Virginia Beach Development plans $80.74 million sale of revenue bonds

By Sheri Kasprzak

New York, June 8 – The Virginia Beach Development Authority plans to price $80,735,000 of series 2015 public facility revenue bonds on Wednesday, according to a preliminary official statement.

The deal includes $46,465,000 of series 2015A bonds and $34.27 million of series 2015B refunding bonds.

The 2015A bonds are due 2016 to 2035, and the 2015B bonds are due 2019 to 2027.

The bonds (Aa2/AA+/AA) will be sold on a competitive basis with Public Resources Advisory Group as the financial adviser.

Proceeds will be used to finance capital improvements for the city.

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