Virginia Pooled Financing Program
VRA provides financing to local governments for essential projects. All VRA’s authorized project areas are eligible for financing in the Virginia Pooled Financing Program (VPFP). Since inception in 2003, over 150 local governments in Virginia have utilized this program to finance or refinance approximately $4 billion in infrastructure projects.
Please note, the application deadline for participation in the Summer 2020 Virginia Pooled Financing Program is Friday, May 1, 2020.
Downloadable Application
- VRA Virginia Pooled Financing Program Application
- Environmental Questionnaire for Lease Applications (Word Format)
The unique structure of the VPFP provides value added benefits, including:
- “AAA/AA” interest rates
- Custom-tailored loans
- Economies of scale and shared issuance costs
- No bond insurance premiums
- Straightforward process
- Loan terms up to 30 years
- Access to the best services and results
| Recommended Minimum Loan Size | $750,000 | |
| Application fee | None | |
| Security | General obligation, Revenue pledge, or Lease (subject to VRA approval) | |
| Annual Administrative Fee | 0.125% of outstanding principal; paid semi-annually with interest payments | |
| Costs of issuance |
VRA Loan Origination Fee
|
0.125% of loan par amount |
|
Legal
|
Based on # of borrowers and loan structure | |
|
VRA Financial Advisor
|
Prorated based on loan amount | |
|
Ratings
|
Prorated based on loan amount | |
|
Trustee
|
Shared equally among borrowers | |
|
Underwriters Discount
|
Prorated based on loan amount | |
|
Printing
|
Shared equally among borrowers | |
| Credit enhancement | Commonwealth moral obligation pledge | |
| Program debt service reserve fund | If any costs, prorated based on loan amount | |
Bonds are issued at least twice a year in the fall and spring. A summer transaction is also offered if there is a sufficent borrower demand.
VRA 2020A Financing Calendar
| Date | Activity |
| February 7 | Applications Due |
| March 27 | Notification of Approval |
| April 3 | Local Authorization Due |
| May 13 | Tentative Bond Sale |
| May 27 | Tentative Closing |
VRA 2020B Financing Calendar
| Date | Activity |
| May 1 | Applications Due |
| June 12 | Notification of Approval |
| June 19 | Local Authorization Due |
| July 22 | Tentative Bond Sale |
| August 5 | Tentative Closing |
VRA 2020C Financing Calendar
| Date | Activity |
| August 7 | Application Dues |
| September 18 | Notification of Approval |
| September 25 | Local Authorization Due |
| October 28 | Tentative Bond Sale |
| November 18 | Tentative Closing |
Made in the U.S.A.