DelVal Bond Issues

LIBOR Transition

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.

DelVal Bond Issues

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. Below are the DelVal Series outstanding:

  • $28,000,000 Local Government Revenue Bonds, 1997 Series B and C
  • $250,000,000 Local Government Revenue Bonds, 1998 Series A
  • $125,000,000 Local Government Revenue Bonds, 2002 Series C
  • $110,000,000 Local Government Revenue Bonds, 2007 Series A, B and C
  • $115,000,000 Local Government Revenue Bonds, 2018 Series, A, D, and E
  • $125,000,000 Local Government Revenue Bonds, 2020 Series B and D
  • $45,000,000 Local Government Revenue Bonds, 2021 Series A
  • $155,000,000 Local Government Revenue Bonds, 2022 Series A, B, and C
  • $97,000,000 Local Government Revenue Bonds, 2022 Series D and E
  • $141,030,000 Local Government Revenue Bonds, 2023 Series A

    A Letter-of-Credit issued by PNC Bank secures the remarketing of the $50,000,000 Local Government Revenue Bonds, 2007 Series B, a Letter-of-Credit issued by TD Bank, N.A. secures the remarketing of the $75,000,000 Local Government Revenue Bonds, 2020 Series D, and a Letter-of-Credit issued by TD Bank, N.A. secures the remarketing of the $75,000,000 Local Government Revenue Bonds, 2022 Series E.

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 of 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 (You will be redirected to a Box Folder.):

Official Statements and Remarketing Circulars

Trust Indentures and the Covenant Agreement

Letters of Credit