Welcome to the City of Norfolk's Investor Website. This site is dedicated to providing a central location for information about the credit of the City of Norfolk and its borrowing programs.
Norfolk, Virginia is a Southern Mid-Atlantic seaport and a vibrant cosmopolitan center. As of 2015, the City has a population of approximately 234,000, making it one of Virginia’s largest cities. Festivals, attractions and museums are all reasons millions of visitors make their way to the City and the surrounding area every year. It’s long military and transportation history is another reason it is on the map.
The Norfolk Naval Base, the world’s largest naval base, and the Norfolk Southern Railway, are both at the heart of this history.
History of Norfolk
The City of Norfolk was established as a town in 1682, as a borough in 1736 and incorporated as a City in 1845. The City lies at the mouth of the James and Elizabeth Rivers and the Chesapeake Bay, and is adjacent to the Atlantic Ocean and the cities of Virginia Beach, Portsmouth and Chesapeake. Norfolk is an independent, full-service City with sole local government taxing power within its boundaries.
It derives its governing authority from the City Charter, originally adopted by the General Assembly of Virginia (the "General Assembly") in 1918, which authorizes a council-manager form of government.
The City Council exercises all of the governmental powers conferred upon the City. Having sought and gained approval from the U.S. Justice Department and the General Assembly, the City gave its citizens the right to elect their Mayor directly, effective May 2006. Previously the City's Mayor had been chosen by the City Council from among its members. This change added an eighth member to the City Council, with the Mayor elected at large, and retains the current seven wards with two members elected from super wards.
The City Council elects a Vice Mayor from among its members. Among the City officials appointed by the City Council is the City Manager, the administrative head of the municipal government. The City Manager carries out its Policies, directs business procedures and appoints, with the power to remove, the heads of departments and other employees of the City except those otherwise specifically covered by statutory provisions.
The City Council also appoints certain boards, commissions and authorities of the City.
The City uses bonds as a major source of financing for its capital improvement programs, which are designed to help the City continue to grow. The City issues bonds to fund infrastructure and development through the following major debt categories: General Obligation, Water Revenue and Wastewater Revenue Bonds.
We hope you find this website useful, and we hope you see it as our commitment to provide outstanding disclosure to the investors who have invested in our City.
Thank you for your interest in the City of Norfolk.