City of Virginia Committee-of-the-Whole Meeting Agenda May 2026
City issues $9M USDA charter bond Series 2026B
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Description
The City of Virginia approved issuing a $9,000,000 Taxable General Obligation Charter Bond, Series 2026B, to the United States Department of Agriculture at 3.625% interest over 40 years. The bond refinances part of the City’s 2023 temporary notes used to finance a regional public safety facility.
Contract Details
Contract Amount
$9,000,000
Vendor
UNITED STATES DEPARTMENT OF AGRICULTURE
Agency
City of Virginia, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 19, 2026
Contract Term
40 years from Closing Date to Maturity Date (approx. 2026–2066)
Renewal Info
Single 40-year bond with annual payments; callable at par plus accrued interest at the City’s option; USDA may require refinancing if private credit becomes available on better terms.
More from UNITED STATES DEPARTMENT OF AGRICULTURE
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