Laserfiche WebLink
R-14-04 <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN <br />AMENDMENT TO THE HAMPTON ROADS REGIONAL JAIL AUTHORITY <br />SERVICE AGREEMENT TO PERMIT A REDUCTION IN THE AUTHORITY'S <br />OPERATING BUDGET RESERVES. <br />WHEREAS, the Cities of Hampton, Newport News, Norfolk and Portsmouth, <br />Virginia (the "Cities") have provided for the creation of the Hampton Roads Regional Jail <br />Authority (the "Authority") by agreement (the "Agreement") approved effective <br />December 14, 1993; and <br />WHEREAS, the Cities and the Authority entered into a service agreement <br />("the "Service Agreement") effective December 1, 1995, setting forth certain rights <br />and obligations of the Cities and the Authority with respect to the construction, use <br />and operation of the Hampton Roads Regional Jail; and <br />WHEREAS, Section 4.3. of the Service Agreement provides that the Authority <br />will provide for an Operating Reserve in each of its Annual Budgets in an amount equal <br />to 25% of the expenditures, excluding debt service requirements, contained in the <br />Annual Budget for each year; and <br />WHEREAS, on the recommendation of its staff and its financial advisor and to <br />minimize the annual costs to the Cities, the Authority voted at its meeting on January <br />15, 2014, to amend Section 4.3 of the Service Agreement to provide for an Operating <br />Reserve in each Annual Budget of 16.67% of the expenditures, excluding debt service <br />requirements, contained in the Annual Budget for each year; and <br />WHEREAS, bond counsel to the Authority has advised it that such an <br />amendment will not violate any provision of any resolution, indenture or agreement <br />pursuant to which any notes, bonds or other financing has been issued by the Authority; <br />and <br />