- $185 million of new money bonds sold to investors in competitive sale
- Financing secured for Schools, Parks, Land Acquisition & more
Arlington County today issued $185 million of Series 2017 General Obligation Public Improvement Bonds. Sold in a competitive sale this morning, the bonds received a total of seven bids. J.P. Morgan Securities LLC was the winning bidder with a 2.50 percent average interest rate.
Proceeds of the sale will finance projects approved by the County Board, including the County’s capital contributions for Metro; Neighborhood Conservation; Paving; Trail Maintenance, Parks Land Acquisition; Lubber Run Community Center, Nauck Village Center Action Plan, Maintenance Capital; and Arlington Public Schools projects.
“The interest rate we received today is one of the lowest we’ve ever received,” said County Manager Mark Schwartz. “However, it is slightly higher than the rate we received last year. As interest rates begin to rise, it is critical that we maintain the triple—AAA rating that allows us to continue financing the County’s ongoing capital needs at the lowest possible rates.”
The low interest rates received on this year’s bonds are a result of the County’s Triple-AAA rating, a reflection of the County’s conservative budget management and strong fiscal operations. More information is available on the County’s website.