Norfolk Achieves $16.9 Million in Savings with Water Revenue Bond Refinancing

NORFOLK, Va. - On Tuesday, Nov. 19, the City of Norfolk successfully sold $60 million in Water Revenue Refunding Bonds, refinancing existing Water Revenue Bonds and achieving approximately $16.9 million in total savings over the life of the bonds, underscoring the City's commitment to fiscal responsibility and stewardship of public funds.

The bonds were sold at a competitive true interest cost of 3.83% and included both a current refunding and a forward delivery refunding, ensuring continued cost savings and providing the capacity for further investment in the City's water infrastructure. Combined, this transaction reduced the City's debt service payments by $16.9 million over the life of the bonds.

In October 2024, ahead of the bond sale, Norfolk's Water Revenue Bonds received an upgraded credit rating of 'AAA' from Fitch Ratings. This reflects the City's strong financial profile and effective fiscal management. The upgrade increased the market appeal of the bonds, benefiting both the City and its investors.