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Virginia Resources Authority




Virginia Pooled Financing Program

VRA provides financing to local governments for essential projects.  All VRA projects areas are eligible for financing in the Virginia Pooled Financing Program (VPFP). Since inception in 2003, 88 different cities, towns, counties, and service authorities utilized this program to finance nearly $1.5 billion.

VPFP Fall 2010 Application, Due by August 16, 2010

  • Bond proceeds available late November/early December 2010

Virginia Pooled Financing Program Application (Excel 158K)

Virginia Pooled Financing Program Application (Word 549K)

 

The unique structure of the VPFP provides value added benefits, including:

  • “AAA/AA” interest rates
  • Custom-tailored loans
  • Economies of scale and shared issuance costs
  • No bond insurance premiums
  • Straightforward process
  • Loan terms up to 30 years
  • Access to the best services and results
Recommended Minimum Loan Size $750,000
Application fee $2,500 for project funding of $5 million or less

$5,000 for project funding over $5 million

Security General obligation, Revenue pledge, or Lease (subject to VRA approval)
Annual Administrative Fee 0.20% of outstanding principal; paid semi-annually with interest payments
Costs of issuance
VRA Loan Origination Fee
0.15% of loan par amount
Legal
Based on # of borrowers and loan structure
VRA Financial Advisor
Prorated based on loan amount
Ratings
Prorated based on loan amount
Trustee
Shared equally among borrowers
Underwriters Discount
Prorated based on loan amount
Printing
Shared equally among borrowers
Credit enhancement Commonwealth moral obligation pledge
Program debt service reserve fund If any costs, prorated based on loan amount

Interim Financing is available to meet the timing needs of any project. Bonds are issued at least twice a year in the fall and spring.

 

 

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Virginia Resources Authority
1111 E. Main Street, Suite 1920
Richmond, VA 23219
Phone: (804) 644-3100
Fax: (804) 644-3109
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