Virginia Pooled Financing Program

VRA provides financing to local governments for essential projects.  All VRA projects areas are eligible for financing in the Virginia Pooled Financing Program (VPFP). Since inception in 2003, over 100 local governments in Virginia have utilized this program to finance more than $1.5 billion.

Please note, the application deadline for participation in the Spring 2012 Virginia Pooled Financing Program is Friday, February 10, 2012.  Applicants must make a final decision to participate in the Spring 2012 transaction no later than Friday, March 23, 2012.  After March 23rd, applicants will be invoiced for any third-party professional services incurred by VRA as a result of a withdrawn application.

VRA Virginia Pooled Financing Program Application

Environmental Questionnaire for Lease Applications

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

Interim Financing is available to meet the timing needs of any project. Bonds are issued at least twice a year in the fall and spring.