Loudoun County Sells Bonds at Low Interest Rate

Loudoun County has sold $156.7 million in general obligation bonds at a relatively low interest rate of 3.16%. The county also received $15.9 million in premium, which was accepted and will be used for capital projects for the general county government and Loudoun County Public Schools to reduce a future bond sale.

Eight bidders submitted offers for the county’s bonds, with J.P. Morgan Securities LLC offering the bid with the lowest interest rate, which the county accepted.

The interest rate is higher than bond sales in recent years due to rising interest rates.

Proceeds from the bond sale will be used to help finance a wide range of projects such as work at Hal & Berni Hanson Regional Park and Philip A. Bolen Memorial Park Phase, a range of new fire stations, road projects including major projects like the Route 50 North Collector Road and Route 15 improvements, and a number of school projects.

The county has also sold $55.3 million of tax-exempt, public facility revenue bonds through the Economic Development Authority with an interest cost of 3.18% and $18.5 million of taxable, public facility revenue bonds with an interest cost of 3.10%, receiving a $6.3 million premium. Those will also go to county capital projects.

More information on Loudoun County finances is online at loudoun.gov/bondratings

6 thoughts on “Loudoun County Sells Bonds at Low Interest Rate

  • 2022-06-13 at 12:23 pm
    Permalink

    When you write something like “Low” or “relatively low” you need to provide the measure to which you are comparing.

    How about telling us what the total interest expenditure will be on these bonds?

  • 2022-06-13 at 1:24 pm
    Permalink

    This is ridiculous. The County rakes in enormous amounts of revenue. We started a data center industry that nets the County $400M+ a year that we didn’t have a decade ago. There is a special tax district for Metro that has been taking in money for years for a Metro that hasn’t materialized. Our property taxes just went up again. Our personal property taxes (car tax) are going up. And, despite all this, the County spends every last dime and needs to issue bonds to spend even more!

    I’d say the fiscal insanity never stops, but all indicators are that a fiscal day of reckoning is not far off.

    • 2022-06-14 at 9:38 am
      Permalink

      Didn’t you know that developers run this county. They sell the houses that fill with families that go to school that mean you pay to build school after school after school. Do something about rampant over development instead of whining about bond sales…

    • 2022-06-14 at 1:00 pm
      Permalink

      Don’t forget that in two weeks, the BoS’s regressive grocery bag tax kicks in.

      The (D)s have never met a tax they didn’t like. And they don’t mind financial punishing low income families, either. As if Bidenflation wasn’t putting a hurt on everyone already.

  • 2022-06-14 at 9:29 am
    Permalink

    Well of course they did this. Since the developers are not required to pay for anything to help support all of the new housing they are cramming into this county and the board is approving, the board needs to cash in these bonds to spend on trying to keep up. Meanwhile, the county residents suffer with higher taxes….but the data centers bring in so much revenue, this will translate into savings for the taxpayer…sure….

  • 2022-06-14 at 1:54 pm
    Permalink

    It appears only institutional investors can purchase these. I couldn’t find any info on Loudoun web site on purchasing or any advance notice of being issued.

Leave a Reply

%d bloggers like this: