Virginia Bond Issue is Competitive Sale of $107 Million in General Obligations

Jul 14, 2018 | Municipal Bonds, Municipal Finance

Featured Municipal Bond Issue, Week of July 16th, 2018: Competitive Virginia Bond Issue (General Obligation) – $107 Million

The Commonwealth of Virginia is issuing $107 million in general obligation bonds the week of July 16th, 2018. The bonds are being issued as a single, tax-exempt series, for the purpose of financing revenue-producing capital projects at higher educational institutions of the Commonwealth. According to the Notice of Sale, the competitive sale will take place on Wednesday, July 25th 2018 until 10:30 a.m. EDT. Payment of principal and interest on the bonds is secured by an irrevocable pledge of the full faith and credit of the Commonwealth of Virginia. Net revenues of certain facilities of institutions of higher learning are pledged for payment, but should these ever be insufficient in any fiscal year, the General Assembly shall appropriate sufficient funds, or the Governor shall direct payment from general revenues of the Commonwealth.

Details on purposes, tax-status, security, as well as other matters pertaining to this Commonwealth of Virginia bond issue can be found in the preliminary official statement, available on MuniOS.



Virginia Bond Issue

Provided at left (click to expand) is a quick snapshot of financial characteristics of the Commonwealth of Virginia as of 06/30/2017, compared with the 2016-2017 medians for other U.S. 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.

by Jeffrey L Garceau