Courthouse Refinancing Considered

A proposed refinancing of the remaining debt on Rockbridge County’s courthouse could lead to savings of nearly $1 million, according to the county’s financial adviser, Davenport & Company.

Details of the proposal were presented to the Board of Supervisors on Monday. Remaining principal on the outstanding debt is $8.5 million. The original 2006 loan was for $15 million, with debt of $11.76 million refinanced in 2013.

The latest refinancing plan presented would take advantage of historically low interest rates to realize potential savings of $974,019 over the remaining 15 years of debt payments. The interest rate at the time of the closing would determine what the actual savings would be.

The county’s bond counsel, Daniel Lauro, is to prepare an authorizing resolution for the proposed refinancing that will be considered at the supervisors’ next meeting on Sept. 28.

The News-Gazette

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