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AN ORDINANCE TO AMEND THE FY 2016 - 2020 CAPITAL IMPROVEMENT PROGRAM AND THE REVENUE SIDE OF THE FY 2015 - 2016 CAPITAL IMPROVEMENT FUND BUDGET BY MOVING $929,132 FROM THE OPERATING TRANSFERS LINE ITEM TO THE BOND PROCEEDS LINE ITEM, AND TO INCREASE THE MAXIMUM PROJECTED AMOUNT OF GENERAL OBLIGATION BONDS, NOTES, AND OTHER DEBT INSTRUMENTS TO BE ISSUED BY $929,132. WHEREAS, by Ordinance 2015-28 adopted on May 12, 2015 City Council approved the Capital Improvement Program for FY 2016 through 2020 and appropriated funding for the FY 2015 - 2016 Capital Improvement Fund Budget; and WHEREAS, as shown on pages 15-32 and 15-33 of the FY 2016 Adopted Operating Budget, the adopted Capital Improvement Fund Budget anticipated the receipt by the City of $929,132 of surplus funds from the Portsmouth Public Schools, which funds were to be used for the construction of a new roof at Westhaven Elementary School; and WHEREAS, the anticipated funds are not available and the roof replacement at Westhaven Elementary School will instead be funded by bond proceeds; and WHEREAS, it is therefore necessary to modify the Revenue side of the FY 2015 - 2016 Capital Improvement Fund budget to transfer $929,132 from the Operating Transfers line item to the Bond Proceeds line item; and WHEREAS, this amendment modifies only the budgeted funding sources and does not increase or otherwise modify expenditures. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That the estimated revenues and revenue contributions to finance the Capital Improvement Fund budget for the period beginning July 1, 2015 and ending June 30, 2016, be, and the same hereby are, amended to the following: Capital Improvement Fund Revenue State Categorical Aid $ 5,323,600 Charges for Services 35,000 Operating Transfers In 8,882,155 Bond Proceeds 19,179,132 Total Revenues $ 33,419,887 2. That it is the intent of the City to make certain expenditures in connection with the planning, design, acquisition, construction and equipping of the projects approved by Ordinance 2015-28 which the City reasonably expects to be reimbursed as permitted by Section l .l 50-2 of the regulations pursuant to the Internal Revenue Code of 1986, as amended, from 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, notes, and other debt instruments to be issued is not expected to exceed $24,179,132.