Minutes 12/19/1972 - Laserfiche WebLink

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(c) The mayor shall be electedin nineteen hundred seventy-six and every four years thereafter in the manner specified in iection 3.03 herein. Section 3.08. Vacancies in the Offices of Mayor or Vice-Mayor. (a) Vacancy in the office of mayor.shall be filled for the remainder of the unexpired term thereof in the-same manner as prescribed for vacancies in the office of councilman in section 3.04 herein. In the event the mayor is appointed from the members of the cvuncil and elects to serve as such~ he shall immediately tender his resi~natio~ as a m~m~r of council and the vacancy created thereby shall be filled as provided in bection (~e Vacancy in the office of the iayer-er vice~myorfrom whatever cause arising, shall filled by majority vote of all the members of the council for the unexpired portion of the term. Section 9.08. Justices of the Peace. There shall be appointed by the majority of all the members of the city council ten at.least two justices of the peace for the city at large and such additional Justices of the Peace only in the number necessary for the effective administration of justice, who shall hold office for a term of four years and until their successors are elected and qualified. The terms of the justices of the peace in office on the effective date of this act shall expire on January 1, 1973; their successors shall be appointed for four- year terms commencing on January 1, 1973. The judge of the municipal court shall exercise general supervision and'administrative power over the justices of the peace. This shall include the power to regulate the time and place of sitting of such justices of the peace. The judge of the municipal court shall designate on the justices of the peace as the chief justice of the peace ~ho shall have such additional duties as the council may prescribe. Appointments made under the provisions of this sec~tion shall be revokable at the pleasure of the majority of members of the city council.' ~otion of ir. Johnson and seconded by Mr. Smith to amend the resolution in the event a member of the Council ~ishes to run, he must tender his resignation as member of Council effective June 30th, was adopted by unanimous vote. The above resolution~as amended, was adopted by the following vote: Ayes: Holley, Johnson, Iing, Smith, Barnes Nays: 2arly, ~entz The following reports from the City Manager were read: 72-520 - 'I submit the attached two ordinances and recommend they be placed on first reading. Thes~ appropriate $1,213,858 in "Revenue Sharing" funds recently received. This is the first entitlement covering the period January 1, 1972 through June ~0, 1972. It is necessary to adopt two ordinances as we are required to deposit the funds in a separate trust account. The first ordinance appropriates the funds in this account and the second ordinance authorizes the expenditures in the General Fund. The appropriation is broken do~n as follows: Public Health Public Safety Recreation $ 586,298 537,299 90,261 $1,213,858 The above funds will be paid to the General Fund to supplant current revenues earmarked for the categories sho~n above. This will free local funds in the amount of $1,213,858, of which $1,065~858 will be paid to the Capital Nund for the retirement of debt service on prior capital expenditures. $150,000 is to be used to replace worn-out and obsolete equipment that is no longer feasible to economically maintain. The deficits in the Capital Improvement (~ebt Service) Fund began to accumulate in 1955-67 and was $153,785 at the end of fiscal 1967. In ~ay of 1957, the City issued $8.5 million in ~eneral Obligation Bonds, with most of the proceeds going for development of a container terminal at Pinners Point. At this time, the City was in the process of annexing the ~estern Branch section of Chesapeake through the court. The court a~arded the City of Portsmout~ approximately 10 square miles of Chesapeake with a price tag of over $15 million, Of which $7 million was required to be paid January 1, 1968.' On June 1, 1959, the City issued $8 million in ~eneral Obligation Bonds for payment of the debt accrued through annexation. The City had not issued any bonds since April 1, 1966, for capital improvements which had been proceeding in accordance with the Capital Improvement Budget. During this period, the costs of capital improvements were being financed in local banks pendinga proposed bond issue. The bonds were not issued until December 1, 1959, at which tim~ the City had to issue $10 million in General Obligation Bonds for 12 years at 6% due to market conditions at that time. The shorter time increased the debt service for principal and the interest rate was the highest ever paid by the City. The fact that the City had issued $1_6.5 million in General Obligation Bonds in 1967 and 1969 for PMT and annexation costs, our legal margin for creation of bonded debt ~as nearing its limit. In vie~ of this, the City did not propose to issue bonds for capital