Virginia Resources Authority to sell $67.69 million revenue bonds

By Sheri Kasprzak

New York, July 22 – The Virginia Resources Authority is set to price $67.69 million of series 2015B infrastructure and state moral obligation revenue bonds, according to a preliminary official statement.

The bonds will be sold on a negotiated basis with BofA Merrill Lynch as the senior manager and Baird & Co., Fidelity Capital Markets LLC and RBC Capital Markets LLC as the co-managers.

The deal includes $40.63 million of series 2015 infrastructure tax-exempt bonds (Aaa/AAA), $6.37 million of series 2015 infrastructure taxable bonds (Aaa/AAA), $17,565,000 of series 2015 state moral obligation tax-exempt bonds (Aa2/AA) and $3,025,000 of series 2015 state moral obligation taxable bonds.

The 2015 tax-exempt infrastructure bonds are due 2015 to 2035 with term bonds due in 2040 and 2045. The 2015 taxable infrastructure bonds are due 2015 to 2045. The 2015 tax-exempt moral obligation bonds are due 2015 to 2030 with term bonds due in 2035 and 2040 and the 2015 taxable moral obligation bonds are due 2015 to 2030 with term bonds due in 2035 and 2040.

Proceeds will be used to acquire local obligations to finance qualified projects.

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