News & Notices

RICHMOND – The non-profit VML/VACo Finance Program has selected the bond issuance team for its upcoming Recovery Act Bond Pool.  The bond pool will include both Recovery Zone Economic Development Bonds, which receive a 45% interest expense subsidy from the federal government, and Build America Bonds, which receive a 35% interest expense subsidy.

The Committee named the firm, Piper Jaffray, as lead underwriter on the bond issue.  The firm ranks among the top five underwriters in the United States for long-term new issue municipal bonds as well as for Build America Bonds.

The Committee also named the firm, Hunton & Williams, to serve as bond counsel.  Based in Richmond, the law firm has represented more than 900 bond issuers and has served as bond counsel or underwriter’s counsel in 32 states.  During 2009, Hunton & Williams served as bond counsel and assisted a number of clients in executing transactions utilizing the bond structures authorized in the American Revitalization and Recovery Act.

Another key member of the bond issuance team is the law firm, Hawkins, Delafield & Wood, which is serving as underwriter’s counsel.  With 88 attorneys engaged in public finance and municipal contracting, the New York-based firm has the largest public finance practice in the United States.

With the bond issuance team now in place, VML/VACo Finance is proceeding with the issuance of two pools of Recovery Zone Economic Development Bonds and Build America Bonds on behalf of 14 local governments.  The planned bond sale date is March 2, 2010. Local governments that received an original Recovery Zone allocation from the U.S. Treasury Department are required to issue bonds by March 15, 2010 under the Virginia Governor’s Executive Order 102 (2009).

In addition to assisting localities in meeting this deadline, VML/VACo Finance also coordinated requests from local governments – including those that did not receive an original allocation – for new or additional allocations.  Governor McDonnell and former Governor Kaine provided additional allocations to eight of the local governments whose requests were submitted by VML/VACo Finance.

Links to further information on Executive Order 102 (2009), Recovery Zone Economic Development Bonds (for public projects), Build America Bonds, and the upcoming Recovery Act Bond Pool is available on this website at the “Resources & Links” tab.

VML/VACo Finance Accounting Consultant (Statewide Recruitment)

VML/VACo Finance seeks a part- or full-time accountant with government experience for temporary or permanent placement with our Accounting Services consulting program.  A governmental background is required, preferably in a local setting.  Governmental auditing experience is also acceptable, and experience with multiple municipal finance packages is preferred.  CPAs or CPA candidates are encouraged to apply.  Some overnight travel is required, but usually scheduled in advance.  Compensation is commensurate with experience.

 An excellent opportunity for a highly motivated, self-starting accounting professional who seeks challenge and prefers working in flexible and varied assignments.  VML/VACo Finance offers opportunities for professional growth.

Typical duties may include:

• Analyzing complex financial transactions to resolve outstanding issues
• Reconciling various accounts to expected balances, preparing transactions to resolve outages
• Assisting clients with year-end accrual entries
• Preparing non-routine transactions in areas such as long term debt
• Researching and recording fixed asset acquisitions and disposals
• Preparing various accounting schedules for review by clients and auditors
• Assisting with complex bank and balance sheet reconciliations
• Preparing financial statements and notes in accordance with GAAP for governmental entities
• Creating financial policies or procedural documentation for routine and non-routine financial transactions

Applicants should have experience in a governmental setting (or audit setting with governmental clients), familiarity with governmental GAAP, solid references, and the ability to effectively communicate and interact with clients and auditors. We offer flexibility in work scheduling and the ability to occasionally telecommute.  Due to our geographically diverse clientele, this is a statewide recruitment.  Interested persons should submit a confidential resume with references and salary history to sminor@valocalfinance.org.

RICHMOND (September 30, 2009) – Participating Employers in the VACo/VML Pooled OPEB Trust convened in Richmond for the 2009 Annual Meeting, the second Annual Meeting to be held since the Trust’s founding. Local employers cast weighted votes representing their respective shares of trust fund assets. Those attending the meeting represented 96% of total Trust’s total invested assets, which currently stand at $156.6 million.

