Virginia Resources Authority sells $254M in bonds

Virginia went back to the bond market yesterday, buoyed by the success last week of state and local government bond sales for public projects.

The Virginia Resources Authority is selling $254 million in highly rated bonds in what would be the largest pooled financing effort in the authority’s history.

The bonds will pay for projects in localities across the state, including improvements to sewage treatment plants and new libraries and fire stations.

The Virginia Resources Authority’s bonds are rated AAA/AA by Standard & Poor’s and Aaa/Aa2 by Moody’s.

Since the authority’s creation in 1984, it has financed about $3.5 billion in public infrastructure improvements in localities throughout Virginia.