Revenue Anticipation Note

In plain words

The matter is a 2026 Revenue Anticipation Note (RAN) for the County.¹ On August 24, 2026, the Board of Supervisors voted 5-0 to approve the resolution authorizing the issuance and sale of the tax and revenue anticipation note, series 2026.² The 2026 Revenue Anticipation Note is on the Joint Finance Committee agenda for October 14, 2026.³

What’s happened

1. Wed14Oct

   Joint Finance Committee

   • On the agenda: 2026 Revenue Anticipation Note (expected cost to County?) (agenda, Oct 14)
2. Mon24Aug

   Board of Supervisors · a vote

   Authorized5–02026 Revenue Anticipation Note (RAN)

   Motion to approve the resolution authorizing the issuance and sale of the tax and revenue anticipation note, series 2026 as presented.

   Moved by Brann, seconded by Williams

   Watch this part, from 11:18

   It begins: “next item we have uh Davenport here to talk to us further regarding the revenue anticipation note” From the video’s automatic captions, which mishear words.

   2 documents given to the board

   • Northumberland County, VA - RAN Recommendation 08.24.26 vF · 9 pages

     • This is a slide presentation by Davenport & Company LLC, the County's Independent Financial Advisor, dated August 24, 2026, on a Revenue Anticipation Note. page 1 page 2
     • It says County Staff indicated the need for a note of not more than $5 million to bridge operating cash flow until Real Estate Tax collections. page 3
     • Davenport recommends proceeding with the note from Blue Ridge Bank and Board authorization via documentation prepared by Bond Counsel, with closing on Tuesday, September 1. page 7 page 8

   • Northumberland County - 2026 RAN - Note Resolution - 357473904-v2-c

     • This is a draft resolution for the Board of Supervisors that would authorize issuing and selling a "Tax and Revenue Anticipation Note, Series 2026," with a clerk's certificate and a form of the note attached.
     • It says the County needs to borrow an amount not to exceed $5,000,000 to pay expenses before taxes and revenues are collected for the fiscal year ending June 30, 2027.
     • The money would be borrowed from Blue Ridge Bank, N.A., or an affiliate, at a rate not to exceed 4.91% per year if tax-exempt or 6.23% per year if taxable, with the note maturing on or before December 31, 2026.
     • The County's taxes and revenues for the fiscal year ending June 30, 2027 are pledged to repay the note, and the County represents those revenues will exceed $5,000,000 with no other such loans outstanding.
     • The County Treasurer would act as paying agent and registrar, and the Clerk would file a certified copy with the Circuit Court of the County of Northumberland, Virginia.

   Minutes, Aug 24, p. 2Open it in the meeting →

Meeting by meeting, newest first, in the records’ own words. Each vote names the minutes it’s written in.