Norfolk secures bonds to tackle lead pipes, improve wastewater systems [Video]

NORFOLK, Va. — The city of Norfolk this week completed revenue bond sales that will partially fund costs for water and wastewater-related projects.

The sale of a $15.6 million water revenue bond to the Virginia Resources Authority will partially fund the capital costs to complete lead service line inventory and replacement projects, according to a city press release. The lead service line inventory and replacement plan are federal mandates from the U.S. Environmental Protection Agency.

This bond was sold at a 1% interest rate and is structured with an additional $10.4 million component operating like a grant that does not have to be repaid. This portion was made possible through federal funding under the Bipartisan Infrastructure Law.

Also this week, the city issued an $18.1 million wastewater revenue bond to the Virginia Resources Authority, partially …