Vienna Government Issues Bonds To Fund Police Station, More

VIENNA, VA — The Town of Vienna issued $34.5 million in general obligation public improvement bonds Tuesday to fund the new police station and other projects. On Tuesday, Town Council approved the bid from J.P. Morgan Securities, which accounts for a 1.86 percent interest rate and $3.1 million premium.

The $3.1 million premium will not have to be repaid by the town. The 1.86 percent interest rate applies to the $34.5 million to be repaid over 20 years. The agreement with J.P. Morgan Securities is expected to close on March 25.

The town said in a statement the bonds will fund the new police station's construction, a 29,000-square foot facility that could break ground later in 2020. Other projects will include a parks master plan, stormwater improvements, water and sewer infrastructure improvements, anticipated property acquisitions and a possible public parking facility.

On the public parking front, Vienna Town Council will consider an agreement with Fairfax County for a public parking facility at Patrick Henry Library on March 23. The public parking would go along with library's redevelopment and accompany parking spaces for the library.

Vienna's government issues bonds every two years for capital improvement project funding. Repayment is funded only through meals tax revenue as well as water and sewer fees, according to a Town of Vienna statement.