The Virginia-based Upper Occoquan Sewage Authority expects to competitively sell $84.7 million of revenue bonds on Tuesday for an expansion project to comply with Chesapeake Bay restoration requirements.
Investors have the option to bid on the bonds as Build America Bonds or as traditional tax-exempts. The bonds will mature in three to 33 years, according to bond documents. Credit ratings were not available at press time.
The water treatment system serves parts of Prince William County and Fairfax County plus the cities of Manassas and Manassas Park. Its bonds are supported by payments from these jurisdictions.
The bonds will finance part of the authority's 11-year capital improvement plan. Projects include the expansion of interceptor and pump stations as well as systems to filter out harmful nutrients from Chesapeake Bay.
Hunton & Williams LLP is bond counsel and McGuireWoods LLP is disclosure counsel. Davenport & Co. is financial adviser.