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03/10/14 - 7:34 am
Schools were closed for the day after students had already missed class on Monday and Tuesday due to inclement weather. The opening of school was delayed Wednesday, leaving Thursday as…
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03/10/14 - 7:26 am
Recently, forty-four Sea Serpent swim team members from the YMCA of South Boston/Halifax County traveled to the Salem YMCA to participate in the PYSA Swimming Championships against 10 other YMCA…
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Clarksville Council looks at refinancing, debt options
SoVaNow.com / September 11, 2013Clarksville Town Council is looking into hiring Davenport & Company, a financial advisory and underwriting firm, to perform a comprehensive financial review of the town’s revenue and debt structure, and to find refinancing opportunities for the town’s outstanding loans.
David Rose, Senior Vice President and co-head of Public Finance, talked to Town Council members last week about the services his company can provide, including a comprehensive financial review, refinancing opportunities for existing debt, and analyzing debt capacity and affordability for the town.
Davenport also can help Clarksville generate a series of financial policies and guidelines aimed at providing long-term financial stability, Rose said. He added the policies and guidelines would serve as a model for ways to responsibly incur debt over a five-year and 10-year period.
As part of his preparation for the meeting with Council last Tuesday, Rose said he and Mason McLean, a Davenport analyst, reviewed 15 outstanding Clarksville loans. They concluded, from their brief review that at least four of the loans could be refinanced to obtain a significantly lower interest rate.
Rose’s fee for providing the comprehensive financial review would not exceed $7,500, at a rate of at $250 per hour. He also promised to complete the review within 45-60 days. “We can have the town in a position, by November or December, to know where it stands financially,” said Rose.
Locally, both Mecklenburg County and the town of Boydton have used the services of Davenport & Company to issue or restructure debt.
In other business, Council announced that it is looking to fill vacancies on both the planning commission and the IDA. During the discussion, Council member Glenn Jurczyk asked Council to consider instituting a requirement that all members of the planning commission or the zoning board take a class to familiarize themselves with the building codes and other applicable laws.
Anyone interested in serving on any town board or commission should contact Town Manager Jeff Jones at 434-374-8177.
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