The next-generation Very Large Array (ngVLA) is an astronomical observatory planned to operate at centimeter wavelengths (25 to 0.26 centimeters, corresponding to a frequency range extending from 1.2 GHz to 116 GHz). The observatory will be a synthesis radio telescope constituted of approximately 214 reflector antennas each of 18 meters diameter, operating in a phased or interferometric mode. We provide an overview of the current system design of the ngVLA. The concepts for major system elements such as the antenna, receiving electronics, and central signal processing are presented. We also describe the major development activities that are presently underway to advance the design.