At a special meeting last Thursday, the Mathews County Board of Supervisors adopted a resolution approving a short-term loan of $5 million in lease revenue bond financing to support the eventual funding of a new Station 1 for Mathews Volunteer Fire Department.
The interim financing was suggested by the county’s financial advisor, Davenport & Company LLC, in order to give the county the ability to fund immediate capital needs without placing too much of a burden on the general fund in the short term. Davenport conducted a comprehensive financial review of the county’s financial health in March in order to help develop an overarching capital funding plan for the county.
Kyle Laux, senior vice president at Davenport, explained to board chair Janice Phillips and supervisors Tom Bowen and Tim Doss (supervisors Dave Jones and Mike Walls were unable to attend) that his company had sent out a request for proposals to local, regional, and national banks to solicit proposals for the interim ...