Virginia

Standard & Poor's issued its first public rating of a public-private partnership in the United States, a BBB-minus for a project to build a tunnel under the Elizabeth River between Norfolk, Va., and Portsmouth.

Treasurer Manju Ganeriwala has helped helm Virginia's finances through two governors and a global recession, and though the commonwealth has emerged in better shape than many states, she remains concerned about pension reform and what she feels are misguided efforts at muni market regulation by federal authorities.

WASHINGTON — The Fluvanna County Board of Supervisors voted 5-0 to petition the Virginia Supreme Court for an appeal of a lower court's dismissal of their lawsuit against former financial advisor Davenport & Co. over $67.5 million of 2008 bonds.

A dispute over the revenue projections for the Dulles Toll Road provides the backdrop for a hearing the Fairfax County, Va., Board of Supervisors is preparing to hold March 20 to decide whether to approve the next phase of construction on an associated rail line.

WASHINGTON — A Fluvanna County, Va., circuit court judge on Thursday dismissed the lawsuit the county's Board of Supervisors had filed against their former financial advisor, Davenport & Co., after agreeing with the firm that the court could not decide the case under the state constitution's separation of powers doctrine.

The Virginia House of Representatives has stripped language creating a statewide tolling authority from legislation proposed by Gov. Bob McDonnell, rejecting a model of road finance that has fallen out of favor in recent years but remains viable for other states, according to transportation experts.

Fluvanna County, Va.'s Board of Supervisors and its former financial advisor, Davenport & Co., present two different versions of the December 2008 bond financing for a new high school in documents filed in connection with the board's lawsuit against the firm.

Fluvanna County, Va., and Davenport & Co., its financial advisor for 15 years, are battling each other in a circuit county court over whether the firm misled the county about $67.5 million of bonds sold in December 2008 to finance construction of a new high school.

Virginia Gov. Bob McDonnell said two major energy initiatives that would bring new revenues to the state and create thousands of jobs are moving forward in separate federal approval processes.

The Virginia Department of Transportation and the office of transportation public-private partnerships have released a request for information to develop a procurement strategy for the state’s five transportation operations centers.

BRADENTON, Fla. — The PFM Group has hired a veteran municipal finance professional in Virginia to open the firm's new office in Richmond.

WASHINGTON — A key Virginia lawmaker is sponsoring legislation that would raise nearly $1 billion annually for infrastructure through gas and sales taxes, after warning of a severe budget shortfall for road maintenance near the nation's capital and complaining the governor's transportation plan is only "a drop in the bucket,"

BRADENTON, Fla. — Virginia Gov. Bob McDonnell Wednesday laid out his legislative agenda to a joint session of the General Assembly, saying he would focus more spending on education, transportation and underfunded pensions.

Virginia Gov. Robert McDonnell Monday outlined his biennial budget for fiscal 2013-14, which includes enhancing reserves to protect the state's gilt-edge ratings and additional funds to help insulate the state against cuts in federal revenue.

For the second year in a row, Virginia Gov. Bob McDonnell plans an aggressive strategy to keep the state's transportation projects moving forward at a fast clip.

Gov. Bob McDonnell said Virginia posted a 3.9% revenue increase in September, making it the 18th month out of the last 19 in which revenue exceeded the previous year’s collections.

BRADENTON, Fla. - Gilt-edged Virginia is poised to sell $167 million of state general obligation bonds, split for the first time between the negotiated and competitive calendars in a two-way sale that should tap the most retail investors and some of the lowest rates.

Moody’s Investors Service Tuesday downgraded Mary Washington Healthcare’s rating to Baa1 from A3.

WASHINGTON - Virginia is using a public-private partnership to put another tunnel under the Elizabeth River between Norfolk and Portsmouth. Including improvements to existing tunnels and some surface road building, the project is budgeted at $1.9 billion.

WASHINGTON - The Metropolitan Washington Airports Authority board of directors did a turnaround on Wednesday and voted 11 to 1 to approve the construction of an above-ground station for the metrorail extension to Dulles International Airport.