Thursday, April 18, 2024
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Kilmarnock

Northumberland looks to borrow for radio upgrade

HEATHSVILLE—With a price tag of roughly $4.5 million dollars, Northumberland supervisors on May 11 voted 5-0 to move forward with a non-binding agreement to pursue funding for an emergency radio upgrade while they continue to work on the upcoming fiscal year’s budget.

Kyle Laux, senior vice president with Davenport & Company, presented three financing options from a recent request for proposals (RFP). The recommended and chosen Bank of America option would finance $5 million over 12 years at a 3.1723% interest rate, costing the county an additional $508,000 every year, with $1.1 million in interest over the life of the loan. The board is expected to vote on final approval at the June 8 meeting and close on financing later that month.

In a related presentation, Laux highlighted the fiscal improvement….

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