The Gloucester County Board of Supervisors held a public hearing Tuesday night in the colonial courthouse to consider options for the county’s water and sewer revenue bond financing. As recommended by county staff and Davenport & Company, the board unanimously voted to approve a 25-year bond with the Virginia Resources Authority.
The purpose of the bond is to finance $2.35 million in capital projects for the utility system contained in the county’s capital improvement plan. These projects include pump station upgrades ($1.36 million), improving the Water Treatment Plant Motor Control Center ($600,000), filter repairs ($330,000) and upgrading the raw water pump ($60,000).
The projected interest rate for the bond is 4.45 percent, but that figure may fluctuate slightly in the coming weeks.
“They’re not going to be locked in until late October,” said Davenport Senior Vice President Ted Cole about the interest rates.
Several other institutions provided proposals for the utility financin...