The major item of business was the election of five trustees to serve for various staggered terms ranging from one to three years. Three incumbent Board members were re-elected to serve for three years, including:

• Wayne C. Carruthers – Asst. Superintendent & CFO, Stafford Co. Public Schools
• Victoria Lucente – Asst. Superintendent for Finance, Chesapeake Public Schools
• Patricia A. Phillips – Director, City of Virginia Beach Finance Department

Two new Trustees were elected to fill seats created this year when the Board of Trustees voted to expand from seven to nine members. Elected to fill the new seats were the following:

Mark D. Adams
Director, Loudoun County Department of Management & Financial Services

Mark Adams joined the County in 2004 as the Chief Financial Officer (CFO) and Director of the Department of Management and Financial Services. The department provides centralized support to other County agencies and the County Administrator in the areas of budgeting, management and policy, human resources, financial accounting and reporting, payroll, risk management, procurement, insurance, capital financing and debt management. Prior to his appointment with the County, Mr. Adams served as the Assistant Accounting Manager and the Assistant Finance Director for the City of Pittsburgh. He received his Bachelor’s degree from Saint Leo College and a Masters Degree in Public Administration from Carnegie Mellon University.

David A. Brat
Board of Directors, Richmond Metropolitan Authority

David Brat serves on the Board of the Richmond Metropolitan Authority, which owns and operates the central Virginia region’s major toll roads and bridges, parking decks, and baseball stadium. Dr. Brat is Chair of the Department of Economics and Business at Randolph-Macon College in Ashland. His external leadership activities include membership on the Governor’s Advisory Board of Economists, 2006-2009, and President of the Virginia Association of Economists, 2005-2006. He holds a PhD in Economics from The American University, a Masters of Divinity from Princeton Theological Seminary, and a Bachelors degree in Business Administration from Hope College in Michigan.

In addition to the election of Trustees, Annual Meeting attendees received annual reports from the Program Administrator and the Trust’s Investment Advisor on results for 2009 and prospects for the coming year.

Beginning July 1, 2009 cities and towns, their agents and other parties that are responsible for providing continuing disclosure documents pursuant to their continuing disclosure agreements, are required to begin making filings at a new, single designated location operated by the Municipal Securities Rulemaking Board (MSRB).    This new web-based single filing location, the Electronic Municipal Market Access system, (EMMA), was created by the MSRB and is supported by many in the municipal securities industry, including issuer groups.

Previously, Rule 15c2-12 (SEC) mandated that issuers of municipal securities file continuing disclosure documents (annual financial information and information about a material event, which is defined by the SEC as an occurrence or development relating to outstanding securities, the issuer of the securities, or other parties) at multiple nationally recognized municipal securities information repositories (NRMSIRs). The SEC approved changes to continuing disclosure filing requirements for municipal securities issuers in December 2008 solely to create a single filing location for disclosure materials.

For the vast majority of governmental entities, it is important to note that the SEC’s actions do not place additional or new disclosure requirements on municipal securities issuers.  However, for issuers and other parties with less than $10 million in municipal securities outstanding, annual financial and operating information that previously would have been provided to investors upon request will, for new issues on or after July 1, 2009, now be submitted to EMMA. Issuers are encouraged to visit the EMMA web site (www.emma.msrb.org) to become familiar with the system.

What Issuers Need to Know

The SEC’s actions to create a single filing location replaces the need for governments to make filings at the four NRMSIRs.  Beginning on July 1, an issuer will meet its continuing disclosure responsibilities, as dictated by their continuing disclosure agreements, for previously issued and newly issued bonds, by filing at EMMA.  Issuers are encouraged to consult with their bond or disclosure counsel about their specific continuing disclosure agreements, and ensure that all new agreements clearly state that continuing dislclosure filings will be made with EMMA.  There also are no costs associated with making EMMA filings.  Issuers will register with the system and identify and upload documents that will then be available to the public and investors.  The format for submitting continuing disclosure documents to EMMA is as a portable document format (PDF) file.

Additionally, issuers and other parties will be able to submit past annual financial filings and material event notices to EMMA, as well as voluntary filings not contemplated under continuing disclosure agreements.

If Your Loan is Through VML/VACo Finance

VML/VACo Finance continues to coordinate disclosure for all of our participants.  Moreover, if you have a loan through the Commonwealth Loan Program, Commercial Paper Program, or Direct Loan Program, no disclosure is required.

More Information

For more information, go to EMMA, a service of the Municipal Securities Rulemaking Board, or contact Jennifer A. Galloway, Chief Communications Officer at MDRB at jgalloway@msrb.org.