• Town of Vienna issues $7.9 million in bonds

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    February 13, 2018
    Town of Vienna issues $7.9 million in bonds
                   
    Vienna Town Council approved this afternoon the issuance of $7.9 million in general obligation bonds in order to obtain funding for planned capital projects. In anticipation of the bond issuance, Standard & Poor’s Global Ratings and Moody’s affirmed earlier this month the Town’s highest-available AAA bond ratings.
     
    The winning bidder for the Town’s bonds was Morgan Stanley and Co., LLC, who provided a 2.45% interest rate on the bonds as well as a $1.3 million – or 17% – premium, which is additional funding, not subject to interest. Eight financial firms submitted bids with interest rates ranging from 2.45-2.51%.
     
    Investors, notes Vienna’s Finance Director Marion Serfass, looked favorably on the Town’s offering because of its strong bond ratings and also because changes to the nation’s tax laws at the end of the year has resulted in fewer current bond offerings.
     
    At its January 29 meeting, Town Council approved issuing up to $15 million in bonds in 2018. In addition to the $7.9 million issued today for water and sewer improvements, architectural and engineering services for renovation of the police station, and several smaller public works and parks projects, the Town anticipates issuing an additional $7 million in a taxable bank placement this summer.  Those funds will be used for two proposed property acquisitions, should they be approved by Town Council.
     
    Contact:
    Lynne DeWilde
    (703) 255-6300
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