Featured Municipal Bond in the Market, Week of 06/05/2017: Virginia College Building Authority Revenue Bonds – $251 Million
This week’s featured bond comes from the Commonwealth of Virginia. The Virginia College Building Authority is issuing Educational Facilities Revenue Bonds in the amount of $251 million the week of June 5, 2017. The bonds consist of two series. Series 2017A is a $76 million issue to be used to acquire equipment for public higher education institutions. Series 2017B is a $175 million issue to be used to refund outstanding previously issued Educational Facilities Revenue Bonds, issued in 2006.
The bonds are limited obligations of the Virginia College Building Authority. Security on these bonds consists mostly of anticipated funds to be appropriated by the General Assembly of the Commonwealth of Virginia. Further details on the purposes, security, tax status, and other matters pertaining to these Virginia College Building Authority revenue bonds can the found in the preliminary official statement, provided by MuniOS.
As of April 2017, the Commonwealth of Virginia has an unemployment rate of 5.0%, which is 0.6% higher than the national rate for April, and 1.1% lower than at the same time in 2016. The chart below shows the changes in the Commonwealth of Virginia and U.S. unemployment rates for the past ten years. MuniNet provides this data and more, easily accessible, for all 50 states and each Metropolitan Statistical Area in the country, in our Employment Database.
Provided at left is a quick snapshot of financial characteristics of the Commonwealth of Virginia, as of 06/30/2016, along with the medians for other U.S. States for 2015-2016, 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.