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Authority does not receive grant money in advance of billing.
James P. Jameison, Sperryville financial expert, has been assisting the authority in the grant anticipation binding process and he told Authority members that the package was close to completion.
The borrowing strategy works this way: the Authority borrows at a low interest rate, invests the money at a higher rate and uses it to draw on as bills are received.
The notes, secured by certificates of deposit and by the government, are easy to place and present tax advantages to the buyers. The Authority pays back the notes, offered in amounts of $5,000 or composites of that amount, as expenses are reimbursed under the terms of the grant.
Monday’s resolution authorized the board to go ahead with the plan,
82.2%