Featured Municipal Bond in the Market, Week of 11/14/2016: Richmond VA Gas, Water & Wastewater Funds Revenue Bonds – $491 Million
This week’s featured bond comes from the State of Virginia. The City of Richmond’s gas, water, and wastewater funds is scheduled to issue $491 million in negotiated revenue refunding bonds the week of November 14, 2016. These bonds are scheduled to be issued as a single series, and their purpose is to refund various previously issued Richmond revenue bonds issued in 2007 and 2009, as well as finance improvements and expansions of the gas, water, and wastewater systems. Security for the bonds is a limited obligation of pledged net revenues of the systems. These details and more on purposes, security, and general outlook for Richmond and the system, and other matters pertaining to these Richmond revenue bonds can the found in the official statement, provided by MuniOS.
As of September 2016, the State of Mississippi has an unemployment rate of 4.1%, which is unchanged from the same time in 2015, and 0.8% lower than the current national rate.
Provided at left is a quick snapshot of financial characteristics of the Richmond Gas, Water & Wastewater Funds, along with the medians for other states, courtesy of Merritt Research Services, LLC. Merritt has many of the sector medians publicly available and regularly updated on their Benchmark Central page. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database. These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.