Prince George County Agenda Board of Supervisors Regular Meeting 2026-05-26
Bond Financing Recommended to Atlantic Union Bank for Utilities Project
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Description
Prince George County is recommended to award Atlantic Union Bank a contract as the lender for up to $10,937,835 in general obligation bonds to finance the River Road Transmission Mains project, with a 15-year term at 3.98% interest. The bank was selected through a competitive RFP process and offers flexibility with no prepayment penalty.
Contract Details
Contract Amount
Not to exceed $10,937,835
Vendor
ATLANTIC UNION BANK
Agency
Prince George County, VA
Contract Type
FINANCIAL_SERVICES
Document Date
May 26, 2026
Contract Term
15 years
Renewal Date
2041-05-26
Renewal Info
15-year term with no prepayment penalty; standard bond agreement terms apply.
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