Published on July 12, 2024
On June 18, 2024, Arlington County issued $93.2 million in Series 2024 General Obligation (GO) Public Improvement Bonds. The bonds received a total of 10 bids in a competitive sale, with Bank of America submitting the winning bid with a 3.49% average interest rate.
Proceeds of the sale will finance various County, Schools, Stormwater and Utilities Fund capital projects, as approved by the County Board in May 2024.
The low interest rates received on this year’s bonds are a result of the County’s Triple-AAA rating, which was reaffirmed for the 24th consecutive year by Moody’s, Fitch Rating’s, and Standard & Poor’s.
About General Obligation Bonds
General Obligation Bonds are debt instruments issued by states and local governments to raise funds for public works. Arlington’s GO bonds are 20-year bonds backed by the County’s full faith and credit. Ratings agencies base their bond ratings on their analysis of the locality’s ability to pay back bonds through taxes and revenues. Learn more about how the County uses bonds.