Virginia

The Virginia General Assembly is weighing legislation that will require more disclosure from local issuers on the bonds they issue. It also is considering the authorization of almost $4 billion of general obligation bonds for transportation projects.

WASHINGTON — The Virginia Housing Development Authority this week expects to sell $107.3 million of homeownership mortgage bonds as part of its second act under the Treasury Department’s New Issue Bond Program.

Virginia’s new governor, Robert F. McDonnell, told lawmakers on Monday the state must retain its business-friendly environment, in part by barring tax hikes in the fiscal 2011 and 2012 budget. The state faces a $4 billion budget shortfall.

WASHINGTON — The Metropolitan Washington Airports Authority yesterday announced a financing team for $250 million to $600 million of bonds it plans to sell in the spring to help finance the Dulles International Airport Metrorail extension.

Sean Connaughton, appointed by governor-elect Robert F. McDonnell to be secretary of transportation, will be jumping into his new position a month after the Virginia Department of Transportation lowered its revenue estimates for fiscal 2010.

More than $1 billion of bond-financed projects planned by Virginia could be delayed as the state’s new governor confronts billion-dollar deficits for fiscal 2010 and 2011.

Henrico County last week sold Virginia's first recovery zone economic development bonds in a $9.8 million deal.

WASHINGTON — The Virginia College Building Authority tomorrow expects to competitively sell $237 million of revenue bonds for nine public higher education institutions, which may lose up to 15% of their state aid this fiscal year.

Fauquier County Friday received an upgrade to AA from AA-minus on its outstanding general obligation bonds from Standard & Poor’s.

WASHINGTON — The Virginia Resources Authority on Thursday expects to sell $173.3 million of municipal bonds, including $68.7 million of direct-pay Build America Bonds, in a pooled transaction to make loans to 15 local borrowers for infrastructure and other projects.

Transportation officials and an advocacy group in Virginia are battling over whether a Virginia or District of Columbia judge should decide whether drivers on the Dulles Toll Road are being illegally charged tolls used to back bonds issued for the Dulles Metrorail project.

WASHINGTON — Fairfax, Va., yesterday was upgraded one notch to AAA by Standard & Poor’s because the city’s economic base has remained strong throughout the recession.

WASHINGTON — In an attempt to save schools money while promoting green technology, Virginia Gov. Timothy Kaine announced yesterday that the state’s remaining $119 million qualified school construction bond allocation will be used to finance energy-efficiency projects rather than new construction.

WASHINGTON — Virginia has established a set of deadlines for when its counties and large municipalities must determine how much of their recovery zone bond allocations they can use, as well as a framework for recovering and redistributing unused bond authority.