The city of Norfolk recently sold millions in bonds to fund water and wastewater projects.
NORFOLK, Va. — The city of Norfolk this week completed revenue bond sales that will partially fund costs for water and wastewater-related projects.
The sale of a $15.6 million water revenue bond to the Virginia Resources Authority will partially fund the capital costs to complete lead service line inventory and replacement projects, according to a city press release. The lead service line inventory and replacement plan are federal mandates from the U.S. Environmental Protection Agency.
This bond was sold at a 1% interest rate and is structured with an additional $10.4 million component operating like a grant that does not have to be repaid. This portion was made possible through federal funding under the Bipartisan Infrastructure Law.
Also this week, the city issued an $18.1 million wastewater revenue bond to the Virginia Resources Authority, partially funding infrastructure improvements such as enhancements to pump stations and the replacement of sewer mains across the city. It was sold at an interest rate of .5% and structured with nearly $2.9 million in loan forgiveness.
Both bond sales took place on Dec. 17.
