Minutes 01/10/1978 - Laserfiche WebLink

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34'6 January 10, 1978 78-13 "A report from the City Manager outling transfers made from the Emergency Con- tingency Fund for the purpose of refunding Utility Service Taxes to all multi-family master meter accounts. This refund is necessary due to recent Supreme Court Decision pertaining to the definitioh of purchaser in the existing ordinance. Also, there is a transfer of funds for the Ports- mouth Parking Authority. This report is being submitted for your information ~n accordance with Section 11-6 of the City Code." Motion of Mr. Oast and seconded by Mr. Elliott, the report to be received as information, and was adopted by unanimous vote. 78-14 "Consideration of an ordinance to appropriate $690,000 from the Capital Improve- ments Fund for the purchase of 8.64 acres known as the U. S. Coast Guard Buoy Base, Portsmouth VA. This appropriation will provide the necessary funds for the City to purchase the Coast Guard Base for the $690,000 recently approved by GSA. We have been informed that deed pre- paration for transfer will be finalized on or about February 1, i978. The City will be required to pay the full price at that time. Current State law permits bond anticipation notes for a period of five years on capital projects or land purchase. This appropriation will be funded on a temporary basis through the bond anticipation notes with the interest accruing as part of the purchase price for the developer City Manager recommends adoption on first ~eading. On motion of Mr. Early and seconded by Mr. Elliott, on first reading, and by unanimous vote: and State Highway Department. The the following ordinance was "AN ORDINANCE TO APPROPRIATE $690,000 FROM THE CAPITAL IMPROVEMENT FUND FOR THE PURCHASE OF 8.64 ACRES OF REAL PROPERTY KNOWN AS THE U. S. COAST GUARD BUOY BASE, PORTSMOUTH, VIRGINIA." 78-15 "Consideratin of General Obligation Bonds for Base. approved a resolution authorizing the City Manager to issue $690,000 in the purpose of funding the acquisition cost of the Coast Guard This resolution is required to authorize the issuance of temporary bond anticipation notes for funding of the above appropriation. The City Manager recommends adoption." On motion of Mr. Elliott and seconded by Mr. Early, the following resolution was adopted and by the following vote: "A RESOLUTION AUTHORIZING THE ISSUANCE OF $690,000. DOLLARS OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS FOR THE PURPOSE OF FUNDING THE ACQUISITION COST OF THE U.S, COAST GUARD BUOY BASE, PORTSMOUTH, VIRGINIA. WHEREAS, it is necessary for the City of Portsmouth to provide funds for the acquisition cost as hereinafter set forth; and WHEREAS, there are no funds in the Treasury of the City of Portsmouth applicable to the payment of said acquisition cost, and it is necessary to issue bonds of the City of Portsmout in the sum of Six Hundred Ninety Thousand ($690,000.) Dollars. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: For the purpose of funding the acquisition cost of the U. S. Coast Guard Buoy Base, Portsmouth, Virginia, there shall be issued Six Hundred Ninety Thousand ($690,000.) Dollars of bonds of the City of Portsmouth to be known as General Obligation Bonds pursuant to the provi~ sions of Chapter S of Title 1S.1 of the Code of Virginia, 19S0, as amended, and provision of law applicable thereto. The said bonds shall be serial bonds and shall be issued at one time and shall be in such form and of such determination as the Council shall direct. Each issue shall be payable not exceeding forty (40) years from its date, and said bonds shall bear inter at a rate or rates to be hereinafter determined by the Council upon the sale of said bonds, providing that the maximum rate of interest shall not exceed the maximum rate of interest auth by law at the time of the sale of said bonds." .=--= ~ Ayes~ Early, Elliott, Holtey,Oast, Davis Nays: None 78-16 - "Consideration of a resolution authorizing theCCi~y Manager to convey certain Ci pwmed property to the Portsmouth Redevelopment and Housing Authority (Blair Street Playground Park View_Conservation Project). This resolution provides for the reconveyance of the Blair Street P~yground to the Portsmouth Redevelopment and Housing Authority without compensation. This property was d~- dicated to the City of Portsmouth by the Portsmouth Redevelopment and Housing Authority by deed dated June 21, 1972. Since that dedication, the City has developed a park and playground in the Park View area and the lot is no longermnee~dd for recreational purposes. The City Manager recommends adoption." On motion of Mr. Elliott and seconded by Mr. Early, and by the following vote: the following resolution was adopted, ~st ~rized