Delaware Valley Regional Finance Authority
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 March 13, 2023, at the Delaware County Council Room, 2nd Floor, 201 W. Front Street, Media, PA 19063. Individuals who wish to attend the meetings virtually or by telephone should contact the Administrator at (215) 402-0270 no later than 2:00 P.M. on the day of the meetings for instructions. The Agenda is posted under the link "Current Information on DelVal" at the bottom of this page.
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 $3.9 billion of Loans to more than 210 local governments in 16 counties. Currently, approximately $1 billion of Loans to 123 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.
The City of Chester filed a petition for relief under Chapter 9 of the Bankruptcy Code on November 10, 2022. DelVal has a $932,000 Loan outstanding to the City, scheduled to mature on June 25, 2025. For additional information, please see the Event Notices and the Quarterly Activity Report posted on the MSRB's EMMA website or on this webpage at the "Current Information on DelVal" link.
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.