The Arlington County Board has authorized staff to move forward with the sale of $208.4 million in 20-year general-obligation bonds.
The county government has tried to defer major bond sales as long as possible over the past two years, citing concerns about the region’s economic health and the county’s revenue conditions. But the time has come to move forward with the next sale, Board Chair Matt de Ferranti said on Saturday.
“This is how we pay for infrastructure,” de Ferranti said during the meeting, where the bond sale was adopted as part of the body’s consent agenda.
Funding will support transportation, parks, stormwater, utilities and schools projects approved by county voters in bond referendums held between 2018 and 2024.
The debt sale is expected to be completed in June, and could be a negotiated sale to a single entity or sold via a competitive auction.
In the county’s last sale of general-obligation bonds — held in June 2024 — a total of $93.2 million in securities were sold to Bank of America at an average 3.49% interest rate. The estimated interest rate for the 2026 sale is in the range of 3.25% and 3.75%, county staff say.
The county anticipates retaining its AAA bond ratings from the three major bond-rating houses: Moody’s, S&P Global and Fitch Ratings.
The total amount of general-obligation debt authorized by county voters between 2018-24 is $1.26 billion. About $591 million already has been issued, and after the June sale, about $458 million will have been approved but not yet sold.
Date set for hearing on historic designation: Board members set a public hearing for Saturday, June 13 to consider whether to place a portion of the former Nelly Custis School in Aurora Highlands in a local historic district.
A split Historical Affairs and Landmark Review Board earlier this year recommended that the 1920s-30s portions of the building at 750 23rd Street S. be designated as historic. The proposal is opposed by Melwood and Wesley Housing, which are seeking to redevelop the site.
Hearing set on increase to trash-collection cost: Board members set a June 13 public hearing to consider raising the fee for trash collection at single-family homes.
Under the proposal, the annual rate would rise from $415.75 to $439.27 to cover costs of operating the trash-collection system. The new figure is expected to bring in about $14.6 million in the coming year.
If approved, the new rate goes into effect July 1.
Funding approved for mini-grants: Board members approved spending $25,000 on up to 28 “mini-grants” to community organizations.
Requests for funding will be rated on effectiveness in “engaging residents in their neighborhood in activities that strengthen the community,” county staff said.
Awards will be capped at $1,000. The application period is open through mid-July.
It will be the third annual incarnation of the grant program. Fourteen organizations shared a collective $10,000 in the first year, with 22 grants totaling $20,000 awarded last year.
