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). 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.
