Arlington County will bring $111.2 million of general obligation public improvement bonds to market in a competitive sale June 3.
Proceeds will finance various public improvement projects, said county chief financial officer Mark Schwartz. About $27 million will go to water pollution control plant upgrades, 51 million will go to schools, $9 million will go to Metrorail, and the remainder will finance other projects, Schwartz said.
Financial adviser on the deal is Public Financial Management Inc. McGuireWoods LLP is bond counsel.
Fitch Ratings assigned the GOs a AAA rating. Moody’s Investors Service and Standard & Poor’s rate Arlington County’s GOs triple-A, but have not yet rated the upcoming deal.
The guilt-edged rating reflects the county’s deep and diverse economy, strong financial management, and a moderate and rapidly retired debt burden, a Fitch report said, adding that the economy has outperformed national and regional averages. The unemployment rate was 1.9% for 2007 and well below state and national levels of 3% and 4.6%, respectively.
