Henrico County has just sold $78 million of utility bonds at 2.8 percent over 30 years. It was a very favorable rate for a county that historically has had very good credit.
Henrico has a Triple Triple A bond rating from Moody’s Investors Service.
“Well, there are only 12 utilities in the country that operate utilities that have a Triple, Triple-A.”
Finance Director Ned Smithers says some will refund some 2009 bonds to save customers about $1.4 million. $38 million will go to the massive Cobbs Creek reservoir project, the rest to infrastructure rehab projects for wastewater, sewer and water facilities.
“Average age of sewer pipes around 60 years, the average age of water pipes around 80 years.”
And Utility Director Chip England says with 3,100 miles of water and sewer lines, it takes regular maintenance.
Henrico has 99,000 water, 96,000 sewer customers. The bond issue is paid by user fees.