Loudoun County, Va. (June 12, 2015) – Loudoun County has sold $69.895 million in general obligation bonds at a favorable interest rate of 2.80 percent.
Proceeds from the sale will be used to finance the construction and equipping of six schools including Discovery Elementary School; Elementary School (ES)-27 (Dulles North Area); Trailside Middle School; Middle School (MS)-9 (Dulles North Area); Riverside High School; and Rock Ridge High School. The proceeds will also be used for the renovations of Mercer Middle School, Freedom High School, and Loudoun Valley High School; stadium upgrades at Loudoun County High School; and site work for the Academies of Loudoun.
General government projects funded with the bond sale proceeds include: land acquisition for the Sterling Fire-Rescue Station, design of the Sterling Fire-Rescue Station, acquisition of fire-rescue apparatus; design of the Sterling Library, irrigation improvements on various athletic fields across the county; and construction and equipping of Phase 3 of the Dulles South Multipurpose Center.
The county’s bonds were in strong demand, with nine bidders submitting offers. Morgan Stanley & Company LLC offered the bid with the lowest interest rate which the county accepted.
In advance of the sale, the nation’s top bond rating agencies again affirmed Loudoun County’s triple-A rating on its general obligation bonds, noting the county’s strong financial management practices and policies, and manageable debt. Loudoun County has held the Aaa rating from Moody’s since 2004, and AAA from Fitch Ratings and Standard & Poor’s since 2005.
More information on Loudoun County finances and the Road to Triple-A status is online at www.loudoun.gov/triple-a.