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Obscure Virginia Agency Has New Way for Municipalities to Tap Bond Market.
Byline: David Ress
Mar. 17--In the bond market, a good name helps sales, but investors really prefer to see where the money is coming from.
That's why an obscure Virginia agency has put together an unusual new way for cities and counties to tap the bond market. Richmond and eight other local government bodies participated in the agency's first try with the new approach last November.
The deadline for local governments to get in on the Virginia Resources Authority's second attempt comes later this week, and Executive Director Darrell V. Hill said he expects to see a lot of interest in the approach.
Bonds are IOUs that investors can buy and sell, and it can take hundreds of pages of legal paperwork and the services of high-priced investment bankers to bring cash-hungry municipalities together with bond …
