Project Funding Resources
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1 Project Funding Resources Sheryl D. Bailey, Ph.D. Wastewater Summit Onley, Virginia 1111 E. Main Street Suite 1920 Richmond, VA Fax
2 VRA s Evolution in the Commonwealth Created by Virginia General Assembly in 1984 Originally authorized as Water and Sewer Authority 25 years of underwriting experience Provide low interest loans to municipalities Finance municipal facilities, equipment & infrastructure 2
3 Making a Difference in Virginia Funded over $1 billion of critical infrastructure in FY2009 Provided $4.2 billion of investment in Virginia s communities since 1984 Funded over 875 projects across the Commonwealth since inception Cost-effective loans make local and regional projects possible 3
4 VRA s Impact in the Eastern Shore Invested nearly $12 million in the Eastern Shore since FY Loans Water, Wastewater, Public Safety and Solid Waste projects Pending funds total over $5 million in the Eastern Shore $4.46 million in ARRA stimulus funds for Cape Charles wastewater project 4
5 Mission, Vision & Values Mission Virginia Resources Authority (VRA) provides cost-effective financial solutions to local governments and other public bodies for projects that improve the quality of life for Virginians. Vision VRA will be the choice provider of financing for public projects for Virginia communities. Values Customer Service Collaboration Consistency Commitment Creativity 5
6 VRA Strategic Goals Support local initiatives through value added programs that maximize economic impact and community benefit Strengthen and expand state partnerships Refine financial programs to meet customer needs Strengthen and sustain VRA s ability to provide affordable financing options 6
7 VRA s Project Areas Public Safety Transportation Broadband Energy Wastewater Solid Waste Parks and Recreation Brownfield Remediation and Redevelopment Land Conservation & Preservation Water Federal Facility Development Flood Prevention & Dam Safety Airports *Administrative and Operations Systems Local Government Buildings *Site Acquisition & Development for Economic & Community Development *New Project Areas - July 1,
8 Partners Department of Environmental Quality (1984) Department of Health (1987) Department of Aviation (1999) Department of Conservation and Recreation (2006) 8
9 Products & Services for Eligible Wastewater Projects Below-Market Loan Program Clean Water Revolving Loan Fund Virginia Pooled Financing Program (VPFP) Equipment & Term Financing Program Internal Underwriting & Loan Monitoring 9
10 VRA Credit and Security VRA performs loan underwriting for all programs Assess general economic conditions Analysis of system, rates and historical financial data Evaluate project, revenue projections & debt coverage Security tailored to project and locality Revenue pledge General obligation Double barrel Lease Moral obligation State aid intercept 10
11 Clean Water Revolving Loan Fund Eligibility Traditional focus: High Water Quality Impact Also eligible: Brownfield remediation and land conservation Governmental borrowers (with a few exceptions) Interest rates 1.00% below VRA s borrowing rate (100 bps discount) 0% loans available based on criteria & demographics Loan terms Up to 20 years Funding availability Extremely high demand 11
12 Application Process - CWRLF Submit applications to DEQ Accepted annually (usually July) Projects prioritized and approved by DEQ Credit analysis & loan closing completed by VRA Project bids and other DEQ conditions satisfied prior to loan closing 12
13 Value Added Benefits Delivered Revolving Fund Clean Water Revolving Loan Fund (EPA Related) Below-market interest rates (1.00% discount) Companion grant funding available based on eligibility criteria Payment waiver during construction No bond issuance costs 13
14 Virginia Pooled Financing Program Eligibility Available for all VRA-eligible projects Governmental borrowers Interest rates Natural AAA / AA rates Low rates and interest cost savings with VRA s high credit quality VRA origination fee (0.15% of loan par amount) VRA administrative fee (0.125%) Loan terms Up to 30 years Custom-tailored to meet borrower financial objectives and policies Funding availability Unlimited funding 14
15 Application and Approval Process - VPFP Interim Financing available to match any project schedule Application to VRA VRA Internal Credit Review Council and Board Approvals Funds Available (Interim & Permanent) 15
16 Value Added Benefits Delivered - VPFP Pooled Financing Program Expedite vital projects with low-cost financing Flexible, customer-friendly funding source Natural AAA/AA interest rates No bond insurance or extra credit enhancement costs No reserve fund Economies of scale & shared issuance costs No external agency project approval 16
17 VRA Equipment & Term Financing Program Enhanced option for 1 15 year term Available for all VRA-eligible project areas Low rates with statewide master contract Flexible terms Ease of use and convenience Viable alternative to pay as you go Available year-round 17
18 Harrisonburg-Rockingham Regional Sewer Authority Expansion Photo Credit: Daily News-Record Curtis Poe, Harrisonburg-Rockingham Regional Sewer Authority s Executive Director, in front of expansion work. Recent upgrades and expansions financed by VRA. 18
19 VRA Team Experience and Dedication Superb customer service Immediate response Continuous communication Long-term relationships Exceptional expertise Sheryl D. Bailey, Ph.D. Executive Director Brian D. DeProfio Jean F. Bass Chief Operations Officer Director of Policy & Intergovernmental Relations Bradley L. Jones Financial & Management Analyst McGuireWoods, LLP Bond Counsel Davenport & Company, LLC Strategic Solutions Company Co-Financial Advisors U.S. Bank Trustee 19
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