FINANCIAL_SERVICESAPPROVED

state-board-for-community-colleges-resolution-september-15-2016_677.pdf

Community college board approves VCBA bond financing

Not to exceed $13,700,000 in aggregate principal amount of the NoteVirginias Community CollagesVIRGINIA COLLEGE BUILDING AUTHORITYSeptember 15, 2016

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Description

The State Board for Community Colleges approved entering into a Loan Agreement with the Virginia College Building Authority to issue promissory notes of up to $13.7 million to finance or refinance a parking garage project at Virginia Western Community College. The Authority will purchase the notes with proceeds of its Educational Facilities Revenue Bonds under the Public Higher Education Financing Program, subject to defined interest rate and maturity parameters.

Contract Details

Contract Amount

Not to exceed $13,700,000 in aggregate principal amount of the Note

Vendor

VIRGINIA COLLEGE BUILDING AUTHORITY

Agency

Virginias Community Collages, VA

Contract Type

FINANCIAL_SERVICES

Document Date

September 15, 2016

Contract Term

Weighted average maturity not to exceed 20 years after original issue date; final maturity not beyond weighted economic life of the project

Renewal Info

Single financing authorization for issuance and potential refunding of pooled bonds; not structured as a renewable services contract. Amendments to the Note and Loan Agreement are permitted within the approved parameters for refunding or restructuring.

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