NORFOLK, Va. (WAVY) — On Tuesday, the City of Norfolk announced it successfully sold nearly $52 million in Water Revenue Bonds.

According to city officials, bonds are a low-cost way to make cost-effective improvements in water infrastructure.

Past projects funded by bond sales include upgrades to the water treatment plants, improvements to water pipeline infrastructure, improvement to the resource and delivery systems, and installation of water storage tanks.

Morgan Stanley submitted the winning bid to purchases the bonds. City officials say the 4.28% interest rate is a testament to the city’s strong financial management.