FINANCIAL_SERVICESAPPROVED

Botetourt County Board of Supervisors Agenda April 2026

County Approves $32 Million VRA Lease Financing for Public Safety Projects

Not to exceed $32,000,000 (including up to $25,000,000 new money and up to $7,000,000 refinancing)Botetourt CountyVIRGINIA RESOURCES AUTHORITYApril 28, 2026

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Description

Botetourt County approved a lease-leaseback financing with the Virginia Resources Authority for up to $32 million to fund public safety radio and Read Mountain Fire Station improvements and refinance 2014 public safety debt. The financing lease carries a maximum interest rate of 5.5% and matures no later than December 31, 2050.

Contract Details

Contract Amount

Not to exceed $32,000,000 (including up to $25,000,000 new money and up to $7,000,000 refinancing)

Vendor

VIRGINIA RESOURCES AUTHORITY

Agency

Botetourt County, VA

Contract Type

FINANCIAL_SERVICES

Document Date

April 28, 2026

Contract Term

Final maturity of rental payments not later than December 31, 2050

Renewal Date

2050-12-31

Renewal Info

Financing lease runs through final maturity not later than December 31, 2050; refinancing component proceeds only if net present value savings meet or exceed 3%.