Mayor Kenny Alexander, City Of Norfolk | City Of Norfolk website
Mayor Kenny Alexander, City Of Norfolk | City Of Norfolk website
On November 19, the City of Norfolk sold $60 million in Water Revenue Refunding Bonds. This refinancing of existing bonds resulted in approximately $16.9 million in savings over the bonds' lifetime, highlighting Norfolk's dedication to fiscal responsibility.
The bonds were issued at a true interest cost of 3.83%. The transaction included both a current refunding and a forward delivery refunding, which ensures ongoing cost savings and allows for further investment in water infrastructure. The city managed to reduce its debt service payments by $16.9 million through this transaction.
In October 2024, prior to the bond sale, Fitch Ratings upgraded Norfolk’s Water Revenue Bonds to an 'AAA' credit rating. This upgrade indicates the city's strong financial standing and effective fiscal management, enhancing the market appeal of these bonds for both the city and investors.
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