- Voter-approved funding for streets, facilities, parks and recreation, Metro, Schools and more
- Sale set for early June
- Up to $200 million in bonds to be refinanced at lower interest rate
The Arlington County Board today approved the sale of up to $77.44 million in General Obligation Public Improvement Bonds for new projects — including $30 million for Arlington Public Schools — and up to $200 million in General Obligation Refunding Bonds. The Bonds will finance voter-approved projects that include streets, community conservation, facilities, parks and recreation, Metro, utilities and public schools.
“These bond sales will finance voter-approved projects across our County, as we continue to upgrade our aging infrastructure and make strategic investments in new schools, facilities and more,” said Arlington County Board Chair Mary Hynes. “Arlingtonians continue to support the sort of investments that help ensure our County’s environmental and economic sustainability, and make Arlington a great place to live.”
The Board unanimously approved the sale and refinancing of bonds under the Consent Agenda. The bonds that will be sold were authorized by voters in 2008, 2010, 2012 and 2014. With rates at historically low levels, the County will sell the bonds at auction as it has done in the past. Staff will continue to evaluate the option of retail sales as part of every general obligation bond sale. The $77.44 million in new money bonds will be repaid over 20 years.
The County expects to receive confirmation of its triple-Aaa bond ratings in the coming days; of the nation’s 3,000 counties, only 39 carry the triple-triple status. These high bond ratings translate into lower interest rates on the County’s bonds, resulting in budget savings.
- $44.44 million will fund projects ranging from maintenance to land acquisition
The County plans to use $44.44 million from the bond sale to fund street paving; Arlington’s fiber-optic network, ConnectArlington; Metro; the grassroots Neighborhood Conservation program; non-parks land acquisition, parks and facilities maintenance capital; WalkArlington; Bike Arlington and Neighborhood Complete streets.
- $30 million for school renovations, expansions
The County plans to use $30 million from the bond sale to fund additions and renovations at two elementary schools, renovations at a high school, planning and design of expansion projects, and infrastructure, HVAC and roofing projects.
- $3 million for improvements to the Water Pollution Control Plant
The County plans to use $3 million from the bond sale to finance improvements to the Water Pollution Control Plant, including secondary clarifiers which help ensure that the County continues to meet water quality requirements.
Refinancing outstanding bond issues to save money
Arlington has taken advantage of favorable market conditions over the past five years to refinance a portion of its outstanding bonds, refinancing more than $430 million of County, Schools and Utilities Fund general obligation debt — saving more than $23 million. The Board authorized the refinancing of up to $200 million of outstanding debt until June 30, 2016 — giving the County maximum timing flexibility to act during the fiscal year, should market conditions allow savings.
To read the staff report on this issue, visit the County website. Scroll down to Item #31 on the Regular Agenda for the May 16, 2015 County Board Meeting.