DelVal Bond Issues Support Borrowers’ Projects

Approximately $1.2 billion of local government revenue bonds issued by DelVal (collectively, the “DelVal Series”) are currently outstanding to provide funds for the loan program and, ultimately, the loan program participants.

  • $6,550,000 Local Government Revenue Bonds, 1997 Series B and C
  • $139,800,000 Local Government Revenue Bonds, 1998 Series A
  • $125,000,000 Local Government Revenue Bonds, 2002 Series C
  • $60,000,000 Local Government Revenue Bonds, 2007 Series A and C
  • $10,000,000 Local Government Revenue Bonds, 2018 Series A
  • $75,000,000 Local Government Revenue Bonds, 2020 Series D
  • $45,000,000 Local Government Revenue Bonds, 2021 Series A
  • $80,000,000 Local Government Revenue Bonds, 2022 Series A and C
  • $97,000,000 Local Government Revenue Bonds, 2022 Series D and E
  • $141,030,000 Local Government Revenue Bonds, 2023 Series A
  • $177,070,000 Local Government Revenue Bonds, 2024 Series A and B
  • $200,000,000 Local Government Revenue Bonds, 2025 Series A and B

Letters-of-Credit issued by TD Bank, N.A. secure the remarketing of the $75,000,000 Local Government Revenue Bonds, 2020 Series D, the $75,000,000 Local Government Revenue Bonds, 2022 Series E, and the $105,000,000 Local Government Revenue Bonds, 2024 Series B. A Letter-of-Credit issued by Bank of America, N.A. secures the remarketing of the $140,000,000 Local Government Revenue Bonds, 2025 Series B.

Indentures and Covenant Agreement

DelVal adopted a Master Trust Indenture on June 28, 2007 (the “Master Indenture”). All DelVal Series issued thereafter were issued under supplemental indentures to the Master Indenture, and all future DelVal Series will be issued under similar supplemental indentures. DelVal Series under the Master Indenture are equally and ratably secured by all the assets under the Master Indenture.

The DelVal Series issued prior to 2007 are secured only by the assets under their respective trust estates. In 2001​, DelVal adopted a Covenant Agreement under which it covenanted to use excess funds under all trust estates to cure any deficiency under any trust estate. The Covenant Agreement will remain in effect as long as any DelVal Series issued prior to 2007 remains outstanding.

See the document libraries below for more information: