2012C General Obligation Bonds
On June 5, the County concluded the retail sale of the 2012C General Obligation Public Improvement Bonds. The bonds were sold through competitive bid to J.P. Morgan Securities. The average interest rate that the County received on the 2012 bonds was 2.77%, one of the lowest overall rates the County has ever seen.
On May 2, The Arlington County Board approved the sale of up to $110 million of General Obligation Public Improvement Bonds to complete several voter-approved projects including Wakefield High School, Arlington Mill Community Center, Metro and Long Bridge Park. The sale of bonds is scheduled to take place on June 5 in a competitive sale in the municipal market.
Of the $110 million approved for sale:
- $35.6 million for County projects, including Neighborhood Conservation; Maintenance capital; Arlington Mill Community Center and Long Bridge Park; and Metro.
- $65.1 million for Arlington Public Schools projects, including Yorktown High School construction; Design and construction of Wakefield High School; and HVAC and roofing projects.
- $8.5 million to complete improvements to the Water Pollution Control Plant.
The 2012C bonds carry a rating of Aaa/AAA/AAA from Moody’s, Fitch, and Standard & Poor’s. Arlington has held its AAA bond rating with Standard & Poor’s since 1989; its Aaa rating with Moody’s Investor Services since 1978 and with Fitch Ratings since 2001, the first year Arlington applied to that company. In 2012, Arlington is one of only 36 Counties in the United States to carry the coveted triple-A bond rating from all three rating agencies. The high rating ensures that Arlington enjoys lower interest rates for its bond sales.