The Debt Management Division is responsible for the issuance and management of debt and other financial obligations for the Commonwealth and several of its boards and authorities. This includes monitoring outstanding Commonwealth obligations, advising on the financing of the state capital projects, providing primary and secondary market disclosure on the Commonwealth, coordinating rating agency relations, and providing staff support to certain boards and authorities. Information on outstanding Commonwealth obligations are reported in the Commonwealth's Comprehensive Annual Financial Report.
Approved Rating Agencies- - Section 2.2-4902 of the Code of Virginia requires that bond ratings on any bonds issued by any agency or instrumentality of the Commonwealth and each political subdivision, including public authorities, districts, and each county, city or town, must be provided by a bond rating agency approved by the State Treasurer".
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Debt Issuing Entities and Committees Supported by Debt Management
Debt Capacity Advisory Committee- advises the Governor and the General Assembly on the appropriate level of Commonwealth tax-supported debt, and makes recommendations as to the prudent use of obligations supported by the Commonwealth's moral obligation pledge or for which the Commonwealth has a contingent or limited liability.
Tobacco Settlement Financing Corporation - purchases the rights, title and interest to certain of the amounts received by the Commonwealth under the Master Settlement Agreement, and issues bonds secured solely from funds of the Corporation.
Treasury Board - Debt Management shares staffing responsibilities of the Treasury Board with other divisions within Treasury. Responsibilities of the Treasury Board relating to Debt Management include: issuance of Commonwealth general obligation debt, approval of the terms and structure of certain of appropriation- supported and higher education debt, and administration of lease financing programs for equipment purchases and energy efficiency projects.
Virginia Public Building Authority- issues bonds to finance the construction of state facilities, such as prisons, as well as the state's reimbursement to localities and regional jail authorities for the state's share of approved construction costs of local and regional jail facilities.
Virginia College Building Authority- issues bonds to finance projects for public higher education institutions through its pooled bond program, its 21st Century program, and its equipment financing program; and acts as a conduit issuer for private higher education institutions.
Virginia Public School Authority - acts as a bond bank for localities to finance public primary and secondary school construction and equipment projects.