Isle of Wight board sets public hearing on bonds
Published 10:21 am Saturday, March 20, 2010
ISLE OF WIGHT—Citizens will have a chance to speak on Isle of Wight County’s proposed issuance of $23.5 million in bonds at a public hearing next week.
County spokesman Don Robertson said the bond funding would go toward a number of “specific projects” around the county, including some funding to finish construction of the county’s new courts building.
Board of Supervisors Chairman Phillip Bradshaw said the new bonds are actually a continuation of bonds that were issued last year. He said the county’s bond counsel advised the county to go out to the bond market twice because of market conditions.
“We didn’t need all of it at once,” he said of the bond funding.
Bond funding would go toward the purchase of the Smithfield Medical Center property for use as the county’s new health department, the purchase of some new fire and rescue equipment.
Development of the Shirley T. Holland Intermodal Park, community development facilities, public utility improvements and economic development land acquisitions are also targeted for bond funding. The Board of Supervisors must give approval before the bonds can be issued. This will likely be the last time the county issues bonds for a while, Bradshaw said.
“It’ll probably be 18 to 24 months before we have to go back to the bond markets,” he said.
The public hearing is scheduled for 7 p.m. Wednesday at the courthouse.