- $55 million of new money bonds sold to investors in negotiated sale
- Financing secured for Schools, Parks, Maintenance Capital & more
- Refinancing of existing bonds will save millions over life of bonds
Arlington County today issued $55 million of Series 2016 General Obligation Public Improvement Bonds at an average interest rate of 2.35 percent, the lowest on record for a new money bond issuance by the County. The bonds were sold in a negotiated sale led by Bank of America Merrill Lynch, with PNC Capital Markets, Citigroup, and Morgan Stanley also participating.
Proceeds of the sale of new money bonds will finance projects approved by the County Board, including the County’s capital contributions for Metro; Neighborhood Conservation; Paving; Crystal City Parks and Open Space; Parks Land Acquisition; Maintenance Capital; and Arlington Public Schools projects. The sale of $160 million in refunding bonds will generate more than $12 million in savings on a net present value basis, bringing the County’s total savings through refunding bonds since 2009 to more than $25 million.
“Our triple-AAA rating, coupled with historic low interest rates, means Arlington taxpayers benefit both from being able to finance new projects at the lowest possible borrowing cost, and from the substantial savings we’ve achieved through refinancing existing debt,” County Manager Mark Schwartz said.