Rapidan Service Authority AgendaPacket Board of Members Meeting 2026-05-21
VDH Offers SRF Package for Madison Water Upgrades
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Description
The Virginia Department of Health offered Rapidan Service Authority a $6.04 million Drinking Water State Revolving Fund package for Town of Madison water system resiliency and capacity improvements, combining grant-like principal forgiveness with a low-interest loan. Board acceptance of the initial offer will allow RSA to proceed toward a future loan closing pending final terms and credit review.
Contract Details
Contract Amount
$6,038,281 (including $1,310,640 principal forgiveness and $4,727,641 loan)
Vendor
VIRGINIA DEPARTMENT OF HEALTH
Agency
Rapidan Service Authority, VA
Contract Type
FINANCIAL_SERVICES
Document Date
May 21, 2026
Contract Term
20-year or 30-year loan term option, to be selected at closing
Renewal Info
Initial SRF funding offer; final binding loan agreement, term selection, and any future refinancing or amendments will occur at a later Board-approved closing.
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