The Virginia Public Building Authority (the "Authority" or the "VPBA") provides financing for State projects, facilities and obligations including the Commonwealth's share of the cost of jail and juvenile detention projects. The Authority may only undertake projects approved by the General Assembly.

The VPBA is a political subdivision of the Commonwealth of Virginia, authorized to issue bonds under the Virginia Public Building Authority Act of 1981 (the "Act"). The Authority was created by the Act for the purpose of financing, refinancing, constructing, improving, furnishing, maintaining, acquiring and operating public buildings for the use of the Commonwealth; and financing or refinancing capital projects that benefit the Commonwealth and any of its agencies, instrumentalities and political subdivisions.

VPBA Programs

The Act permits the Authority to finance projects approved by the General Assembly. The Authority also may refinance or finance reimbursements to localities or regional jail authorities of the Commonwealth's share of the costs for jail and juvenile detention projects. Bonds issued by the Authority are issued under a master indenture. The bonds are limited obligations of the Authority, secured by and payable from funds appropriated by the General Assembly of the Commonwealth. The Authority has no taxing power. Bonds issued by the Authority are rated Aa1, AA+, and AA+ from Moody's, S&P, and Fitch, respectively. The Authority has historically issued its bonds at least annually.

Statutory Requirements For Membership

Under Section 2.2-2261 of the Code of Virginia, membership of the Virginia Public Building Authority is comprised of the State Treasurer, the State Comptroller, and five additional members appointed by the Governor for five year terms. The Governor designates one member of the Authority as the chairman.