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70-401 "I submit the attached resolution and recommend its adoption. This authorizes
<br />the issuance of $S,440,697 of General Obligation Bonds of the City of Portsmouth.
<br />It is not intended to issue these bonds at this time; however, it is necessary for the
<br />adoption of this ordinance in order that temporary borrowing can be accomplished.
<br />
<br /> The majority of these funds, $5,100,000, is for the construction of the Hedges Manor
<br />High School. $289,997 covers local costs in Federal/State matching grant programs such
<br />as Parks-in-Cities, Mobile Crime Laboratory, Effingham Street construction, Crawford Street
<br />Connector, and the Topics Program. The balance of $S0,700 provides for traffic signal
<br />equipment, Fire Department equipment, and Elmhurst Lane drainage work necessary for the
<br />construction of the Hedges Manor High School."
<br />
<br />On motion of Mr. Smith, the following resolution was adopted, and by the following,vote
<br />
<br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF $5,440,697.00 OF BONDS OF THE
<br /> CITY OF PORTSMOUTH, VIRGINIA,, TO BE KNOWN AS GENERAL OBLIGATION BONDS,
<br /> FOR THE PURPOSE OF PROVIDING FUNDS FOR THECCONSTRU~TION 0P SCHOOLS, STREETS,
<br /> PARKS, AND STORM SEWERS; FOR THE UPGRADING OF CERTAIN TRAFFIC CONTROL SYSTEMS;
<br /> FOR THE PURCHASE OF RIGHT OF WAY FOR STREET CONSTRUCTION;AND FOR THE PURCHASE
<br /> OF EQUIPMENT
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth topprovide funds for the constructio
<br /> of schools, streets, parks, and storm sewers; for the upgrading of certain traffic control
<br /> systems; for the purchase of right of way for street constru-ction; and for the purchase of
<br /> equ}pment; and
<br />
<br /> WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to the
<br /> payment of said expenses and the ~cost of said equipment, and it is accordingly necessary to
<br /> issue bonds of the City in the sum of Five Million Four Hundred Forty Thousand Six Hundred
<br />_ . and Ninety-Seven and 00/100 ($5,440,697.00) Dollars for-that purpose.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA.
<br /> SECTION 1. Fo~ the purpose of providing fumds for the construction of schools, streets,
<br /> parks, and storm sewers; for the upgrading of certain traffic control systems; for the put-
<br /> -chase of right of way for street construction; and for the purchase of equipment; there shall
<br /> .--be issued Five Million Four Hundred Forty Thousand Six Hundredaand Ninety-Seven and 00/100
<br /> Dollars of bonds of the Cityoof Portsmouth, to be known as General Obligation Bonds, pursuan~
<br /> to the provisions of Chapter 5 of Title 15.1 of theCCcde of Virginia and other provisions of
<br /> law applicable thereto. The said bonds shall be serial bonds and shall be issued at one
<br /> time or a part thereof from time to time and shall be in such form and of such denomination
<br /> as the Council shall direct. Each issue shall be payable not exceeding forty (40) years fro~
<br /> its date, and said bonds shall bear interest at a rate or rates to be hereafter determined
<br /> by the Council, upon the sale of said bonds, provided that the maximum rate of interest shal
<br /> not exceed the maximum rate of interest authorized by law at the time of the sale of said
<br /> bonds.
<br />
<br />SECTION 2. This resolution shall take effect from its passage."
<br />
<br /> Ayes: Johnson, King, Smith (I), Smith (R), Turner, Barnes
<br /> Nays: None
<br />
<br /> 70-402 - "I submit the attached ordinance and recommend it be placed on first reading.
<br /> This appropriates $S,551,171 to cover various capital improvement projects that are being
<br /> bonded in the previous resolution. The appropriations do not correspond with the amount
<br /> of the bond resolution since some of these appropriations have been included in a previous
<br /> bond issue. Part of the expense of the Effingham Street project and the Crawford Street
<br />.~CoRnectQr haYe previously bae~ ben,ed-. It is not necessary to bond the parking meters
<br /> as they are paid from revenue received from the parking. $5,100~000 of this appropriation
<br /> is for the construction of the Hedges Manor High School."
<br />
<br /> On motion of Mr. Johnson, the following ordinance was approved on first reading and by
<br />the following vote:
<br />
<br />"AN ORDINANCE TO APPROPRIATE A TOTAL OF $5,551,171.00 FROM THE GENERAL
<br />CAPITAL IMPROVEMENT FUND FOR VARIOUS IMPROVEMENTS."
<br />
<br />Ayes: Johnson, King, Smith (I),Smith ~R), Turner, Barnes
<br />Nays: None
<br />
<br /> 70-403 - "I submit the attached ordinance and recommend it be placed on first reading.
<br />,This~closes George Washington Park and the Mall oN Afton Square during certain hours.
<br />
<br /> The ordinance closes George Washington Park between the hours of 9:00 p.m. and 5:00
<br />a.m., and the Mall between the hours of 10:00 p.m. and S:00 a.m. The later closing hour
<br />on the Mall is necessary due to the stores that stay open at night and the parking that
<br />is provided in the Mall for these stores. These restrictions are similar to the ones
<br />that have been placed on City Park.
<br />
<br /> The adoption of this ordinance is being recommended due to the unnecessary loitering
<br />that has been occurring recently in these two areas."
<br />
<br /> On motion of Mr.
<br />by,:the following vote:
<br />
<br />Smith (R) the following
<br />
<br />ordinance was approved,~on first reading,
<br />
<br />and
<br />
<br />
<br />
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