Laserfiche WebLink
4. That it is the intent of the City to make certain expenditures in connection with the <br />planning, design, acquisition, construction and equipping of the projects herein approved which <br />the City reasonably expects to be reimbursed as permitted by Section 1.150-2 of the regulations <br />pursuant to the Internal Revenue Code of 1986, as amended, from the proceeds of one or more <br />issues of bonds issued to fund the projects. As of the date of this ordinance, the maximum <br />projected amount of general obligation bonds and notes to be issued is not expected to exceed <br />$66,350,000. As of the date of this ordinance, the maximum projected amount of revenue bonds <br />and notes to be issued is not expected to exceed $24,538,548. <br />5. That the City Manager and his designee, in their discretion, shall have authority to <br />deauthorize budgeted funding and expenditures in individual Capital Improvement Program <br />projects, to the extent the said projects are or were to be funded from the proceeds of bonds that <br />are no longer anticipated to be issued. The purpose of the grant of authority in this section is to <br />attempt to ensure that the budget for each project accurately reflects actual and anticipated funding <br />levels, as the same may be modified from time to time. <br />6. That the City Manager is hereby authorized and directed to do all things necessary <br />to implement the FY 2027-2031 Capital Improvement Program. <br />7. That this ordinance shall take effect on July 1, 2026. <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on May <br />12, 2026. <br />Teste: <br />City Clerk <br />