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228
<br />
<br />October 14~ 1975
<br />
<br /> ~75-449 The following letter from George F. Davis, Chairman, Municipal Finance Commissio
<br />was presented:
<br />
<br /> "The Portsmouth Municipal Finance Commission, at its regularly scheduled meeting on
<br />September 25~, 1975, received a report from Mr. Patrick J. Brady, Director of Public Utilities,
<br />concerning the November 4, 1975 Public Utility, Bond Referendum. The amount of the bond issue
<br />to be considered at the referendum is $8 million.
<br />
<br /> According to Mr. Brady, the major project to be financed by the sale of bonds will be the
<br />expansion of and improvements to the Pinners Point Sewage Treatment Plant. The Federal Water
<br />Pollution Control Act requires the upgrading of our present plant from primary to secondary
<br />treatment capability. The total cost of this project is estimated at $23.6 million, of which
<br />the City's share will be 20% or about $4.7 million. Other projects to be financed from the
<br />proposed bond issue include a number if improvements to the water distribution system.
<br />
<br /> Because of the large amount of funding required for these improvements, and because of
<br />the longterm nature of the benefits to be drived from them, the Municipal Finance Commission
<br />considers debt financing to be the most appropriate method of £unding. Debt financing may be
<br />achieved by either of two main alternatives: (1) general obligation bonds authorized by the
<br />City Council, and (2) self-supporting utility bonds approved by voter referendum. The latter,
<br />bonds approved by public referendum, tend to sell at a lower interest cost than general obliq
<br />gation bonds. Also voter-approved bonds would not reduce the City's available bond margin,
<br />whereas general obligation bonds would; and a reduction of the available bond margin might
<br />have an adverse effect on the interest rates of future bond issues. Accordingly, after dis-
<br />cussion of these and other points relating to the public bond ~referendum to be held November
<br />4, 1975, the Municipal Finance Commission, by unanimous vote of all members present, acted
<br />to recommend to the City Council that the Council support and encourage passage of the g8
<br />million public utility bond referendum to be held November 4, 1975."
<br />
<br /> Motion of Mr. Barnes and seconded by Mr. Wentz, a resolution be drafted expressing thE
<br />Council's smpp~tand asking the citizens to vote in favor of the referendum on the Public
<br />Utility Bond on the November 4,General ~lection,~'was adopted by unanimous vote.
<br />
<br /> 75-450 Motion of Mr. Wentz and seconded by ~r. Barnes, to go into the election of a
<br />member of the Supplemental Retirement Board, was adopted by ~manimous vote.
<br />
<br /> Mr. Wentz nominated W. ~. Kube, to be reappointed for a four year term, expiring October
<br />1, 1979; ~lso appoint Richard F. Wood, ~r., as Chairman.
<br />
<br /> Motion of Mr.
<br />members be elected
<br />ou~svote.
<br />
<br />Barnes and seconded by Mr. Early, to close nominations, and the above
<br />to the Supplemental Retirement Board, as designated, was adopted by unanim-
<br />
<br /> 75-451 Motion of Mr. Elliott and~ seconded by Mr. Wentz, that the Council meet in an
<br />executive session prio~ to the next regularly scheduled Council meeting for the purpose of:
<br />
<br />(1) Discussing appointments to Boards and Commissions.
<br />(2) Discussing the disposition of City property.
<br />(3) Consultation with Ceunsel pertaining to legal matters;
<br />
<br />was adopted by
<br />
<br />the following vote:
<br />
<br />Ayes: Barnes, E~rly,
<br />Nays: None
<br />
<br />Elliott, Holley, Oast, Wentz, Davis
<br />
<br /> 75-452 Holt W. Butt, Jr., Chairman, Citizens Advisory Committee, presented the fol-
<br />lowing recommendations for 1976 Community Development Program: ~
<br />
<br /> "Pursuant to requirements specified in the Housing and Community Development Act of 1974,
<br />the Citizens Advisory Committee sponsored two open forums on September 29th and October 1st, 1
<br />During these forums citizens were invited to make suggestions and recommendations for the
<br />utilization of 1976 Community Development funds. The forums were widely advertised in our
<br />local media and citizens who could not attend were encouraged to submit recommendations by mai
<br />A 1976 Community Development Citizens' Handbook w~s developed and distributed to all intereste~
<br />groups and individuals.
<br />
<br /> As a result of this activity, twenty-three (23) recommendations were received. The
<br />Citizens Advisory CommitZee met on Tuesday, October 7, 1975, to discuss all proposals submitte,
<br />and to evaluate projects and suggestions for use of t~es¥'funds. Based on this meeting, the
<br />Citizens Advisory Committee recommends the following projects be implemented with 1976 Com-
<br />munity Development funds:
<br />
<br />URGENT
<br />
<br />(These projects which should be implemented immediately due to an emergency or un-
<br />anticipated situation.)
<br />
<br />1. The clear'ance and fencing of a wooded area in Academy Park.
<br />
<br />NECESSARY (Those projects which should be carried out within two yaars to meet anticipated
<br /> needs for current programs or replacement of unsatifact~ry facilities.)
<br />
<br />1. Continuation of activities in Southside neighborhood based on the 1975
<br /> Community Development Program and including the ongoing Human Services
<br /> Program.
<br />
<br />2. Continuation of activities in the Park View neighborhood. The CAC recommends~
<br /> that activities in Park View be evaluated with the goal of preserving that
<br /> housing'~mh is ~tandard in areas where this is feasible.
<br />
<br />75.
<br />
<br />
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