Mathews IDA to hold hearing on bond issuance request

by Sherry Hamilton - Posted on Nov 02, 2011 - 03:46 PM

The Mathews County Industrial Development Authority will hold a public hearing on a $17.5 million joint bond issuance with James City County at 7 p.m. on Tuesday, Nov. 22, in the historic courtroom on Court Street.

Williamsburg Landing, Inc., has requested the issuing of bonds to help finance renovations to the company’s facility for the elderly on Williamsburg Landing Drive in Williamsburg.

According to Mathews County Administrator Steve Whiteway, Mathews County and the IDA wouldn’t have any liability for repayment of the bonds but would merely be the vehicle for issuing them, and the IDA would receive an annual fee from the borrower until the bonds are paid off.

Whiteway explained that under federal law, every locality has the opportunity to issue a certain amount of bank-qualified, tax-exempt bonds to provide financing for non-profit organizations. The bonds are usually issued for projects within a locality, and the transaction is generally handled by that locality’s industrial development authority or similar body.