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7/9/26, 2:57 PM City Council Regular Meeting - Dec 09 2025 - Midtown Community Center (570 McLawhorne Dr, Newport News, VA 23601) - Minute…
GENERAL IMPROVEMENT BONDS OR OTHER GENERAL OBLIGATIONS OF SUCH
CITY; AUTHORIZING THE SALE OF SUCH BONDS; FIXING THE FORM,
DENOMINATION AND CERTAIN OTHER DETAILS OF SUCH BONDS; PROVIDING
FOR THE SALE OF SUCH BONDS AND DELEGATING TO THE CITY MANAGER
CERTAIN POWERS WITH RESPECT TO THERETO; AUTHORIZING THE
PREPARATION AND DELIVERY OF THE PRELIMINARY OFFICIAL STATEMENT AND
FINAL OFFICIAL STATEMENT RELATING TO SUCH BONDS; AUTHORIZING THE
CITY MANAGER TO EXECUTE AND DELIVER A CONTINUING DISCLOSURE
CERTIFICATE OR A CONTINUING DISCLOSURE AGREEMENT RELATING TO SUCH
BONDS; AUTHORIZING THE APPOINTMENT OF AN ESCROW DEPOSIT
AGREEMENT BY AND BETWEEN THE CITY AND SUCH ESCROW AGENT AND THE
PURCHASE OF THE SECURITIES TO BE HELD THEREUNDER; AND AUTHORIZING
THE DESIGNATION OF THE REFUNDED BONDS FOR REDEMPTION.
City Council had been requested to approve a calendar year 2026 refunding
bond authorization. The refunding authorization would allow the City of
Newport News, Virginia (City) to refinance up to $85,000,000 of outstanding
General Obligation Bonds (GOB), if market conditions were favorable.
The City’s financial advisor, PFM Financial Advisors, LLC (PFM), performs
refunding analyses on the City’s outstanding bonds to identify opportunities to
generate debt service savings of the refunded par (of generally 3% of the
outstanding bond face value), based on the principal amount of the related
Refunded Bonds.
PFM’s recommendation of $85 million GOB Bonds in refunding par amount
would position the City to take advantage of any favorable interest rate
environment that may materialize during calendar year 2025 on outstanding
bonds that the City currently holds.
The City only refunds bonds that would result in a net present value savings to
the City. It was anticipated that current market conditions exist to generate
debt service savings that warrants the City refunding its eligible outstanding
debt.
The City Manager recommends approval.
(No registered speakers)
Moved by Councilman Cleon M. Long, P.E., seconded by Councilman Marcellus
L. Harris III, D. Div., adoption of the ordinance.
Carried by the following votes:
Ayes: Councilman Cleon M. Long, P.E., Vice Mayor Curtis D. Bethany III,
Councilman Robert Coleman, Councilman Marcellus L. Harris III, D.
Div., and Mayor Phillip Jones
H. Appropriations
None
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