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ogokUM ND. AN ORDINANCE REVISING THE MONTHLY PAYMENT SCHEDULE FOR DELIVERY OF THE CITY'S LOCAL SHARE ALLOCATION OF THE FY 2019 PORTSMOUTH PUBLIC SCHOOLS OPERATING BUDGET. WHEREAS, on May 8, 2018 the Council for the City of Portsmouth, Virginia adopted Ordinance 2018 -33, which approved the FY 2019 Operating Budget for the Portsmouth Public Schools (the "School Budget Ordinance "); and WHEREAS, the School Budget Ordinance included the City's FY 2019 local share allocation of $52,796,045; and WHEREAS, on June 26, 2018 City Council adopted Ordinance 2018 -49 (the "Prior Ordinance "), which established a schedule for the delivery of the City's local share allocation to Portsmouth Public Schools through twelve equal monthly payments; and WHEREAS, the Prior Ordinance provided that the monthly payments would be transferred on the last day of each month; and WHEREAS, Council now desires to modify the payment delivery schedule to provide that payments will be transferred from the City to the Portsmouth Public Schools on the first business day of each month; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, Virginia that: 1. Ordinance 2018 -49 adopted on June 26, 2018 is hereby rescinded and shall be of no further force and effect. 2. The remaining unpaid balance of the FY 2019 local share shall be delivered to Portsmouth Public Schools in equal monthly payments. 3. The October payment shall be transferred to the Portsmouth Public Schools as soon as practicable after adoption of this Ordinance. 4. Commencing with the November payment, the monthly payments shall be transferred to Portsmouth Public Schools on the first business day of each month. 5. This ordinance shall take effect on the date of its adoption. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on October 23, 2018. Teste: City Clerk