Virginia Resources to sell $179.485 million revolving fund bonds July 30

By Sheri Kasprzak

New York, July 23 - The Virginia Resources Authority plans to sell $179.485 million in subordinate series 2008 clean water state revolving fund revenue bonds on July 30, said a preliminary official statement.

The bonds (Aaa/AAA/AAA) will be sold on a negotiated basis with Morgan Stanley as the senior manager. The co-managers are BB&T Capital Markets, Loop Capital Markets, Morgan Keegan and Wachovia Securities.

The bonds are due 2011 to 2030.

Proceeds will be used to purchase obligations issued by local governments within the commonwealth to finance or refinance qualified sewer projects.

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