News Column

County Sells Bonds at Favorable Interest Rate; Proceeds to Fund School Construction, Other Projects

May 13, 2014



LEESBURG, Va., May 13 -- Loudoun County issued the following news release:

Loudoun County has sold $69.960 million in general obligation bonds at a favorable interest rate of 2.60 percent. Proceeds from the sale will be used to finance the construction of five schools: Cardinal Ridge Elementary School, Discovery Elementary School, Trailside Middle School, Rocky Ridge High School, and Riverside High School. Proceeds will also finance additions to Mercer Middle School and Freedom High School; upgrades to the Loudoun County High School Stadium; renovations to the Ashburn Volunteer Fire Department station; improvements to several athletic fields across the county; and acquisition of fire/rescue apparatus.

In advance of the sale, the nation's top bond rating agencies again affirmed Loudoun County's triple-A rating on its general obligation bonds, noting the county's strong financial management practices and policies, and manageable debt. Loudoun County has held the Aaa rating from Moody's since 2004, and AAA from Fitch Ratings and Standard & Poor's since 2005.

The county's bonds were in strong demand, with eleven bidders submitting offers. Bank of America/Merrill Lynch offered the bid with the lowest interest rate which the county accepted. The affirmation of the county's triple-A bond ratings and the acknowledgement by the agencies of Loudoun's strong financial management practices, policies, and manageable debt played a role in the quality of bids offered, says Ben Mays, Loudoun's Chief Financial Officer.

More information on Loudoun County finances and the Road to Triple-A status is online at www.loudoun.gov/triple-a .

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Source: Targeted News Service


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