In 2017, the county issued a $4 million bond to Truist Bank, then BB&T, to finance improvements to the county landfill, of which $3.4 million remains outstanding, according to county documents.

However, the board decided last year to close the landfill and build a new solid waste transfer station on that site in Madison Heights to haul waste to another locality. In paying off the remaining debt and entering into a $14 million bond sale to VRA, the county plans to set aside $4 million to $6 million, depending on a specific amount the board chooses, for improvements to the solid waste system.

The county is starting construction on a new transfer station and solid waste center on Boxwood Farm Road in northern Amherst County in the near future.

Rodgers said during a recent meeting each financing option gives the county a lower debt service payment. “In every case we’re saving money,” Rodgers said.

The additional money helps reduce the draw on the county’s recurring revenue streams and frees up spending for other long-term needs, he said.

“This is an opportunity to seize,” Chairwoman Claudia Tucker said during a recent meeting, referring to building up savings.

The county also is refinancing up to $8.5 million to the Virginia Public School Authority for a 2016 loan for improvements to the Amherst County Public Schools division’s HVAC and control systems, which led to energy savings. The county anticipates at least $40,000 per year in debt service savings with $450,000 over the life of the loan, according to county documents.



Source Google News