Minutes 06/22/1976 - Laserfiche WebLink

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377 Juns 22~ 1976 - 76-246 - "Consideration of an ordinance to amend the City Code pertainin~ to the co - position and appointment of members to the Parks and Recreation Commission. - m This amendment provides for the 3 year appointment of members of the Recreation Commissio~ and sets forth an orderly system of annual appointments and expiration of terms of membership The last amendment to this ordinance created a rotational sithation where 5 members of the 9 man Commission terms were to expire in 1978. This ordinance will correct this situation and re-establish 3 year terms l~th 3 annual expirations. The City Manager recommends adoption." On motion of Mr. Barnes and seconded by Mr. Oast, the following ordinance was adopted Qb ~l~ ~nd~at~4~g-, and by the following vote~ "AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY AMENDING SECTION 24-18 THEREOF, PERTAINING TO COMPOSITION AND APPOINTMENT OF MEMBERS OF THE PARKS AND RECREATION COMMISSION." Ayes: Barnes, Early, Elliott, Holley, Oast, Davis Nays: None 76-247 "Consideration of a resolution authorizing the issuance of ten million dollars ($10,000,000) General Oblngation Bonds of the City of Portsmouth, Virginia, for the purpose of providing funds for urban renewal purposes; for the acquisition of land; for the construc- tion, improvements, and repairs of public buildings and facilities; for the construction of curbs, gutter and drainage facilities and street, highway and bridge improvements; for the con- struction and equipping of parks and recreation facnlities; for the purchase and installation of equipment for traffic control systems; for the construction and improvement of school buildings; for the purchas~ of capital equipment and facilities for public transportation system; for the purchase of fire protection equipment; and for dredging and repairs to bulk- heads. The City of Portsmouth has not issued General Obligation Bonds since December of 1973. I~ an accumulation of $4.5 million for 1974-75 and $6 million for 1975-76 brings the total bonds authorized and unissued to $10.5 million. We have received notification from the State on the approval of a literary loan of $750,000 for the Churchland Primary; therefore, the recommended issue is f~r ~10 million. A list of the projects to be funded from the gl0 millic General Obligation Bond issue is attached for your information. Based on market conditions, bids will be scheduled for July 1, 1976, with a scheduled closing date on the bonds of August 1, 1976. The City Manager recommends adoption.' On motion of Mr. Barnes and seconded by Mr. Oast, the following resolution was adopted and by the following vote: ' "A RESOLUTION AUTHORIZING THE ISSUANCE OF TEN MILLION DOLLARS ($10,OOO,OO0.) GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH., VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS FOR URBAN RENEWAL PURPOSES; FOR THE ACQUISITION OF LAND; FOR THE CONSTRUCTION, IMPROVEMENTS, AND REPAIRS OF PUBLIC BUILDINGS AND FACILITIES; FOR THE CONSTRUCTION OF CURBS, GUTTERS AND DRAINAGE FACILITIES, STREET, HIGHWAY AND BRIDGE IMPROVEMENTS; FOR TFLE CONSTRUCTION AND EQUIPPING OF CERTAIN PARKS AND RECREATION FACILITIES; FOR THE PURCHASE AND INSTALLATION OF EQUIPMENT FOR TRAFFIC CONTROL SYSTEMS; FOR THE CONSTRUCTION AND IMPROVEMENT OF SCHOOL BUILDINGS; FOR THE PURCHASE OF CAPITAL EQUIPMENT AND FACILITIES FOR PUBLIC TRANSPORTATION SYSTEM; FOR THE PURCHASE OF FIRE PROTECTION EQUIPMENT; AND FOR DREDGING AND REPAIRS TO BULKHEADS; AND MAKING PROVISION FOR THE FORM OF SAID BONDS AND FOR THE PAYMENT THEREOF. WHEREAS, it is necessary to provide funds for urban renewal purposes; for the acquisitim of land; for the construction, improvements and repairs of public buildings and facilities; for the construction of curbs, gutters and drainage facilities, street, highway and bridge improvements; for the construction and equipping of certain parks and recreation facilities; for the purchase and installation of equipment for traffic control systems; for the construc- tion and improvement of school buildings; for the purchase of capital equipment and facili- ties for public transportation system; for the purchase of fire protection equipment; and- f~rd~g and repairs to bulkheads; at an estimated cost of Ten Million Dollars ($10,000,0£ and WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to the payment of the cost of said improvements., and it is accordingly necessary to ~ssue bonds of the City in the sum of Ten Million Dollars ($10,000,0OO.) for the aforesaid purposes to provide for the form of said bonds and for the payment thereof. NOW, THEREFORE, BE IT RESOLVED b-y the Council of the City of Portsmouth, Virginia: Section 1. For the purpose of providing funds for urban renewal purposes; for the acquisitio~ of land; for the construction, improvements, and repairs of public buildings and facilities; for the construction of curbs, gutters and drainage facilities, street, higkway and bridge improvements; for the construction and equipping of certain parks and recreation facilities; for the purchase and installation of equipment for traffic control systems; for the construc- tion and improvement of school buildings; for the purchase of capital equipment and facilities for public transportation system; for the purchase of fire protection equipment; and for dredging and repairs to bulkheads; there shall be issued Ten Million ~ollars ($10,O00,OOO.) of bonds of said City to be known as General Obligation Bonds, consisting of Two Thousand bonds of the denomination of Five Thousand Dollars ($$,OOO.) each, numbered 1 to 2,000, both inclusive, dated August 1, 1976, and bearing interest from date payable semi-annually on February 1, and August 1, of each year at such rate or at such different or varying rates as may be fixed by the City Council prior to their execution. Both principal and