Loudoun County set a record Tuesday, achieving its lowest-ever interest rate on a the sale of general obligation bonds to fund several schools and the purchase of fire and rescue apparatus.
The county took a rate of 2.31 percent in the sale of $64.5 million in bonds, authorized by the Board of Supervisors July 3.
County Administrator Tim Hemstreet said the record rate is “reflective of the Board of Supervisors’ commitment to sound fiscal policy and financial management, as well as the hard work of county staff.”
In advance of the sale, the nation’s top bond rating agencies affirmed Loudoun County’s AAA rating on its general obligation bonds, noting the county’s strong financial management practices and policies. Loudoun County has held the Aaa rating from Moody’s since 2004, and AAA from Standard & Poor’s and Fitch Ratings since 2005.
“The reaffirmation of our triple-A rating is good news for Loudoun taxpayers, because it means that the county will continue to get the best possible interest rates to finance our capital projects,” said Board of Supervisors Chairman Scott York (R-At Large).
According to the county’s public information office, the bonds are primarily for the purpose of partially funding new schools: three elementary schools in the Ashburn, Leesburg and Moorefield Station areas, one middle school in the Ashburn area, and one high school in the Dulles area. The sale will also fund renovations to Park View High School.
|The Loudoun Times-Mirror
is an interactive, digital replica
of the printed newspaper.Open the e-edition now.