City News
The Mayor's Office
The City of Richmond Successfully Enters the Bond Market - Saves $22.7 Million
The City of Richmond successfully sold $333.7 million in Public Utility Revenue and Refunding Bonds, of which $150.9 million was for new money projects and $182.8 million was to refund existing debt service for interest rate savings.
The cost of funds for the city’s new money projects was approximately 3.09 percent, which is near the lowest cost of funds in several decades. In addition, the city took advantage of the low interest rate environment to refund its 2013A bond issue, which will result in the city reducing its existing debt service by $22.7 million over the next 23 years. Those savings will be spread across the city’s gas, water, and wastewater enterprise funds and will alleviate a portion of the expected future year rate increases.
The bonds were highly rated by all three national credit rating agencies: Moody’s, Standard & Poor’s and Fitch (Aa1, AA and AA, respectively). Investor interest appeared to be enhanced by the utilities credit rating upgrade the city received from Moody’s two weeks before the sale.
“The extraordinary amount of competitive demand to purchase our utility bonds, which drove down the interest costs and will ultimately benefit our customers, demonstrates the confidence that investors have in the effectiveness of our system,” said Mayor Stoney.
David Rose, Senior Vice President and Manager of Public Finance at Davenport & Company LLC, the city’s financial advisor, said, “The Moody’s upgrade and overall credit quality was significant and undoubtedly showed real momentum, as the city saved many millions compared to initial pre-pandemic planning.”
“The results of this bond sale reaffirm that the city’s utility system is well run and well respected by investors,” said Acting Chief Administrative Officer Lenora Reid
Las Vegas Raider and Richmond native Clelin Ferrell donates $100,000 to Richmond-based relief efforts
NFL player and proud Richmond native Clelin Ferrell has generously agreed to donate $100,000 to two local relief efforts.
$50,000 will go to support the Eviction Diversion Program, founded in 2019 by the Stoney administration and managed through local nonprofit Housing Opportunities Made Equal (HOME).
The other $50,000 will support Richmond’s Family Crisis Fund, which provides one-time grants to families who have experienced income loss due to COVID-19. The Stoney administration announced last week that the city has matched the Robins Foundation’s original contribution to the fund. Both the city and Mr. Ferrell’s contributions, through a partnership with local nonprofit Enrichmond, will be disbursed directly to Richmond families.
“Knowing who I am means knowing how much my hometown, Richmond, VA means to me,” said Ferrell. “There’s something special about the people from this city and how we are built. For a long time, we have had one of the highest eviction rates in the country and people are losing their jobs because of the crisis, so I am donating $100,000 to the Family Crisis Fund and the Eviction Diversion Program to help the communities that made me who I am. I love y’all and stay strong, stay safe, and always stay Richmond!”
“Clelin embodies everything I love about Richmond: its strength, its resilience, and its sense of community. His contribution will help hundreds of families, as well as our city as a whole, emerge from this crisis safe and supported,” said Mayor Stoney.
Las oficinas de la Ciudad de Richmond seguirán cerradas entre el 13 de abril y el 3 de mayo, pero los servicios esenciales continuarán funcionando
Las oficinas de la Ciudad de Richmond seguirán cerradas al público entre el lunes 13 de abril y el domingo 3 de mayo.
Este cierre continuado está diseñado para garantizar la salud y seguridad de los residentes, empleados y el público en general, debido a la pandemia de COVID-19.
El personal esencial seguirá trabajando y los servicios esenciales seguirán funcionando. Puede acceder a una lista de esos servicios haciendo clic aquí.
Por favor lea la página en Internet que ha dedicado la ciudad a este tema, haciendo clic aquí, para obtener actualizaciones acerca de la respuesta dada por la ciudad al COVID-19. Si desea colaborar u obtener ayuda, visite la página RVAStrong.
City of Richmond offices to remain closed to the public April 13 – May 3, essential services continue
The City of Richmond offices will remain closed to the public from Monday, April 13 through Sunday, May 3.
The continued closure is designed to ensure the health and safety of residents, employees and the general public in response to the COVID-19 pandemic.
Essential personnel will continue to work, and essential city services will continue. Access a list of those services here.
Please check the dedicated city webpage, linked here, for updates on the city’s response to COVID-19. Check RVA Strong for ways to get and give help.