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ACSA authorizes executive director to address arbitrage rebate liability from 2020C VRA bond; board cites about $46,000
Summary
The Amherst County Service Authority on March 4 authorized its executive director to handle an arbitrage rebate liability tied to the Virginia pool financing program Series 2020C bond. Staff said the liability — interest earned on bond proceeds exceeding permitted yield — is roughly $46,000 and will be budgeted in the upcoming fiscal year.
The Amherst County Service Authority voted March 4 to authorize the authority’s executive director to act on an arbitrage rebate liability tied to the Virginia pool financing program Series VPFP 2020C bond.
Staff included correspondence from the Virginia Resources Authority indicating the authority may owe an arbitrage rebate on interest earned while bond proceeds sat in a pooled account. Mr. Castillo explained the funds accrued interest in the account and if that interest exceeds IRS-allowed…
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