Orders will be accepted May 16-17 for $125 million in water and sewer bonds.
For the first time, Henrico County is structuring a sale of municipal bonds to give residents a greater opportunity to participate as investors.
Henrico plans to issue $125 million in water and sewer revenue bonds May 16-17 to support improvements to its public utility system. Bonds will be valued at $5,000 apiece. Local government bonds typically are sold in bundles to large customers, including financial institutions, mutual funds and insurance companies.
“Henrico has heard periodically from residents who would like to buy the county’s bonds because they believe Henrico bonds are a sound investment that also helps the community,” said Gene H. Walter, director of the Department of Finance. “We have worked with our team of underwriters and are pleased to offer this opportunity.”
Bond purchase orders accepted Monday, May 16 will be limited to retail buyers, such as residents and other individual investors. Orders taken Tuesday, May 17 will include both institutional and retail buyers.
The planned sale, approved Feb. 23 by the Board of Supervisors, calls for issuing $125 million in water and sewer revenue bonds, which will consist of $79 million in new bonds and $46 million in refinanced bonds. The bonds will be backed by Henrico’s public utility rates and fees. Henrico has earned water and sewer revenue bond ratings of AAA, AAA and Aa1 from the Fitch, Standard & Poor’s and Moody’s ratings agencies.
To receive an official statement on the bond offering and information on how to purchase the bonds, call a member of Henrico’s bond underwriting team: Raymond James at (804) 225-1129; BB&T Securities at (804) 782-8883; Davenport & Co. at (804) 780-2132; and J.P. Morgan at (855) 231-8873.
