Financing
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).
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
- No individual rating agency review
- Straightforward process
- Loan terms up to 30 years
- Access to the best services and results
Bonds are issued at least twice a year in the fall and spring and VRA offers Interim Financing to meet the timing needs of any project.
Since inception in 2003, 57 different cities, towns, counties, and service authorities utilized this program to finance over $718 million.
Spring 2008 Borrower Summary
Locality |
Project |
Par Amount |
|
|---|---|---|---|
|
Wastewater |
$19,685,000 |
|
|
Refunding Wastewater |
12,650,000 |
|
|
Water |
2,090,000 |
|
|
Public Safety |
4,455,000 |
|
|
Roads |
6,255,000 |
|
|
Refunding Wastewater and Water |
3,600,000 |
|
|
Wastewater |
6,215,000 |
|
|
Dam Safety
|
800,000 |
|
|
Water |
10,690,000 |
|
|
Wastewater |
3,215,000 |
|
Total |
$69,655,000 |
Virginia Pooled Financing Program Application (Word Doc 360K)
VPFP Fall 2008, Due September 12, 2008
