CHARLOTTESVILLE, VA (CVILLE RIGHT NOW) – Wrapped around the largest capitol project in the city’s history, City Council Monday night approved what budget director Krisy Hammil called the largest bond issuance in her nearly 26-year history in the city budget office. City Council Monday night approved issuance of up to $65-million in new bonds, and another $25-million in what they call refunding of bonds issued in previous years, which she says is essentially a refinancing. Hamill says taking on this debt has been planned for in the budget, and this is cashing in on a bond issuance likely next month to pay largely a $53-million cost on the middle school rebuild, the largest capitol project in city history. There are also other city facilities in the bond issuance including some $5.5-million in water, wastewater, and stormwater infrastructure projects.

Hamill says they have a scheduled call with bond rating agencies, who visited the city last year, and it’s not anticipated the city’s bond rating will be affected. She pointed out Charlottesville is one of only four cities in the Commonwealth with a perfect Triple-A bond rating… Fairfax, Virginia Beach, and Alexandria being the others. Hamill says the city has a policy they will issue no more debt than 10% of the general fund with a target of 9… and this would put that just over 6.