Enhanced technology is in the works for the City's nearly 160 solar-powered parking pay stations that will enable motorists to pay using their license plate information. Motorists will also be able to extend the time on the pay station by mobile text message. The Pay-by-Plate option will take effect on January 2, 2017. Those using pay stations can enter their license plate number directly into the machine when they pay. The system will save the information for parking enforcement officers. This helps streamline the process by eliminating the need to print a ticket and place it on the dashboard. However, receipts can still be printed for those who want them. In addition, there also will be an Extend-by-Phone option. The driver will receive a text message notification when the parking space time is running out. As long as there is time available within the posted time zone, more time can be added via text message. Benefits for the City and motorists include: Reduced paper us

The City of Richmond successfully sold $502 million in Public Utility Revenue and Refunding Bonds of which $169 million was for new money projects and $333 million was to refund existing debt service for interest rate savings. The cost of funds for the City’s New Money Projects was approximately 3.47%, which is near the lowest cost of funds in several decades. In addition, the City took advantage of the historic low interest rate environment to refund two outstanding bond issues, which will result in the City reducing its existing debt service by roughly $100 million over the next 24 years. The Bonds were highly rated by all three national credit rating agencies - Moody’s, Standard & Poor’s and Fitch (Aa2, AA, AA respectively). Wells Fargo, Bank of America, Raymond James and Siebert Cisneros Shank served as underwriters on the financing. Wells Fargo, Bank of America and Raymond James have offices in Richmond. Siebert Cisneros Shank is based out of New York and is the nation’