Overall Rating Expired
Overall Score Expired
Liaison Andrea Trimble
Submission Date May 29, 2015
Executive Letter Download

STARS v2.0

University of Virginia
IN-4: Innovation 4

Status Score Responsible Party
Complete Expired Andrea Trimble
Director - Office for Sustainability
Office for Sustainability
"---" indicates that no data was submitted for this field

Title or keywords related to the innovative policy, practice, program, or outcome:
Green Bonds

A brief description of the innovative policy, practice, program, or outcome:

In March 2015, U.Va. completed “a major bond issuance and related restructuring of its debt designed to support operations and key elements of U.Va.’s strategic plan, including the new Affordable Excellence program adopted by the Board of Visitors in March (UVA Today). $184.7 million Series 2015A Bonds were issued to provide permanent financing for capital projects of the University of Virginia, including the Battle Building, the North Grounds Rec Center, the East Chiller Plant and various phases of the Alderman Road projects. $97.7 million were designated as “Green Bonds” to finance LEED certified projects. These bonds support sustainable projects. To the best of our knowledge, this is the largest issuance of Green Bonds by a public university to date, and it enabled the University to diversify its investor base with a growing trend of socially responsible investors. The Series 2015A Bonds were issued as 30-year fixed rate bonds, with an all-in cost of funds of 3.84%.


A brief description of any positive measurable outcomes associated with the innovation (if not reported above):

“Direct results from the bond issues include lowering the long-term cost of the University’s entire debt portfolio from 4.21 percent to 4.13 percent, and reducing liquidity risk in the bond portfolio. “The careful and creative management of our balance sheet will generate revenue that the University can deploy in support of priorities and to address incremental increases in operating costs,” Executive Vice President and Chief Operating Officer Patrick Hogan said. “This is a critical component of Affordable Excellence, which is U.Va.’s new financial model that will assure that we can sustain excellence and affordability into the future.” Affordable Excellence is U.Va.’s commitment to students and families that a U.Va. education will remain affordable and among the best, while also significantly slashing the amount of indebtedness that Virginia families may face. The financial model also identifies sustainable funding to support a new generation of faculty and components of the Cornerstone Plan, U.Va.’s strategic plan. In advance of the financing, all three major credit rating agencies – Fitch, Moody’s, and Standard & Poor’s – reaffirmed the University’s coveted “triple-A” long-term debt rating, a key to U.Va.’s ability to save millions in interest by securing the most favorable terms available to institutions with the top ratings. With this reaffirmation, the University continues to be just one of two public universities in the country to receive “triple-A” ratings from all three major credit rating agencies.
(UVA Today).”


A letter of affirmation from an individual with relevant expertise:
Which of the following STARS subcategories does the innovation most closely relate to? (Select all that apply up to a maximum of five):
Yes or No
Curriculum No
Research No
Campus Engagement No
Public Engagement No
Air & Climate No
Buildings Yes
Dining Services No
Energy No
Grounds No
Purchasing No
Transportation No
Waste No
Water No
Coordination, Planning & Governance No
Diversity & Affordability No
Health, Wellbeing & Work No
Investment Yes

Other topic(s) that the innovation relates to that are not listed above:
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The website URL where information about the innovation is available:

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