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EDA approves revenue bond financing for Eastern Mennonite University after public hearing
Summary
The Harrisonburg Economic Development Authority held a public hearing and approved an inducement resolution and a bond resolution to facilitate revenue bond financing for Eastern Mennonite University, authorizing McGuireWoods as bond counsel; EDA emphasized the debt is nonrecourse to the city.
The Harrisonburg Economic Development Authority on June 10 opened a public hearing and approved two resolutions to permit revenue bond financing for Eastern Mennonite University (EMU): an inducement resolution followed by a bond (parameters) resolution.
The EDA’s city attorney explained the transaction would use the authority as a conduit issuer under the Industrial Development and Revenue Bond Act in the Virginia code to allow a nonprofit to access tax‑exempt financing. Counsel for the issuer (McGuireWoods) and EMU representatives were present for questions. Lisa Williams of McGuireWoods told the…
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