- $77 million of new money bonds sold to Morgan Stanley in competitive sale
- Financing secured for Schools, Metro, Maintenance Capital & more
ARLINGTON, Va. — Arlington County today issued $77 million of Series 2015 General Obligation Public Improvement Bonds. Seven bids were received in the competitive sale, with Morgan Stanley & Co, LLC winning with an average interest rate of 2.80 percent.
Proceeds of the sale will finance projects approved by the County Board, including the County’s capital contributions for Metro; Neighborhood Conservation; WalkArlington; BikeArlington; ConnectArlington; Paving; Maintenance Capital; Arlington Public Schools projects and Utilities projects.
“Maintaining the County’s Triple-AAA credit ratings has been one of my top priorities over the years as both County Manager, and previously as Director of the Department of Management & Finance,” said County Manager Barbara Donnellan. “Our Triple-AAA rating has helped ensure the lowest interest rates possible, ensuring taxpayer dollars for bond funded projects are used as effectively as possible. It feels great to get this low rate for my last bond sale for Arlington.” Donnellan is retiring at the end of June.
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 Web site.