Newport News Could Approve $92.4M Bond Authorization for Capital Projects
City Council considers capital funding for improvements in schools, roads & bridges, stormwater, parks & rec
A financing proposal to support public infrastructure and community investments will go before the Newport News City Council on Tuesday, July 22, 2025. The council will consider an ordinance authorizing the City to contract debt and issue General Obligation General Improvement (GOGI) Bonds in the principal amount of $92,420,000. The regular meeting, which includes a required public hearing on the proposal, will be held at 7:00 PM at the Downing-Gross Cultural Arts Center. The City Council’s decision will determine how Newport News advances its FY 2026 capital priorities in the months ahead.
City officials say the proposed bond package is aligned with several of Newport News’ strategic priorities, including health and safety, education, environmental sustainability, and neighborhood connectivity. The bonds would be issued as general obligations backed by the City’s full faith and credit, and repaid through future tax revenue.
The bond authorization is intended to fund a broad array of public improvement projects outlined in the City’s Fiscal Year 2026 Capital Improvement Plan (CIP), which serves as the City of Newport News’s strategic roadmap for funding and executing major public construction and infrastructure projects.
Spanning multiple years—as in the proposed FY 2026–2030 CIP—it lays out a schedule for significant investments that align with the City’s long-term priorities. The primary purpose of the CIP is to authorize funding and guide the initiation of key capital projects, including General Fund initiatives such as building new schools, renovating public facilities, upgrading transportation infrastructure, and advancing community development.
The City Manager has recommended adoption of the ordinance to allow for flexible bond issuance based on favorable market conditions. Approximately 99% of the bond funding ($91.36 million) would support general fund projects such as school construction, public building upgrades, and infrastructure improvements. The remaining 1% ($1.06 million) is designated for stormwater drainage projects within the city’s self-supporting Stormwater Fund.
Project Categories by Investment:
Schools: $42,000,000
Public Buildings: $32,400,000
Streets and Bridges: $8,910,000
Community Development: $7,750,000
Stormwater Projects: $1,060,000
Parks and Recreation: $300,000
The plan also encompasses self-supporting programs, including the Stormwater Fund, Waterworks, and Sewer Rehabilitation, which focus on utility and drainage system improvements. To finance these efforts, the City relies on a mix of funding sources, including General Obligation Bonds, Water Revenue Bonds, Cash Capital from the operating budget or reserves, and state or federal grants. By outlining anticipated projects and financing strategies, the CIP enables the City to manage resources efficiently and capitalize on favorable market conditions for bond issuance.
If adopted, the ordinance would give the City Manager authority to determine issuance details, including sale timing, maturity schedules, and interest rates. The bonds could be issued all at once or in phases, depending on funding needs and market dynamics. Interest payments would be made semiannually, with the first due one year after issuance.
A Newport News Daily contributor produced this post with AI tools and these primary sources:
Ordinance Authorizing the City to Contract Debt and Issue General Obligation Improvement (GOGI) Bonds of the City in the Principal Amount of $92,420,000
FY 2026 - FY 2030 City Manager Recommended CIP