Economic Development Authority meets to refinance STAB bonds

ALBEMARLE COUNTY, Va. (WVIR) - Albemarle County’s Economic Development Authority (EDA) approved a request Monday from Saint Anne’s Belfield (STAB) to refinance its bonds issued in 2009.

The terms of those bonds were debated since it will impact the cost. The authority also discussed different fees that should be charged.

It approved the revenue funding bonds to help the school save money and supported the refinancing to reduce its costs.

“The authority is an integral part of the tax exempt financing market and we just want to make sure that if there’s something that is supposed to be paid, that it gets paid, but at the same time the school’s a nonprofit,” TW Bruno of McGuire Woods Law said.

The Economic Development Authority will meet again later this week to further discuss the topic.

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