Virginia

A Virginia Circuit Court judge has ruled that the financing mechanism of the Elizabeth River Crossings project in the southeastern part of the state is unconstitutional, calling into question the future of the multi-billion dollar public-private partnership and other Virginia P3s.

Arlington County, Va., will come to market Tuesday with about $190 million of triple-A rated debt. The county has a strong economic profile but faces some challenges from federal cutbacks.

The Virginia Supreme Court has reinstated Fluvanna County, Va.'s lawsuit against Davenport & Co. LLC, which seeks damages for state and federal security law violations the county claims the firm committed while serving as its financial advisor.

The Virginia General Assembly on Wednesday approved Gov. Bob McDonnell's amended transportation plan, which slashes gas taxes and is projected to pump billions into Virginia's transportation infrastructure over the next five years.

Moody's Investors Service Tuesday upgraded the Southwest Virginia Regional Jail Authority's rating to A1 from A2.

The Virginia Port Authority Tuesday declined proposals to operate as a public-private partnership after it received an unsolicited P3 proposal.

The Virginia attorney general's office has issued an opinion that a sweeping new transportation law passed by the legislature last month violates the state constitution.

Sequestration and the reduction of Build America Bond subsidy payments took center stage as several prominent Virginia issuers came together to discuss their situations with investors Friday.

Virginia's Elizabeth River Crossings tunnel project has been named the 2012 North America Toll Road Deal of the Year by Project Finance Magazine.

Moody's Investors Service has given its stamp of approval to Virginia's new transportation funding plan, saying that it is a credit positive for the commonwealth at a time when it is highly exposed to risk from federal cuts.

The Virginia General Assembly gave final approval on Saturday to legislation that is projected to raise more than $800 million for transportation over the next five years.

Virginia is poised to enact a funding bill that raises sales taxes but slashes fuel taxes to create $200 million of new transportation revenue each year that could be used for bonding.

Moody's Investors Service has downgraded to B2 from Aaa the rating of $1.6 million of outstanding taxable multifamily housing revenue bonds issued by the Harrisonburg, Va., Redevelopment & Housing Authority in 2001.

Historically low interest rates last year helped boost bond sales across the Southeast to $63 billion, an increase of 33% over 2011. The surge in debt was propelled by refundings.

Virginia Gov. Bob McDonnell's controversial transportation plan passed the House of Delegates Tuesday, but failed to get out of the Senate despite both chambers agreeing to ban tolling on Interstate 95 in the southern part of the state.

Moody's Investors Service placed tobacco settlement revenue bonds of issuers in 17 states and two territories under review with direction uncertain because of legal settlement announced in December. The action affects $20.5 billion of debt.

Virginia Gov. Bob McDonnell announced on Tuesday that he will recommend over $2 billion of funding for hundreds of transportation projects statewide, new money projected to come from his controversial overhaul of the commonwealth's gas and sales taxes.

Rep. Frank Wolf, R-Va., has reintroduced two bills aimed at giving Virginia control of the Metropolitan Washington Airports Authority and strengthening government oversight of the scandal-wracked issuer.

Bond-related bills pending in the Virginia House of Delegates would limit toll increases on the Dulles Toll Road and authorize the commonwealth, through authorities, to purchase and control the privately-owned Dulles Greenway.

Birmingham, Ala.-based Regions Financial Corp. has hired two new employees to expand its corporate trust group in the mid-Atlantic region.