Virginia Pooled Financing Program
Through the Virginia Pooled Financing Program (VPFP), VRA sells bonds in the public bond market and then loans the proceeds to local governments to finance eligible infrastructure projects. Each loan must meet the VRA Underwriting Criteria. Localities obtain competitive market interest rates based on the high investment-grade ratings of the VPFP. The VPFP consolidates the borrowing needs of multiple localities into one bond issue, providing economies of scale and shared expenses.
The VPFP is structured so that approximately $0.70 of each $1.00 borrowed is funded through Infrastructure Revenue Bonds, and approximately $0.30 of each $1.00 borrowed is funded through Moral Obligation Bonds. Infrastructure Revenue Bonds are limited obligations of VRA secured by a senior lien on all local government loan payments. Moral Obligation Bonds are limited obligations of VRA secured by a junior lien on all local government loan payments and a moral obligation pledge of the Commonwealth of Virginia.
VPFP Infrastructure Revenue Bonds are rated Aaa (Moody’s) and AAA (S&P).
VPFP Moral Obligation Bonds are rated Aa1 (Moody’s) and AA (S&P).
Additional Information
Disclaimer
All documents posted or linked to this web page are historical documents and are not intended to be current offers of any securities of VRA.
Each document on this web page or linked via the MSRB EMMA web page speaks as of the date of that document (or as of the date of the audit or other report included within the primary document) and is not current as of any other date.
The posting of these documents on this web page does not obligate VRA to update any information contained in the posted or linked documents and the posting or lack of posting of information does not imply that there has been no change in the affairs of VRA or related entities.
Any links to third-party web pages posted to, or included in any of the documents on, this web page are for informational purposes only.
VRA does not endorse or attest to the accuracy or completeness of any information contained in any third-party web pages.
Nothing contained in this web page is, or should be construed as, a representation by VRA that the information constitutes all of the information that may be material to a decision to invest in, hold, or dispose of the securities of VRA.