Before you buy Virginia Resources Authority bonds, you should read the related Preliminary and final Official Statements, which will contain information about the bonds that is material to an investment decision. Interest on tax-exempt bonds will not be subject to federal income taxes and are also exempt from Virginia state personal income taxes. Interest on taxable bonds will be subject to federal income taxes but exempt from Virginia state personal income taxes. See the Preliminary and Final Official Statements. Before deciding to purchase any bonds, investors should consult their tax advisors to determine the applicable federal, state and local tax consequences of owning Virginia Resources Authority bonds.