|
84
<br />
<br />1975
<br />
<br /> 75-122 ~I submit the attached resolution requesting authorization to issue General
<br />Obligation Bonds in the amount of $1,044,032. This resolution includes $105,750 for Urban
<br />Renewal, $570,282 for construction of school buildings, $202,282 for drainage and street
<br />improvements, $38,000 for public buildings, $119,000 for public safety, and $9,000 for
<br />Parks and Recreation.
<br />
<br /> A detailed breakdown of the projects that were previously authorized by ordinance
<br />are listed below for your information:
<br />
<br />URBAN RENEWAL $105,750
<br />
<br />Olde Towne Conservation
<br />Effingham
<br />Mount Hermon
<br />
<br />$45,500
<br /> 33,650
<br /> 26,600
<br />
<br />CONSTRUCTION OF SCHOOL BUILDINGS $570,000
<br />
<br />HighlandBiltmore School Addition
<br />
<br />DRAINAGE & STREET IMPROVEMENTS - $202,282
<br />
<br />TOPICS Program Victory Blvd. $ 43,100
<br />Crawford Parkway Bulkhead 100,000
<br />Drainage Francis Street 15,150
<br />Engineering Cost Hedges Ferry
<br />Bridge, Scotts Creek Dredging
<br />and Deep Creek Blvd. 3,000
<br />Off, ire drainage-Churchland
<br />Area 41,032
<br />
<br />PUBLIC BUILDINGS $38,000
<br />
<br />Renovation Public Buildings $ 8,000
<br />Replace Scales Incinerator 15,000
<br />Engineering Study Incinerator 15,000
<br />
<br />PUBLIC SAFETY $119,000
<br />
<br />Fire Apparatus $79,000
<br />Fire Station - Pinners Point 40,000
<br />
<br />PARKS AND RECREATION $9,000
<br />
<br /> Development of Churchland Park $ 8,000
<br /> Sports Lighting - Truxton Field 1,000
<br />
<br /> This authorization will be combined with the
<br />made. Issuance of bonds will take place sometime
<br />for municipal bonds at that time.
<br />
<br />previous authorizations that have been
<br />in mid-19?5 taking into account the market
<br />
<br />The City Manager recommends adoption of this resolution."
<br />
<br /> On motion of Mr. Early and seconded by Mr. east, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />~A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,O44,O32. OF BONDS OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA, TO BE KNOP~ AS GENERAL OBLIGATION BONDS FOR THE
<br />PURPOSE OF URBAN RENEWAL, CONSTRUCTION OF SCHOOL BUILDINGS, DRAINAGE, PUBLIC
<br />STREET IMPROVEMENTS, PUBLIC SAFETY, PARKS AND RECREATION.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds for the projects
<br />as hereinafter set forth; and
<br />
<br /> WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to
<br />the payment of said expenses and the costs of said projects and it is, accordingly, neces-
<br />sary to issue bonds of the City of Portsmouth in the sum of One Million Forty-four Thousand
<br />Thirty-two and No/leO ($1,O44,O32.) Dollars, for those purposes.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. For the purpose of urban renewal, construction of school buildings, drainage
<br />public street improvements, public safety, parks and recreation there shall be issued One
<br />Million Forty-four Thousand Thirty Two and No/lO0 ($1,O44,O32.) Dollars, of bonds of the
<br />City of Portsmouth to be known as General Obligation Bonds pursuant to the provisions of
<br />Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, and the provisions of
<br />law applicable thereto. The said bonds shall be serial bonds and shall be issued at on~
<br />time and shall be in such form and of such denomination as the Council shall direct. Each
<br />issue shall be payable not exceeding forty (40) years from its date, and said bonds shall
<br />bear interest at a rate or rates to be hereafter determined by the Council upon the sale
<br />of said bonds, providing that the maximum rate of interest shall not exceed the maximum
<br />rate of interest authorized by law at the time of the sale of said bonds.
<br />
<br />2. This resolution shall take effect from the date of its passage.'~
<br />
<br />Ayes: Barnes, Early, Elliott, Holley, east, Wentz
<br />Nays: None
<br />
<br />
<br />
|