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General Obligation Bonds

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.

Staff Contacts

Leslie M. English Debora Greene
Public Finance Manager
Department of the Treasury
P.O. Box 1879
Richmond, VA 23218-1879
(804) 371-0341
Senior Public Finance Analyst
Department of the Treasury
P.O. Box 1879
Richmond, VA 23218-1879
(804) 371-6235

 

The information contained in the bond and investor relations area of this website should not be considered an offer to sell securities or a solicitation to buy securities.

The web pages contain information relating to bond financing programs of the Commonwealth. The purpose of this section is to provide general information about the Commonwealth, its debt management, and its borrowing programs. The information is provided for quick reference only and is not a summary or a compilation of information for any particular bond issue. It does not purport to include every item which may be of interest, nor does it purport to present full and fair disclosure within the meaning of applicable securities law with respect to any of the matters or programs addressed. Investment decisions should be made only after full review of the official statement and other relevant matters in connection with a particular bond issue.

The Department of Treasury is not responsible for the content of links to other Commonwealth Websites nor the Municipal Securities Rulemaking Board (MSRB) nor Electronic Municipal Market Access (EMMA)