Arlington Plans October Revenue Bond Sale
Published on September 16, 2017
- County to sell up to $54 million in bonds
- Bonds will finance "Buck" property acquisition, new Head Start home, technology projects
- Refunding nearly $40 million of bonds for savings
- Sale expected on or around Oct. 3
The Arlington County Board today approved the sale of Series 2017 Revenue Bonds, to be issued through the Arlington County Industrial Development Authority (IDA). These are long-term, subject-to-appropriation bonds, which the County uses to finance major capital projects. Proceeds of the sale will finance a range of County capital projects, including:
- $34 million to purchase the "Buck Property" industrial-zoned property on North Quincy Street, across from Arlington Public Schools' Education Center.
- $10.5 million would be used to finance the acquisition, design and construction of an office building at 2920 S. Glebe Rd. The County plans to use the building as the new home of the Head Start program that will be displaced from its home at 1800 N. George Mason Drive when the County's Edison/Drewry complex is transferred to Virginia Hospital Center.
- $6 million to finance upgrades to the County's Assessment and Collection system and Enterprise Payments System — the first in a series of technology improvements that are part of the County's goal to rework internal processes to increase worker productivity and enable a digital workplace.
- $38.3 million in refinancing of existing bonds, saving more than $3.8 million under current conditions.
"The County continues to make strategic land acquisitions aimed at meeting some of our critical facility needs, while keeping within our self-imposed debt limits," Arlington County Board Chair Jay Fisette said. "Our strong bond ratings ensure that we receive the lowest possible interest rates. At the same time, we continue to aggressively pursue refinancing opportunities on existing bonds to save taxpayers millions of dollars through lower future interest payments."
The Board voted unanimously to approve the revenue bond sale and the refinancing of existing revenue bonds. Read the staff report
; scroll down to Item No. 33.
The bonds are expected to be sold through negotiated sale on or around October 3, 2017. The underwriters for this year's sale are J.P. Morgan Securities, Citigroup, and Wells Fargo Securities. Ratings for the County's Series 2017 Revenue Bonds will be received on or around September 22 and are expected to be Aa2 / AA+ from Moody's and Fitch. Read more information about bonds