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Upcoming Meeting
VCBA Board Meeting
September 28, 2017 at 10:30 AM

Meeting Minutes

VCBA Meeting Minutes, 5-22-17 DRAFT, PDF Document  May 22, 2017 - Draft

VCBA Meeting Minutes, 10-14-16, PDF Document  October 14, 2016

VCBA Meeting Minutes, 4-14-16, PDF Document  April 14, 2016

VCBA Meeting Minutes, 10-22-15, PDF Document  October 22, 2015

VCBA Meeting Minutes, 06-22-15, PDF Document  June 22, 2015

VCBA Meeting Minutes, 03-19-15, PDF Document  March 19, 2015


Disclaimer

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Virginia College Building Authority

The Virginia College Building Authority (the "Authority" or the "VCBA") provides financing for certain capital projects and educational equipment for state institutions of higher education, and provides a conduit financing mechanism for private, non-profit institutions of higher education in Virginia.

VCBA Programs

21st Century College and Equipment Programs

The VCBA Equipment Program was established in 1986 in an effort to address technological equipment deficiencies in public institutions of higher education. The Virginia General Assembly created the 21st Century College Program in 1996 to finance certain specified capital projects at public institutions of higher education in the Commonwealth. In May 1999 bonds for the Equipment Program and the 21st Century College program were issued together resulting in the creation of the 21st Century College and Equipment Program. The bonds are limited obligations of the Authority with debt service payable solely from appropriations made by the General Assembly. Fitch, Moody's and Standard & Poor's rate these bonds AA+, Aa1 and AA+, respectively.

Pooled Bond Financing Program

The Virginia General Assembly created the Public Higher Education Financing Program in 1996. This program, which is commonly referred to as the Pooled Bond Program, allows the Authority to issue bonds and use the proceeds to purchase debt obligations (notes) of the participating public institutions of higher education. Proceeds of the notes are used by the institutions to finance or refinance capital projects approved by the General Assembly. Participating institutions pledge their general revenues as security for the obligations purchased by the Authority. An additional security mechanism allows the Authority to intercept appropriations from the Commonwealth to the institution in the event the institution fails to pay on its obligations held by the Authority. Pooled Bond issue sales are expected to occur at least annually. Fitch, Moody's and Standard & Poor's rate these bonds AA+, Aa1 and AA, respectively.

Private School Financings

The Authority is also authorized under the Educational Facilities Authority Act of 1972, to use the proceeds of its bonds and notes to finance educational projects through loans to private, nonprofit institutions of higher education within the Commonwealth. Under this program, the VCBA serves as a conduit borrower for the private institution. This arrangement allows these institutions the benefits of issuing at tax-exempt rates. The Bonds are payable solely from loan repayments made by the respective institution and are in no way secured by the Commonwealth or the Authority. Bonds through this program are issued at the request of the private institution on an as needed basis. Bond ratings are dependent on the underlying rating of the institution.

Statutory Requirements For Membership:

Section 23-30.25 of the Code of Virginia sets forth the membership of the VCBA. The State Treasurer, the State Comptroller, the Director of the Department of Planning and Budget, the Executive Director of the State Council of Higher Education for Virginia, and seven additional members appointed by the Governor constitute the membership of the VCBA. The members appointed by the Governor are appointed for four year terms (except that appointments to fill vacancies shall be for the unexpired terms). No member may serve more than two consecutive terms. The Governor appoints the Chairman of the VCBA.

Board

Gubernatorial Appointees

Lane B. Ramsey
(Chairman)
Appointed: October 1, 2014
Term Expiration: June 30, 2018
Katharine M. Bond John G. Dane
Appointed: October 1, 2014
Term Expiration: June 30, 2018
Appointed: July 25, 2016
Term Expiration: June 30, 2020
Dennis C. LaGanza C. Evans Poston Jr.
Appointed: October 1, 2014
Term Expiration: June 30, 2018
Appointed: July 25, 2016
Term Expiration: June 30, 2020
Charles Mann McLain T. O'Ferrall, Jr.
Appointed: July 1, 2013
Term Expiration: June 30, 2017
Appointed: October 1, 2014
Term Expiration: June 30, 2018

Ex-Officio

State Treasurer
Manju S. Ganeriwala
State Comptroller
David A. Von Moll
Appointed: January 15, 2014
At Pleasure of Governor
Appointed: January 15, 2014
At Pleasure of Governor
Director, Department of Planning & Budget
Daniel S. Timberlake
Director, State Council
of Higher Education for Virginia
Peter A. Blake
Appointed: January 15, 2014
At Pleasure of Governor
Appointed: April 1, 2011
At Pleasure of State Council of
Higher Education for Virginia

Legal Counsel

Donald R. Ferguson
Sr. Assistant Attorney General
Office of the Attorney General
202 North Ninth Street
Richmond, VA 23219
(804) 786-0004
dferguson@oag.state.va.us

Staff Contacts

Leslie English Debora B. 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)