Delaware Valley Regional Finance Authority
Bond interest rates indexed to LIBOR will be replaced by CME Term SOFR for the same tenor, plus the applicable spread adjustment for legacy transactions. The leverage and spread to the original LIBOR rate will then be applied in the calculation of the Bond interest rate.
Board of Directors Meeting
The next Agenda Meeting and Public Meeting of the Board of Directors will be held at 3:00 P.M. and 4:00 P.M., respectively, on September 11, 2023, at the Delaware County Council Conference Room, 2nd Floor, 201 W. Front Street, Media PA 19063 The Agenda and Administrator's Report will be posted prior to the meeting under "Current Information on DelVal" below. Individuals who wish to attend the meetings remotely should contact the Administrator at (215) 402-0270 or [email protected] prior to 2:00 P.M. on the date of the meetings.
DelVal Loan Program
Bucks, Chester, Delaware, and Montgomery Counties created the Delaware Valley Regional Finance Authority (“DelVal”) in 1985 to provide loans to local governments in Pennsylvania (the “Loan Program”). Loans are limited to funding capital projects as defined in the Local Government Unit Debt Act. DelVal does not originate Loans for tax and revenue anticipation, industrial development, higher education facilities, or health care facilities. Each Loan must be secured by the pledge of the full faith, credit, and taxing power of a local government unit or a similar enforceable contractual agreement. Since 1985, DelVal has originated $3.95 billion of Loans to more than 210 local governments in 16 counties. Currently, approximately $1 billion of Loans to 115 different local governments are outstanding.
*Based on actual spreads to "AAA" indices and actual issuance costs.
**Based on Bloomberg "AAA" General Obligation indices with a 5% coupon, 10-year option, and actual issuance costs.
*** Based on actual rates and issuance cost. The option is not likely to be economic when the rate is below 2.50%.
Past results are not a predictor of future spreads and costs.
DelVal has been successful due to the low-interest costs and costs of issuance that the program affords.
Please see the current Quarterly Activity Report and Program Administrator's Report under the link to "Current Information on DelVal" below for more information. You will be redirected to a document library in a Box Folder.