State authority to sell $254 million in bonds for local projects
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Media General News Service
Published: November 20, 2008
Virginia is going back to the bond market today, buoyed by the success last week of state and local government bond sales for public projects.
The Virginia Resources Authority is scheduled to sell $254 million in highly rated bonds in what would be the largest pooled financing effort in the authority’s history.
The bonds will pay for projects in localities across the state, including improvements to sewage treatment plants and new libraries and fire stations.
The revival of the municipal bond market has been one of the few bright spots in a perilous economy. State and local governments postponed bond sales in early October because of paralyzed credit markets. Last week, however, both the state and Henrico County received high demand and low interest rates on top-rated bonds for public projects.
The Virginia Resources Authority’s bonds are rated AAA/AA by Standard & Poor’s and Aaa/Aa2 by Moody’s.
Since the authority’s creation in 1984, it has financed about $3.5 billion in public infrastructure improvements in localities throughout Virginia.
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