Bradley L. Jones

The board reviewed the 2025 Debt Capacity Advisory Committee report, discussing debt capacity calculations and recommendations. A resolution was adopted approving the Plan of Finance for the issuance of Virginia Public Building Authority bonds. The meeting included a presentation from Dodge & Cox regarding investment strategies and portfolio management. Updates were provided on the Virginia debt calendar, equipment and energy leasing programs, and monthly investment reports for the General Account and Local Government Investment Pool. Additionally, the Security for Public Deposits Act report was presented, confirming the status of qualified public depositories.

The board discussed the proposed issuance of educational facilities revenue and refunding bonds, series 2026AB, covering financing summaries, bond structure, market volatility, and interest rate projections. The board formally adopted the resolution regarding the bond issuance. Additionally, the board approved the annual remote meeting policy regarding electronic participation and acknowledged the receipt of a clean audit report for the previous fiscal year.

The Board discussed and authorized the issuance of several bond series, including the 2025 Fall Bonds for School Financing and Special Obligation School Financing and Refunding Bonds for Prince William County. The Board also reviewed status updates regarding bond issuances for Hanover and Stafford Counties. Additionally, the Board readopted the Remote Meeting Policy Regarding Electronic Participation and reviewed final financing summaries for previously completed bond sales, including school technology and security notes and city-specific financing bonds.

The Treasury Board meeting included a review of the 2025 Debt Capacity Advisory Committee Report, which discussed the Commonwealth's tax-supported debt, debt capacity limits, and proposed debt issuance for the upcoming biennium. The Board approved resolutions concerning the plan of finance for the issuance of Public Facilities Revenue and Revenue Refunding Bonds by the Virginia Public Building Authority. Presentations were provided regarding the long-duration portfolio of the General Account and investment reports for the Local Government Investment Pool. Additionally, the Board received updates on the Virginia Debt Calendar, equipment leasing programs, and the status of qualified public depositories under the Security for Public Deposits Act.

The meeting commenced with the introduction of a new Board member. Key agenda items included the approval of the modified agenda, which incorporated a summary of the 2025 Debt Capacity Advisory Committee Report. Officers were nominated and elected for the positions of Vice-Chairman, Secretary/Treasurer, and Assistant Secretary/Treasurers. The Board considered and approved a resolution authorizing the issuance, sale, and award of VPBA Series 2026 Bonds, anticipated to total nearly $800 million, comprising new money and refunding bonds across four series. Discussions detailed the structure, call provisions, and limitations for these bonds, including TIC not-to-exceed limits. Furthermore, the Board adopted the annual Electronic Meeting Policy, allowing for remote participation flexibility. A review of the Series 2025 Final Financing Summary was also conducted, detailing the structure, competitive bid results, and costs of issuance for those bonds. Finally, a summary of the 2025 Debt Capacity Advisory Committee Report was presented, noting the estimated debt capacity.