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By JANE BANGLEY
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The Water and Sewer Authority (WSA) was to have acted on a financing proposal for the Sperryville Sewage System during its regular meeting on Thursday, October 4, but instead the Authority was told that there was no proposal.
Due to a misunderstanding between Fauquier National Bank and Wheat, First Securities over investment of ftinds, financing for the project will have to be reworked.
"We were expecting to have final financial arrangements set today, and r it was bassd ofi two things,” said. I Wang Cilimberg, executive director
Rappahannoek-Rapidan Planning District Commission in Culpeper. “One was two purchasers of the notes, and those were in the amount of over $900,000.”
Cilimberg said that the two buyers, Capitoline Investments and Fauquier National Bank, were committed “and that’s no problem.” He problems arose over the investment of the fluids.
“Fauquier National Bank had committed to invest the fluids at a rate that was 98 percent of the one year treasury trill discount rate quoted in the Wall Street Journal one day prior to sale of the WSA notes,” said Cilimberg. “Wheat, First Securities was going under the assumption that this 98 percent of the one year treasury bill discount rate was in fact the yield rate rather
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65.8%