A bill pending in the state Senate would increase the Virginia Resources Authority’s debt ceiling to $1.5 billion from $900 million in response to increased demand from localities looking to enter the municipal bond market to finance infrastructure projects.

VRA executive director Sheryl Bailey said requests from localities to be included in the authority’s pooled financing program have more than tripled in the past year because of volatility in the bond market and the near extinction of bond insurance.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.