Norfolk Auctions Bonds Saving Taxpayers Millions of Dollars

On Wednesday, January 23, 2019, the City of Norfolk, Virginia, sold $133,695,000 in General Obligation (G.O.) Capital Improvement Bonds on a competitive basis using Grant Street’s MuniAuction online open auction platform. Bank of America Merrill Lynch won the bonds submitting the bid with the lowest True Interest Cost (“TIC”) of 3.51%. As a result, the City’s total interest cost decreased by $4.35 million.

This financial victory can be attributed to our most recent post noting the strength of the City’s underlying credit ratings, which are Aa2, AA (positive outlook), AA from Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings, respectively.

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S&P Maintains Positive Outlook, Moody’s and Fitch Affirm Norfolk’s Strong Credit Ratings

Standard & Poor’s Global Ratings (“S&P”) maintained its positive outlook and joined Fitch Ratings (“Fitch”) and Moody’s Investors Service (“Moody’s”) in affirming the strong credit rating on the City’s existing long-term ratings.

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Public Input needed on HUD allocations

The City of Norfolk’s Office of Budget and Strategic Planning will hold a public
input session on Wednesday, February 6, 2019 at 6:00 PM.  The specific purpose
of the Public Input Session is to gain input from citizens on priority needs to be
funded with the city’s Fiscal Year 2020 HUD allocations.  The public input session
will be held in the City Council conference room located at the City Hall Building:
810 Union Street, 10th Floor, Norfolk, VA 23510.

The City of Norfolk Offers Assistance to Furloughed Federal Employees

The City of Norfolk is offering assistance to furloughed federal employees upon
request.  To qualify for assistance, you must be a Norfolk resident and show proof
of employment at one of the following nine federal departments:

  • Department of Homeland Security
  • Department of Justice
  • State Department
  • Department of the Interior
  • Department of Agriculture
  • Department of Housing and Urban Development
  • Department of Commerce
  • Department of Transportation
  • Department of the Treasury

Payment plan options are available for the following bills:

HRUBS bill:  Contact the City of Norfolk Utilities Department Customer Service at
(757) 664-6700

Personal Property & Real Estate taxes:  Contact the Norfolk City Treasurer’s Office
at (757) 664-7800

For monthly parkers, the city will defer collecting payment. Parking access will
remain active.

For parking tickets issued in the last 30 days, the City’s parking department will
waive late fees accumulated during the shutdown.  Staff cannot waive the original amount owed.

For questions or to request a waiver for parking tickets contact the Norfolk Cares
Center at (757) 664-6510 or the City of Norfolk Parking Division at (757) 664-6222.

City of Norfolk Offices to Close in Observance of the Martin Luther King Jr. Holiday

The City of Norfolk’s government offices, including City Hall, will be closed on Monday, January 21, 2019 in observance of Dr. Martin Luther King Jr. Day. The closures include libraries and recreation centers.  Offices will reopen at regular business hours on Tuesday, January 22, 2019.

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Meeting Tonight: Proposed Bike Lane Plan for Newport Ave

Talbot Park Civic League and Wards Corner Civic League will host an open community meeting with city officials to discuss the proposed bike plan for Newport Avenue. Date: Wednesday, January 16, 2019 Time: Doors open at 6:30 pm for light refreshments. Meeting begins at 7:00 pm. Location: Royster Memorial Presbyterian Church, 6901 Newport Ave, Norfolk. All are welcome.