FINANCIAL_SERVICESAPPROVED

patrick-henry-community-college-budget-and-finance-committee-meeting-minutes-november-18-2020_a25.pdf

Board Authorizes Participation in VCBA Debt Restructuring

Virginias Community CollagesVIRGINIA COLLEGE BUILDING AUTHORITYNovember 18, 2020

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Description

The State Board authorized participation in the Virginia College Building Authority’s Higher Education VCBA 9(d) debt restructuring plan, enabling community colleges to refinance existing bond debt and defer principal payments for two years. The Chancellor and senior finance staff were empowered to execute all necessary documents for any participating college.

Contract Details

Vendor

VIRGINIA COLLEGE BUILDING AUTHORITY

Agency

Virginias Community Collages, VA

Contract Type

FINANCIAL_SERVICES

Document Date

November 18, 2020

Contract Term

Two-year deferral of principal payments under VCBA 9(d) debt restructuring plan

Renewal Info

One-time restructuring opportunity offering a two-year principal payment deferral and lower interest rates for existing VCBA 9(d) higher education debt; participation decisions to be made by early December based on Treasury information.

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