City of Virginia Committee-of-the-Whole Meeting Agenda May 2026
City approves $8M USDA charter bond Series 2026C
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Description
The City of Virginia authorized a $8,000,000 Taxable General Obligation Charter Bond, Series 2026C, to be sold to the United States Department of Agriculture at 3.625% over 40 years. This bond refinances additional 2023 temporary notes used for the regional public safety facility project.
Contract Details
Contract Amount
$8,000,000
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; USDA retains right to require redemption or refinancing if better private financing becomes available.
More from UNITED STATES DEPARTMENT OF AGRICULTURE
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