Minutes 12/09/1975 - Laserfiche WebLink

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,265 , I December 9, 1975 NOW, THEREFORE, BE IT resolved by the Council of the City of Portsmouth, Virginia, 'that the City Manager be, and he hereby is, authorized to advertise and receive bids for the hereinabove described property on such terms and subject to such minimum hid restriction: as he may deem proper." Ayes: Barnes, Early, Elliott, Holley, Oast, Wentz Nays: None 7S-S38 - "Consideration of 2 ordinances to amend the Code of the City of Portsmouth, Virginia, 1973, by amending the Section 11-7 and the Section 11-9 thereof pertaining to depositories for City funds and security therefor. The amendments to the two sections will require securities for all City funds and the Public Utility Fund as required by the Virginia Security for Public Deposits Act of 1974. This amendment will require the establishment of pledged securities as collateral for public funds on deposit in banking institutions and will bring the City's Code into uniformity required by the State of Virginia legislation. The City Manager recommends adoption." "The Director of Finance has requested the adoption of an ordinance requiring all deposits of public funds belonging to the City be secured in accordance with the terms and provisions of the Virginia Security For Public Deposits Act. The Act was established for the purpose of providing a single body of law applicable to the pledge of security as collateral for public funds on deposit in banking institutions so that the procedure for securing public deposits may be uniform throughout the Commonwealth Participation under the Act will insure that future deposits of the City's public funds are protected. The security on public deposits provided by the Federal Deposit Insurance Corporation is entirely inadequate. Most Virginia municipalities either come under the Act or require the pledging of collateral to secure its time and demand deposits. Portsmouth is the only Tidewater City that does not require collateral. The experience of other Cities under the Act is very positive; interest rates offered under bid have not been adversely affected, and procedures under the Act for both depositories and the City are relatively simple. Without the protection offered under the Act, should a bank or trust located in Virginia and holding City of Portsmouth public deposits become insolvent, the City's only guaranteed claim on its deposits would be its coverage under the FDIC. The attached ordinance is submitted for your favorable consideration." On motion of Mr. Barnes and~seconded by Mr. Elliott, the following ordinance was adopted on first and final reading, and by the following vote: ' "AN ORDINANCE TO AMEND THE CODE OF THE CITY OF BY AMENDING SECTION 11-? THEREOF PERTAINING TO AND SECURITY THEREFOR." PORTSMOUTH, VIRGINIA, 1973, DEPOSITORIES FOR CITY FUNDS Ayes: Barnes, Early, Elliott, Holley, Oast, Wentz Nays: None on On motion of Mr. Barnes and seconded.by Mr. Elliott, the following ordinance was adopted first and final reading, and by the following vote: ORDINANCE TO AMEND THE CODE OF~THE CIT~ OF PORTSMOUTH, VIRGINIA, 1975, "AN BY AMENDING SECTION 11-9 THEREOF PERTAINING TO DEPOSITS OF FUNDS OF THE DEPARTMENT OF PUBLIC UTILITIES AND SECURIT~ THEREOF." Ayes: Barnes, Early, Elliott, Hblley, Oast, Wentz Nays: None 75-S21 - Report on alternative solutions tO the question raised by the Cavalier Manor residents relative to the ll-acre site: "At the City Council meeting held on NovemBer 25, 1975, the City Manager was requested to investigate the feasibility of acquiring an ll-acre site in Cavalier Manor or any other possibilities of land acquisition for open space/recreational purposes. I have received written communications fro~ the developer of the Cavalier Manor subdivis that all development in conjunction with the Il-acre site has stopped for 90 days, and the City has been offered the option to purchase it at appraised "Fair Market Value" plus any improvements incurred since the il-acre site wa been advised by Mr. Lindell Wallace's attorney on the 8.S acres located off Cavalier Boulevard that the City might purchase the property from conveyed to the owner and written communication fact: and indicating that the property is availa the City so desires to purchase it for future o Through discussions with my staff relative that the location of the ll-acre site is not th is located in the southernmost section of Caval Portsmouth and the City of Chesapeake. The pro point in the residential neighborhood requiring area to reach this location, s released f?r development. Also, I have that the bus~ness group which holds the option has agreed to release ~his option in order the original owner. This information was have been received substantiating this )le at the fair market appraised value if ~en space or recreational purposes. to open space recreation, it would appear ~ best for recreational purposes. The proper~ [er Manor and abuts the boundary line between )erty is also situated at the furtherest all traffic to travel through the residential )n The facts previously presented concerning :he reasons for vacating the site as a propoS~