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ORDINANCE NO. 2006 -) 7 AN ORDINANCE TO APPROPRIATE $49,080,185 IN THE CAPITAL IMPROVEMENT FUND AND $17,325,000 IN THE PUBLIC UTILITIES CAPITAL IMPROVEMENT FUND. WHEREAS, the City Manager has submitted to the City Council the Capital Improvement Program for 2007 through 2011 and the funding for Year One of the Capital Improvement Program; and WHEREAS, public hearings have been held to receive public comments on the tive-year Capital Improvement Program and on funding for Year One of the Capital Improvement Program. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: I. That the sums of $49.080,185 in the Capital Improvement Fund and $17,325,000 in the Public Utilities Capital Improvement Fund, be. and the same hereby are, appropriated for expenditure in the following categories and amounts to implement the 2006-2007 Capital Improvement Program: Capital Improvement Fund: Drainage and Street Improvements Education Industrial and Economic Development Leisure Services Public Safety Municipal Facilities $ 16,392,265 $ 15,647.420 $ 3,387,500 $ 1,120,000 $ 350,000 $ 12,183,000 Total Capital Improvement Fund $ 49,080,185 Public Utilities Capital Improvement Fund $ 17,325,000 2. It is the intent of the City to make certain expenditures in connection with the planning, design, acquisition, construction and equipping of the projects herein approved which the City reasonably expects to be reimbursed as permitted by Section 1.150-2 of the regulations pursuant to the Internal Revenue Code of 1986, as amended, trom the proceeds of one or more issues of bonds issued to fund the projects. As of the date of this ordinance, the maximum projected amount of general obligation bonds and notes to be issued is not expected to exceed $1,000,000. 3. That the five-year Capital Improvement Program is approved with years 2007 through 2011 being non-appropriated subsequent planning years. 4. That this ordinance shall take effect on July 1,2006.