FINANCIAL_SERVICESAPPROVED

Botetourt County Board of Supervisors Agenda April 2026

County Approves $32M VRA Lease Financing for Public Safety

Not to exceed $32,000,000 (Maximum Par Amount)Botetourt CountyVIRGINIA RESOURCES AUTHORITYApril 28, 2026

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Description

Botetourt County entered into a lease-leaseback financing arrangement with the Virginia Resources Authority for up to $32 million to fund public safety radio upgrades, Read Mountain Fire Station improvements, and refinancing of 2014 jail debt. The Financing Lease runs through no later than December 31, 2050, with interest capped at 5.5% and payments subject to annual appropriation.

Contract Details

Contract Amount

Not to exceed $32,000,000 (Maximum Par Amount)

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 and related documents establish long-term debt through 2050; refinancing of the 2014 lease proceeds only if net present value savings meet or exceed 3%. No routine renewal beyond bond maturity is contemplated.