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Spotsylvania says bond sales will help fund new VRE station and save money on loans for two other projects.
Spotsylvania says bond sales will help fund new VRE station and save money on loans for two other projects.

Date published: 7/24/2012

Spotsy sells bonds for VRE, other needs

Spotsylvania County announced Monday that a new Virginia Railway Express station and two other projects will benefit from the recent sale of $17.4 million in bonds.

Because of its "strong bond rating, Spotsylvania got its lowest-ever rate in the bond sale, spokeswoman Kathy Smith said in a release.

The county plans to use some of the bond proceeds to help pay its $5 million portion for the VRE station. There is also state and federal funding for the project, which includes a station and parking. A "third track" also is being built near the station, with a price tag of $32.5 million.

The county hopes to have the new VRE station built by the end of 2013.

The bonds also will allow the county to refinance money borrowed in 2007 for the Massaponax and Harrison Crossing Special Service District as well as the 2002 School Literary loans.

The county sold the general obligation bonds on July 19.

--Staff reports