Legislation that increases the Virginia Resources Authority’s debt ceiling to $1.5 billion from $900 million awaits Gov. Timothy Kaine’s signature. The bill passed the Senate Jan. 30 and was sent to the governor after being approved by House late last week.

VRA executive director Sheryl Bailey said in an earlier interview that the bill was important because 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.

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