Leslie M. English, Public Finance Manager
Virginia General Obligation Bonds
Virginia General Obligation Bonds
Learn about Virginia General Obligation Bonds including our News & Press Releases and Team.
Have questions? Reach out to us directly.
Learn about Virginia General Obligation Bonds including our News & Press Releases and Team.
General Obligation Bonds of the Commonwealth are secured by a pledge of the full faith and credit. The Virginia Constitution sets out the requirements for Commonwealth debt in Article X, Section 9. General Obligation Bonds of the Commonwealth are currently rated in the highest bond ratings category - AAA, Aaa and AAA by Fitch, Moody's and Standard and Poor's, respectively.
Section 9(b) of Article X of the Constitution permits the issuance of general obligation debt for capital projects upon authorization by the General Assembly, and upon approval by a majority of the voters at referendum. The last referendum was held in 2002, when general obligation bonds were authorized for up to $900.5 million for capital projects at educational facilities of the Commonwealth. In the same year, up to $119.0 million was authorized for state park and recreational facilities. These bonds have all been issued.
Section 9(c) of Article X of the Constitution permits the issuance of general obligation bonds without voter approval for specific revenue-producing capital projects secured by net revenues derived from rates, fees and charges of the project, and the full faith and credit of the Commonwealth. The debt must be authorized by the affirmative vote of two-thirds of the members elected to each house of the General Assembly. 9 (c) Bonds are frequently authorized and issued for revenue producing projects such as higher education dormitories and dining facilities.
Treasury Board
The Treasury Board is a policy board in the executive branch of state government established under Section 2.2-2416 of the Code of Virginia. Among its powers and duties, the Treasury Board exercises general supervision over all investments of state funds, administers the Security for Public Deposits Act and the State Non-Arbitrage Program, makes recommendations to the Governor on proposed financing arrangements, approves the terms and structure of certain bonds or other financing arrangements paid from state appropriations - which includes General Obligation Bonds, establishes guidelines for bonds or financing arrangements, and approves the financial terms of lease purchases for state agencies.
Statutory Requirements for Membership: Under Section § 2.2-2415 of the Code of Virginia the Treasury Board is comprised of the State Treasurer (Chair), the Comptroller, the State Tax Commissioner, and four additional members appointed by the Governor. Appointees have a background and experience in financial management and investments, and serve at the pleasure of the Governor.
Gubernational Appointees
Ex-Officio
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