The Accomack County Board of Supervisors received a Plan of Finance for the County’s $2 million share of the cost of construction of the new library Wednesday night from Davenport and Company. The plan has a goal of setting a financing schedule once bids for the new Library have been received and the project costs are known.
The Library Board is scheduled to have the bids in and the contract awarded in the October/November timeframe. The presentation by Davenport Inc. of Richmond included power points highlighting the impact of the financing on the County’s debt policies.
The presentation showed a chart reflecting the County’s debt as a percentage of Assessed Value. Currently the County is in very good shape. With the Library debt service added, the County’s Debt as a percentage of Assessed Value is projected to be 0.75%. The current policy allows for that ratio to be as high as 2.5% which leaves room for new debt should it become necessary.
Once the bids are accepted the plan will move forward. The Library Board has indicated it will complete the bid process in October or November.