Arlington County to Issue $110M in Bonds

The Arlington County Board on Tuesday unanimously approved the sale of $110 million of general obligation bonds to fund a variety of projects, from school construction to a park and community center.

The bonds will be sold on the municipal market on June 5, according to a county news release.

Interest rates are among the lowest they've ever been, said Arlington County Board member Chris Zimmerman. The bonds — portions of which have been approved by voters on even-numbered years between 2004 and 2010 — would be repaid over 20 years, according to a county staff report.

The largest chunk of the bond proceeds, about $65.1 million, would go to Arlington Public Schools for the ongoing reconstruction of Yorktown High School, the design and construction of the new Wakefield High School, and other projects.

The sale also will fund:

• $8 million toward the construction of Long Bridge Park;
• $3 million toward the construction of the Arlington Mill Community Center;
• $3.8 million for systems infrastructure at the county's emergency communications center, the county jail and to repair structural damage at Fire Station 1, 500 S. Glebe Road, which was sustained during last year's earthquake;
• $4 million for neighborhood conservation;
• $8.5 million to complete improvements to the county's water pollution control plant;
• and $10 million for Metro, among other projects.

During the brief conversation on this matter, Board member Jay Fisette called the fiscal integrity of Arlington County "unassailable."