Hanover County applied to the Virginia Pooled Financing Program (“VPFP”) to finance the construction of a new courthouse facility in 2014. The existing structures were originally constructed in 1976 and the needs of the County had outgrown the space available. The new courthouse is nearly triple the size of the existing facilities and includes offices for the Commonwealth’s Attorney, Clerk of the Court, and six independent courtrooms. The new facilities also include secured parking for judges, a new security system, and an enclosed vehicle sally port for prisoner transport. The financing for the $41.5 million project was split between two VPFP issuances in spring 2014 (2014A) and summer 2015 (2015B). These issuances are secured by a Special Fund Revenue pledge, a security structure offered by VRA where the borrower creates a special fund that is designated as security for the loan and deposits amounts into that fund subject to annual appropriations. This security structure is available to those localities that can demonstrate the highest level of creditworthiness.
