Bonds ~ 2019 Bond Issuance

Current Bond Rating Summary 

Debt Service and the Tax Rate

2019 Rating Agency Reports
In July 2019, County representatives met with Fitch, Moody’s and Standard & Poor’s to present current economic and financial information pertaining to Spotsylvania County.   The presentation is available here.
In early August, the County’s credit rating was upgraded to AAA by Standard & Poor's.   Fitch and Moody’s affirmed their ratings of the County at AAA and Aa1, respectively.  Below are the full rating reports from each agency:

Standard & Poor's

2019 General Obligation Bond Issuance
On June 25, 2019, the Board of Supervisors approved the issuance of up to $85.0 million in General Obligation (GO) bonds to finance the following projects:

• Replacement of Computer Aided Dispatch (CAD) system;
• Animal Shelter expansion/renovations;
• Company 6 (Salem Church) bunkroom addition/renovation;
• Rt. 17 widening & bridge replacement;
• Renovation and expansion of Courtland High School; and
• School technology, bus replacements, and school building capital maintenance.

Then, on August 7th, the County sold $51.165 million in GO bonds at an “all in” interest rate of 1.686%.  The refunding of previously issued bond results in $3.4 million in net savings over the remaining life of the refunded bonds.  

Executive Summary from June 25, 2019 Board of Supervisors
Resolution Adopted by Board of Supervisors on June 25, 2019

Previous Years

Additional Links

Contact Information

Main: (540) 507-7590 
Fax: (540) 582-6304

Mary Sorrell, Finance Director

Budget Staff
Bonnie Jewell, Deputy Director of
     Finance for Budget
Julie Elliott, Budget Manager
Vacant, Senior Financial Analyst
Holly Dove, Budget Analyst II
Barbara Verhaalen, Budget
     Analyst I

Mailing Address:                             
PO Box 215                                       
Spotsylvania, VA 22553

Physical Address:
8800 Courthouse Road
Spotsylvania, VA 22553