmond is scheduled to close Dec. 10 on $103.5 million in tax-exempt general obligation bonds to issue new debt for city and schools projects. It also will close on $51.6 million in taxable GO bonds to refund existing debt service for interest rate savings, the city said last week.
Through the tax-exempt bond sale, the city is avoiding about $41.6 million in additional interest payments over the next 20 years compared to previous borrowing assumptions. The overall true interest cost of funds for the $103.5 million in bonds was approximately 1.42 percent, which the city said is the lowest cost of long-term GO bonds for city and schools projects in Richmond’s history.
More on the bond sale is detailed on the city’s website.
Powhatan planners to consider solar farm
The Powhatan County Planning Commission will hold its regular meeting Tuesday. Full agenda here.
Planners are scheduled to vote whether to recommend a conditional-use permit tied to a proposed solar farm to be located on the north side of Anderson Highway (Route 60) northwest of the intersection with Rocky Oak Road (State Route 678). The facility would be on 197 acres of a 316-acre property.
The Board of Supervisors will render a final verdict on the request at a future meeting.
Office rezoning on Henrico agenda
Henrico supervisors meet Tuesday in regular session at 7 p.m. Public hearing items include a request from ORSA LLC to rezone 0.68 of an acre on the east side of Eastridge Road south of Jesse Senior Drive for an office development. Full agenda here.