Virginia Schools Benefit From Refinancing Savings

 Note: In 2005 Voters in Virginia understood the message to “Keep Virginia Moving Forward” and elected Tim Kaine our Governor … one thing he clearly understood was the need for Virginia to maintain its AAA bond rating … the following announcement shows voters once again that Democrats know how to govern …

GOVERNOR KAINE ANNOUNCES $4.1 MILLION IN REFINANCING SAVINGS TO 31 LOCAL SCHOOL DIVISIONS

~ Savings will provide budget relief for localities in 2010 ~

RICHMOND – Governor Timothy M. Kaine announced today that $4.1 million in refinancing savings would be distributed to 31 Virginia school divisions. The savings, which range between $4,760 and $662,686, result from the issuance by the Virginia Public School Authority (VPSA) of $114.2 million in School Financing Refunding Bonds, Series 2009, which was completed March 12, 2009.  Savings will be distributed to the localities on July 15, 2009, in the form of a one-time credit against their debt service. 

“I am delighted that we have been able to provide some additional budget relief for these localities in 2010,” Governor Kaine said. “These savings will be passed through to the localities as a credit, freeing up funds in local budgets.”  

Localities receiving the savings were participants in four earlier VPSA bond issues that were refunded by the 2009 bonds.  The amount of savings credit for any locality is determined by the locality’s participation in the earlier bond issues — the larger the original bond amount, the larger the savings. The participating localities are being contacted directly by the VPSA.  The Literary Fund will also receive savings of approximately $2.86 million, representing savings on local borrowings originally subsidized by the Literary Fund.

State Treasurer Manju Ganeriwala added, “When this VPSA refinancing became feasible, the Authority acted quickly to take advantage of the opportunity to generate savings for the underlying localities.”

The localities, and the estimated credit each will be receiving on July 15, 2009, are:

Accomack County

$  32,757

 

Loudoun County

$ 192,307

Albemarle County

144,070

 

Louisa County

158,551

Amherst County

78,669

 

Mathews County

20,618

Bedford County

18,620

 

Montgomery County

158,264

Botetourt County

44,792

 

Orange County

89,929

Buchanan County

38,081

 

Page County

45,530

Fauquier County

140,099

 

Prince George County

257,144

Fluvanna County

9,520

 

Prince William County

405,929

Frederick County

139,342

 

Russell County

4,760

Goochland County

203,435

 

Spotsylvania County

446,501

Greene County

5,862

 

Stafford County

662,686

Greensville County

68,681

 

Staunton City

  6,896

Hanover County

11,034

 

Sussex County

70,449

Harrison burg City

19,040

 

Washington County

13,328

Henrico County

339,870

 

York County

59,652

James City County

201,995

 

 

 

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