Norfolk, Va., offers $187.26 million water revenue refunding bonds

By Sheri Kasprzak

New York, March 19 - The City of Norfolk, Va., plans to price $187.26 million of series 2012 general obligation capital improvement and refunding bonds during the week of March 19, according to a sales calendar.

The deal includes $113.8 million of series 2012A G.O. capital improvement bonds, $43.9 million of series 2012B G.O. capital improvement and refunding bonds, $7.4 million of series 2012C AMT G.O. refunding bonds and $22.16 million of series 2012D taxable G.O. qualified school construction bonds.

The bonds (Aa2//AA+) will be sold through senior manager Morgan Stanley & Co. LLC.

Proceeds will be used to partially fund the construction of a courthouse facility, fund storm water and wastewater capital projects, refund debt for a debt service savings and fund a portion of the construction costs for a new elementary school.

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