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James City County sells $39.82 million in general obligation bonds to finance third high school

Date: May 27, 2005
Contact: Ruth Richey, Communications Specialist

Phone: (757) 253-6864


James City County competitively sold $39.82 million in general obligation bonds Tuesday to finance construction of the third high school.


The true interest cost of the winning bid was 4.204 percent, with Banc of America Securities LLC submitting the winning bid. Davenport & Company LLC conducted the electronic bidding, with six firms submitting bids ranging from the lowest at 4.204 percent to 4.267 percent.


"I'm very pleased with the results of the bond sale because it came in less than budgeted with the low interest rates," County Administrator Sandy Wanner said.


The debt service on the bonds will result in savings of approximately $80,000 annually from what had previously been projected over the 25 year repayment schedule.


In fall 2004, County voters approved the $39.82 million bond referendum authorizing the sale of general obligation bonds to finance the new high school, which is scheduled to open in fall 2007. The Warhill site will also include a community college campus and athletic stadium.


Moody's Investors Services, Inc. had recently upgraded James City County's bond rating to Aa2. Moody's was one of three credit rating agencies that visited here to review the County's finances, economy and fiscal management.


Standard & Poor's reaffirmed the County's mid-range AA bond rating, with indications that point to a higher rating in the future. Fitch -- whose rating is new -- rated the County at AA+, the top of the AA range. All three rating reports cited the County's fiscal stewardship and the growing and diversifying economy in determining the favorable ratings that resulted in the low interest rates on borrowing for construction of the school



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