South Tidewater News

On December 17, the City of Norfolk completed the sale of a $15.6 million Water Revenue Bond to the Virginia Resources Authority (VRA). This bond will help fund projects related to lead service line (LSL) inventory and replacement in accordance with revisions to the U.S. Environmental Protection Agency’s Lead and Copper Rule. These revisions require water systems nationwide to maintain an inventory of LSL materials, provide a map on a public website, and develop a 10-year replacement plan.

Norfolk's initiative demonstrates its commitment to shared expenses while maintaining essential services and responsible stewardship of ratepayer funds. The bond was sold at a favorable interest rate of 1.00 percent. Additionally, there is a $10.4 million component operating like a grant that does not require repayment, facilitated by federal funding under the Bipartisan Infrastructure Law.

On the same day, Norfolk issued an $18.11 million Wastewater Revenue Bond to VRA, which will fund infrastructure improvements such as pump station enhancements and sewer main replacements across the city’s wastewater system. This bond was sold at an interest rate of 0.50 percent, providing financial benefits for the city. It also includes $2.89 million in principal forgiveness through state and federal subsidies, reducing debt burdens and allowing reinvestment into future projects for improved services.