City of Fairfax Agenda Packet Public Hearing and Council Action on Sewer System Revenue Bonds 2026-05-12
$11M Sewer Revenue Bond Awarded to VRA
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Description
The City of Fairfax awarded its $11 million Taxable Sewer System Revenue Bond (Series 2026) to the Virginia Resources Authority for purchase through the Summer 2026 Virginia Pooled Financing Program. The VRA will provide funds to support major sewer capital improvements.
Contract Details
Contract Amount
Not to exceed $11,000,000 (final amount set after bond pricing); Proceeds Requested: $10,000,000
Vendor
VIRGINIA RESOURCES AUTHORITY
Agency
City of Fairfax, VA
Contract Type
FINANCIAL_SERVICES
Document Date
May 12, 2026
Contract Term
Authorized for issuance and sale with final maturity by December 31, 2057; Agreement date June 12, 2026
Renewal Date
2057-12-31
Renewal Info
Bond may be optionally prepaid or refunded by the City per the financing agreement; term ends no later than December 31, 2057.
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