Virginia Pays Record-Low Cost on Build Americas: Muni Credit
This article is for subscribers only.
Virginia, one of seven states with a top ranking from all three major credit-rating companies, sold $143 million of taxable Build America Bonds at the lowest cost relative to U.S. Treasuries since the program began.
The state is using the federally subsidized bonds to finance construction costs for projects at its colleges including, Virginia Tech, George Mason and James Madison, according to preliminary offering documents. The bonds, which will be paid from university revenue, and will carry the full faith and credit of the state.