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ceed to construction within 18 months from the date of its application.
Option 2
The second financial option proposed by the VRA was the Virginia Pooled Financing program.
Under this pooled financing program, VRA issues one large series of bonds and then lends money to each locality according to its needs. Participating localities use the proceeds of the bond issue to finance new projects and to refinance existing debt.
The financial pool program is based on financial qualification. Once approved, the VRA issues a revenue bond to a locality based upon the income stream of a given project.
96.9%