City of Danville Council Special Called Meeting Agenda May 2026
Danville utility revenue bond sale to VRA approved
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Description
The City of Danville approved issuing a Taxable Utility System Revenue Bond, Series 2026, to be sold to the Virginia Resources Authority for up to $10 million to fund wastewater and electric infrastructure projects. The bond will be repaid from utility system revenues with amortization through no later than December 31, 2046 under VRA’s pooled financing program.
Contract Details
Contract Amount
Principal amount not to exceed $10,000,000 (Proceeds Requested $9,250,000 plus costs of issuance)
Vendor
VIRGINIA RESOURCES AUTHORITY
Agency
City of Danville, VA
Contract Type
FINANCIAL_SERVICES
Document Date
May 11, 2026
Contract Term
Principal installments commencing not later than two years from issue date and ending not later than December 31, 2046
Renewal Date
2046-12-31
Renewal Info
Single-issuance revenue bond with amortization through no later than December 31, 2046; no renewal terms described.
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