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The original item was published from 7/21/2016 9:59:17 AM to 8/17/2016 2:32:12 PM.

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Danville, VA Local Government News and Announcements

Posted on: July 20, 2016

[ARCHIVED] City Council authorizes $8.6M in bond financing

Municipal Building photo

City Council voted Tuesday night to authorize bond financing for nearly $3.8 million in school capital projects, $2.9 million in general city government projects, and $1.5 million in electric system projects.

The list of school projects includes $1.6 million to renovate a building and purchase equipment for a precision machining program at George Washington High School. The bond amount, however, would be reduced if the City were successful in its attempt to secure zero percent interest bonds for the project from the U.S. Department of Education.

The general government projects include $500,000 for road improvements, $468,000 for roof replacements, $440,677 for airport improvements, $335,000 to purchase voting machines, $275,000 for elevator upgrades, $275,000 for heating and air conditioning upgrades, $266,000 for park improvements, $200,000 for fire equipment, $75,000 to purchase a crime scene vehicle and $33,000 for driveway and parking resurfacing.

The total principal amount cannot exceed $8.57 million.

City Council also voted to refund Series 2009A, 2013A, 2014A and 2014B bonds in order to refinance this debt over the remaining life at a lower interest rate. The amount to be refinanced cannot exceed $15.69 million.

In addition to authorizing the bond financing, City Council voted Tuesday night to:

• approve a support agreement enabling the Regional Industrial Facility Authority to refinance bonds used to develop Can Creek Industrial Park. The bonds originally were issued in 2005 as variable rate financing for $7.3 million. The amount refinanced will be $3.7 million with a fixed rate of 2.34 percent over three years. The amortization schedule continues to be based on a final maturity of Jan. 1, 2026. Prior to the expiration of the three-year term, the agreement will need to be renegotiated or other financing sought.
• approve the mayor’s appointments of City Council members to various boards. James Buckner is remaining on Dan River Business Development Center’s board and Sherman Saunders is remaining on the Danville Development Council and Employee Retirement System Board of Trustees. Fred Shanks is remaining on the Metropolitan Planning Organization’s board, and he is joined by Lee Vogler. In addition, Shanks was appointed to the West Piedmont Planning District Commission’s board. Larry Campbell is remaining on the Transportation Advisory Council.
• move the next City Council meeting, which was scheduled for Tuesday, Aug. 2, to Thursday, Aug. 4. The change in dates will permit members of City Council to attend the local National Night Out event on Aug. 2.

Council's meeting included a business session followed by a work session. In work sessions, Council reviews non-routine matters that will be voted upon in future business meetings. In Tuesday’s work session, City Council reviewed monthly financial statements and discussed a proposed swap of property at the Riverwalk Trail with Woodall Chevrolet.

River City TV airs live all Council business sessions. The first rebroadcast will be at 8 p.m. Thursday. Watch it on cable (Comcast channel 10 and Gamewood channel 122). The taped broadcast is available now on the City’s YouTube channel -- DanvilleVAGov.

River City TV does not air work sessions, but they are open to the public.

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