A message from the Virginia Resources Authority

April 17, 2020

VRA understands that the COVID-19 crisis will result in fiscal distress for many Virginia localities. VRA is committed to working with localities to provide relief under certain non-payment compliance provisions that may be of assistance to borrowers. Additionally, in certain cases, VRA may be able to assist with loan restructurings (as part of a subsequent Virginia Pooled Financing Program (VPFP) bond issuance) that may provide cash flow structuring solutions. Please contact a VRA staff member if you would like to discuss your locality’s specific concerns. 

Despite the current challenges in the market, VRA remains committed to providing Virginia localities with access to the public debt markets for infrastructure financing. VRA still plans to offer a summer 2020 VPFP issuance that is currently scheduled to price in late July and close in early August.  Applications for summer VPFP credit consideration will be accepted through May 1, 2020 and can be accessed here.  It is important to remember that the VPFP program involves selling bonds in the public debt market and does not allow for concessions that might be available when working with a specific lender.  There are other VRA programs, if the borrower is qualified, that may offer other opportunities.  VRA works with state agency partners in offering subsidized loans for clean water, drinking water and aviation infrastructure as examples.

VRA also plans to offer a fall 2020 VPFP issuance that is currently scheduled to price in late October and close in mid-November.  Applications for fall VPFP credit consideration will be accepted through August 7, 2020.  

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