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By T. REYNOLDS BappaaaaiMck New* Spadal Writer
"These are sweet pieces of paper, and we should have no trouble placing them,” Sperryville financial expert James P. Jameison told the . Sperryville Water and Sewer Authority at a special meeting oil Monday.. Jameison attended the board meeting to explain the financial strategy he had devised for providing the Authority with “upfront money” to pay contractors on the sewer. He was talking about grant anticipation notes, which would be secured by certificates of deposit secured by the government.
Since the EPA grant guidelines call for payment of contractors and other fees after the Authority pays them, potential bidders would add five to ten percent to the bid to allow for delayed payment. Jameison’s plan is to avoid these extra costs by obtaining an anticipatory note, borrowing at a low interest rate, reinvesting the money at a higher rate and having fluids to draw on as bills are received. The loans are paid back as expenses are reimbursed under the terms of the grant.
Jameison told the Authority that his discussions with broken and financial
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