Refunding Bond Authorization

City Council approved a bond refunding authorization for the duration of the 2021 calendar year. The authorization allows for up to $150 million in General Obligation Bonds and/or Water Bonds to be refinanced if market conditions are favorable. This positions the city to take advantage of improved interest rates that may materialize during the year on outstanding bonds that the city currently holds. The city only refunds bonds that will result in a net present value savings of at least 3%, and it is anticipated that current market conditions exist to generate debt service savings that warrant the city refunding its eligible outstanding debt. Purchase of Airport PropertyNewport News Waterworks’ purchase of a 197-acre parcel of land owned by the Peninsula Airport Commission was approved by City Council at last night’s meeting. The surplus airport parcel is located within the Harwood’s Mill Reservoir watershed in York County and contains numerous environmental and historic resources and pipelines, and is in close proximity to the water supply intake of the Harwood’s Mill water treatment facility. Council appropriated $4,775,000 from the Waterworks’ Enterprise Land Fund for the purchase price of $4,400,000, surveying, two appraisals, airport legal costs, and some administrative coordination with the FAA. The Waterworks Land Fund was created for use in acquiring key properties located within the Waterworks watersheds as part of the Regional Source Water Protection Program. Capital Improvements Funding for SchoolsCity Council appropriated $10,000,000 to Newport News Public Schools for fiscal year 2021 capital projects. The funds are for design and replacement of roofs and for HVAC replacements at McIntosh Elementary (roof replacement), Richneck Elementary (roof replacement), Heritage High (roof design), Gatewood/PEEP Early Childhood Center (HVAC replacement), Kiln Creek Elementary (Phase I HVAC Replacement) and NNPS Telecommunications Building (HVAC replacement).
On-demand viewing of last night’s entire City Council meeting is available at Regular Meeting is 7 p.m., Tuesday, February 23, and a determination on the format of that meeting will be made the week prior. Council meetings are shown live on NNTV (Cox 48/Verizon 19) and streamed online at and on NNTV’s Facebook page. View full meeting agendas, watch past meetings and more on the city’s Public Meetings Portal.