infrastructure projects across Virginia get funding
- August 18, 2009
It was a good day in Virginia for infrastructure funding. The Virginia Resources Authority (VRA) announced $269 million for projects in eight localities. Plus, the state got $80.2 million in federal stimulus funds for wastewater treatment facilities.
The VRA bonds cover a broad range of local projects and refinancings. Loudoun County will get $40 million for fire and rescue ambulances, an upgrade to its public safety communications and new buses for a commuter service. In Prince William County, $41 million is targeted for six road projects.
“Investing in infrastructure is investing in the future of these communities. Construction projects mean jobs and economic growth,” Sheryl Bailey, the VRA’s executive director, said in a statement.
The funding is possible through revenue bonds sold in June through VRA’s pooled financing program. Since its inception in 2003, the self-financed state authority has funded more than 875 critical infrastructure projects, representing more than $4.2 billion worth of investment in Virginia’s localities. Besides these projects, VRA also secured nearly $5 million in gross debt service savings for 10 communities.
The infusion of money from the American Recovery and Reinvestment Act of 2009 will fund overdue improvements to wastewater projects. Gov. Timothy M. Kaine said, “These funds will significantly help us advance our work to reduce pollution from sewage treatment plants.”