Arlington Sells $187 Million of Bonds at 3.48% Interest Rate
Published on June 09, 2023
On June 8, 2023, Arlington County issued $187 million in Series 2023 General Obligation (GO) Public Improvement Bonds. The bonds received a total of seven bids in a competitive sale, with Wells Fargo Bank, N.A. submitting the winning bid with a 3.48% average interest rate.
Proceeds of the sale will finance various projects approved by the County Board, including the County’s capital contributions for Metro, the Arlington Neighborhoods Program, maintenance capital, Arlington Public Schools projects, and improvements to the Arlington County Justice Center, Short Bridge Park, and other projects.
The low interest rates received on this year’s bonds are a result of the County’s Triple-AAA rating, which was reaffirmed for the 23rd consecutive year in May by Moody’s, Fitch, and Standard & Poor’s. More information is available on the County’s website.
About General Obligation Bonds
General Obligation Bonds are debt instruments issued by states and local governments to raise funds for public works. Arlington's GO bonds are 20-year bonds backed by the County's full faith and credit. Ratings agencies base their bond ratings on their analysis of the locality's ability to pay back bonds through taxes and revenues. Learn more about how the County uses bonds.