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Virginia Beach development authority approves revenue bond for Virginia Wesleyan University
Summary
The Virginia Beach Development Authority approved a resolution authorizing a tax‑exempt revenue bond—up to $10 million—for Virginia Wesleyan University and agreed financing terms including a Town Bank loan; the authority will collect an annual administrative fee and is not liable for repayment, bond counsel said.
The Virginia Beach Development Authority on April 8 approved a resolution authorizing the issuance of a revenue bond for Virginia Wesleyan University, not to exceed $10,000,000, and approved the financing terms, bond counsel said.
At a public hearing opened by the authority, Megan Gillley of Kaufman & Canoles, who identified herself as bond counsel to Virginia Wesleyan University, said the bonds are structured as tax‑exempt financing for a qualified 501(c)(3) borrower. Gillley said Town Bank has offered the…
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