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Development authority approves resolution authorizing public‑facility revenue bonds
Summary
The board approved a resolution authorizing the issuance and sale of BBDA public‑facility revenue bonds to reimburse capital program expenditures; staff said the bonds are fully supported by the city and reimburse prior spending before city council consideration.
The Virginia Beach Development Authority voted to approve a resolution authorizing the issuance and sale of public‑facility revenue bonds to reimburse capital‑program expenditures. Dana Hermeyer presented the financing as a routine step to access the market and reimburse previously spent capital funds; she told the board the listed projects are included on an exhibit to the financing documents and noted the city will next consider the request at council.
"These are fully supported by the city, and these are all reimbursements," Hermeyer said, describing the offering as a normal course of business for the authority. The board moved, seconded and approved the resolution by voice vote; staff indicated the measure will be transmitted to city council for its action.
