March 16, 2009
Contact:Gordon Hickey
(804)225-4260
www.governor.virginia.gov
~ Savings will provide budget relief for localities in 2010 ~
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
Harrisonburg City
19,040
Washington County
13,328
Henrico County
339,870
York County
59,652
James City County
201,995
