Purcellville Debt Restructuring Plan Approved

Acting on the recommendation of the town’s financial advisor, the Purcellville Town Council on July 25 approved plans to restructure up to $21 million in outstanding debt.

The actions, recommended by Davenport and Company, will reduce projected annual water and sewer rate increases from 7 percent to 2 percent, avoid a looming balloon payment, and allow more flexibility with the use of the Fireman’s Field complex. Money available from the town’s General Fund reserves will be used to buy down some debt.

The town is expected to close on a new $5 million loan with Sterling Bank early this month and to sell approximately $17.9 million in 20-year bonds in September.

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