Subject:
Title
Special Meeting to Accept Bid for Bond Sale
Body
DATE(S) OF PRIOR COUNCIL CONSIDERATION OF THIS ISSUE:
Sept. 15, 2025 Work Session
Oct. 6, 2025 Set Public Hearing
Oct. 20, 2025 Work Session
Oct. 27, 2025 Council Meeting
Nov. 10, 2025 Public Hearing
EXPLANATION AND SUMMARY:
On Nov. 10, 2025, the Vienna Town Council held a public hearing regarding the issuance of $16,905,000 million in bonds to be sold Dec. 2, 2025 for capital improvements, which were approved at the Oct. 27, 2025 Council meeting.
The Town's Finance Department along with Davenport and Associates, the Town's financial advisor, and McGuire Woods, the Town's bond counsel, has prepared a preliminary offering statement for potential bond purchasers. After the Town's AAA and Aaa bond ratings were reaffirmed in November, the preliminary offering statement was published in the Financial Press on Nov. 21, 2025.
The bonds will be offered for competitive sale at 10 a.m. Dec. 2, 2025. The purpose of this agenda item is for Council to formally accept the bond bid, including interest rates and other terms.
Departmental Recommendation: Recommend Town Council accept the bid for bond purchase.
Finance Recommendation: Recommend Town Council accept the bid for bond purchase.
Purchasing Recommendation: N/A
Town Attorney Recommendation: The Town has conducted a Public Hearing to receive public input on the proposed general obligation bond issuance. In conjunction with the recommendations of the Town's Bond legal counsel, the Town Attorney recommends the Town Council conduct a meeting to review and accept the recommended bid for the Town's General Obligation Public bond issuance, Series 2025, in its discretion.
Town Manager's Recommendation: I recommend the Town Council accept the bid for the Town of Vienna General Obligation Public, Series 2025, as presented.
Cost and Financing: N/A
Account Number: N/A
Prior Funding Approval: Annual General Budget (Year), Amendments, CIP Budget (Ye...
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