On August 10, 2011, VRA successfully sold $33.15 million in Virginia Airports Revolving Fund (VARF) bonds to refund the existing Series 2001A & B VARF bonds. This transaction benefited three separate airports in different regions of the state: Richmond International Airport, Norfolk International Airport and Dinwiddie County Airport. In conducting this bond sale, VRA's team, led by Executive Director Stephanie Hamlett, demonstrated their commitment to continuing VRA's long-standing relationship with Virginia's airports.
Refunding the existing bonds created savings that reduced the interest rates on the local loans by 1.25%. These interest rate reductions produced meaningful savings for each of the borrowers. Over the remaining life of the loan, the resulting net present value savings realized by the airports ranged from over $30,000 to nearly $3 million.
VRA is proud of the reputation it has earned for providing superb customer service. For VRA, exceptional customer service means being a cost-effective and affordable resource for helping localities address a wide variety of pressing infrastructure, and related, needs. This is why all debt service savings (after costs of issuance) from the sale of the VARF bonds were passed on to the borrowers in the form of reduced interest rates on the local loans.