|
27
<br />
<br />September 12~ 1972
<br />
<br />7
<br />
<br /> Conservation Project; for a mass transit study; for equipment for the Police Communica-
<br /> tion System; for the widening of High Street; for renovation of the Municipal Building;
<br />'for repair and construction of curbs and gutters; for the Tower Mall Drainage Project;
<br />for the City's share of the Industrial Access Road Project; for renovation of the Fire
<br />Department Headquarters; for the purchase of fire engines; for a Residential Crime Study;
<br />for equipment for I. C. Norcom School; for an addition t'o the Cradock Recreation Center;
<br />for repairing the Oak Grove Cemetery Wall; for the final cash payment due on the Park View
<br />Conservation Project; for the purchase of equipment for the Sleepy Hole Golf Course; for
<br />the purchase of ten school buses; for the purchase of an Ash Disposal System; for a drainage
<br />study in Churchland; and for renovation of the USO, there shall be issued Two Million Six
<br />Hundred Seventy-five Thousand Eight Hundred Twenty-seven Dollars and'00/100 ($2,675,827.00)
<br />Dollars of bonds of the City of Portsmouth to be known as Genera~ Obligation Bonds pursuant
<br />to the provisions of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, and other provi~i
<br />sions of law applicable thereto. The said bonds shall be serial bonds and shall be issued
<br />at one time and shall be in such form and of such denomination as the Council shall direct.
<br />Each issue shall be payable not exceeding forty (40) years from its date and said bonds
<br />shall bear interest at a rate or rates to be hereafter determined by the Council upon the
<br />sale 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 />Ayes: Early, Holley, Johnson, King, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br /> 72-574 "I submit the attached resolution and recommend its adoption. This authorizes
<br />the issuance of $5,000,000 in General Obligation Bonds.
<br />
<br /> The resolution incorporates the projects in the previous resolution amounting to $2,675:
<br />A previous resolution has been adopted for projects amounting to $2,324,173 which included
<br />appropriations for the London BouleVard expressway, Crawford Connector, Park View Conserva-
<br />tion Project, and Manor High School, etc.
<br />
<br />The total bond issue is broken down by the
<br />
<br />Urban Renewal
<br />Public Buildings
<br />Curbs, Gutters 6 Drainage
<br />Schools
<br />Parks ~ Recreation
<br />Street Improvements
<br />Transportation
<br />Public Safety
<br />Waste Disposal
<br />Future Capital Projects
<br />
<br />following
<br />
<br />categories:
<br />
<br />$ 864 565
<br />295 713
<br />849 659
<br />654 963
<br />180 032
<br />3,444 500
<br />83 445
<br />~94,370
<br />88,000
<br />346,753
<br />
<br /> It is anticipated that these bonds will be sold in October and to be dated November
<br />1, 1972. This conforms to the City's program for the financing of capital projects and
<br />funds have been provided in the current budget to meet the debt obligation. There is
<br />also attached a letter from the City's Finance Commission recommending the issuance of
<br /> these bonds." (See Exhibi~72-374)
<br />
<br /> On motion of Mr. Smith and seconded by Mr. Johnson, the following resolution was
<br />adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF FIVE MILLION DOLLARS ($5,000,000)
<br />GENERAL OBLIGATION BONDSOF TH~ CITY OF PORTSMOUTH, VIRGINIA, FOR THE PUR-
<br />POSE OF PROVIDING FUNDS FOR URBAN RENEWAL PURPOSES, THE CONSTRUCTION OF
<br />SCHOOES~OGEBTAi~R~THER PUBLIC BUILDINGS, CURBS, GUTTERS AND DRAINAGE
<br />FACILITIES, STREET AND HIGHWAY IMPROVEMENTS; FOR CONSTRUCTION AND EQUIP-
<br />MENTiOF CERTAIN PARKS AND RECREATION FACILITIES; AND FOR PURCItASE OF
<br />EQUIP~,~NT FOR TRANSPORTATION, PUBLIC SAFETY AND WASTE DISPOSAL; AND
<br />~KING PROVISION FOR THE FORM OF SAID BONDS AND FOR THE PAYMENT THEREOF.
<br />
<br /> WHEREAS, it is necessary to provide funds for urban renewal purposes, the construction
<br />of schools, certain other public buildings, curbs, gutters and drainage facilities, street
<br />and highway improvements; for construction and e~uipment of certain parks and recreation
<br />facilities; and for purchase of equipment for transportation, public safety and waste
<br />disposal; and making provision for the form of said bonds and for the payment thereof,
<br />at an estimated cost of Five Million Dollars ($5,000,000); and
<br />
<br /> WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable
<br />to the payment of the cost of Said improvements, and it is accordingly necessary to issue
<br />bonds of the City in the sum of Five Million Dollars ($5,000,000) for the aforesaid purposes.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br />Section 1. For the purpose of providing funds for Urban Renewal purposes, the construction
<br />of schools, certain other public buildings, curbs, gutters and drainage facilities, street
<br />and highway improvements; for construction and equipment of certain parks and recreation
<br />facilities;and for purchase of equipment for transportation, public safety and waste
<br />disposal; there shall be issued Five Million Dollars of bonds of said City to be known
<br />as General Obligation Bonds, consisting of one thousand bonds of the denomination of
<br />Five Thousand Dollars each, numbered 1 to 1,000, both inclusive, dated November 1, 1972,
<br />and bearing interest from date payable semi-annually on May t, and November 1, of each
<br />year at such rate or at such different or varying rates as may be fixed by the City Council
<br />prior to their execution. Both principal and interest of said bonds shall be payable
<br />
<br />827,
<br />
<br />
<br />
|