HRSD Commission Minutes 2026-04-28
$60 Million VCWRLF Financing Approved with VRA for 2026 CIP
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Description
The Commission authorized issuing a senior wastewater revenue bond of up to $60,000,000 and executing a financing agreement supplement with the Virginia Resources Authority under the Virginia Clean Water Revolving Loan Fund. The 20‑year loan at a subsidized rate not exceeding 2.70% will finance the 2026 CIP Project program and is expected to save about $9 million in interest compared to market borrowing.
Contract Details
Contract Amount
Not to exceed $60,000,000
Vendor
VIRGINIA RESOURCES AUTHORITY
Agency
Hampton Road Sanitation District (HRSD), VA
Contract Type
FINANCIAL_SERVICES
Document Date
April 28, 2026
Contract Term
Up to 20 years; loan not to exceed 2.70% interest, with final maturity no later than December 1, 2047
Renewal Date
2047-12-01
Renewal Info
Loan will be structured as a 20‑year wastewater revenue bond under a supplement to the existing Master Financing Agreement and Trust Agreement, with parity to other senior obligations; maturity is no later than December 1, 2047, and prepayment is permitted with VRA consent.
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APPROVEDIssuing Agency
Hampton Road Sanitation District (HRSD)
Utility District
Virginia Beach, VA
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