Virginia Resources Authority to sell $80.29 million of revenue bonds

By Sheri Kasprzak

New York, May 9 - The Virginia Resources Authority is set to price $80.285 million of series 2011 infrastructure and state moral obligation revenue bonds, said a preliminary official statement.

The sale includes $47.475 million of series 2011A tax-exempt infrastructure bonds, $6.45 million of series 2011A taxable infrastructure bonds, $23.35 million of series 2011A tax-exempt moral obligation bonds and $3.01 million of series 2011A taxable moral obligation bonds.

The bonds (Aaa) will be sold on a negotiated with J.P. Morgan Securities LLC as the senior manager. The co-managers are BB&T Capital Markets LLC, Wells Fargo Securities LLC and Siebert Brandford Shank & Co.

The 2011A tax-exempt infrastructure bonds are due 2011 to 2031 with a term bond due in 2041. The 2011A taxable infrastructure bonds are due 2021 and 2031. The 2011A tax-exempt moral obligation bonds are due 2011 to 2031 with a term bond due in 2041. The 2011A taxable moral obligation bonds are due 2021 and 2031.

Proceeds will be used to provide funds for the authority's capital reserve fund and to refund the City of Hampton's series 2002 convention center revenue bonds.

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