Virginia Beach, Virginia’s largest city, expects to issue $106 million of general obligation refunding bonds on Tuesday. The city will competitively sell $22 million of Series 2009A bonds and $84 million of Series 2009B bonds.
The bonds are rated Aa1 by Moody’s Investors Service, AAA by Standard & Poor’s, and AA-plus by Fitch Ratings.
The city must achieve a 3% savings with any refunding, and it expects to exceed that level with this deal, said Patricia Phillips, the city’s finance director. The deal will refund bonds issued in 2001 through 2009.
Troutman Sanders LLP is bond counsel and Government Finance Associates Inc. is financial adviser.