|
Juno 10, 1966
<br />
<br />At a callod mooting of the City Council, held on June 10, 1966, at S:O0 P.M.,
<br />
<br />there were present:
<br />
<br />R. Irvine Smith, John L. Dillon, George D. Eastes, Burrell R. Johnson,
<br />L. L. Knight, W. T. Leafy, A. P. Johnson, Jr., City Manager, and M. A. Korb, Jr.,
<br />City Attorney.
<br />
<br />The meeting was opened with prayer by Mr;:Smith.'
<br />
<br /> The following call for the mooting was road:
<br />
<br /> "Ploaso a~tend a called mooting of the City Council in the Council Chambor at
<br />S:O0 P.M., on Friday, June 10th, 1966, to considor the following:
<br />
<br /> 1. An ordinanco Om first reading to amond Sections 10-18, 10-19 and 10-20 of
<br />the Code of the City of Portsmouth, Virginia, 1961, relating to borrowing by means of notes.
<br />
<br /> 2. An ordinance on first reading authorizing the construction of a marine
<br />terminal at Pinners Point, appropriating from the General Capital Improvement Fund $5,600,000.00 therefor,
<br />and authorizing the issuance of $5,600,000.00 of bonds of the City of Portsmouth, Virginia, to be known
<br />as General ObligatiQn Bonds, for the purpose of providing funds therefor,'
<br />
<br />By Order of the President."
<br />
<br />66-138 - The following communication from the City Manager was read:
<br />
<br /> "I submit the attached ordinance and recommend that it be placed on
<br />first reading. This amends Sections 10-18, 10-19, and 10-20~ of the Code regarding the borrowing of
<br />money by means of notes.
<br /> .At the present timg, funds can be borrowed against current revenues
<br />only. By amending this section of the Code, it will allow the City due tomporary borrowing for a period
<br />of two years against future bond issues. ~
<br />
<br /> This is becoming a common practice among municipalities today due to
<br />the condition of the bond market, and will also give the City more flexibility in the issuance of its
<br />bonds.
<br />
<br /> We are proposing to use this type of financing for the new marine
<br />terminal to be constructed at Pinners Point." ~
<br />
<br /> On motion of Mr. Knight, the following ordinance was~.approved on
<br />first reading, without dissenting vote: ~
<br />
<br /> "AN ORDINANCE TO AMEND SECTIONS 10-18, 10-19,
<br />AND 10-20 OF THE CODE OF THE CITY OB PORTSMOUTH,
<br />VIRGINIA, 1961, RELATING TO SORROWING BY MEANS OF
<br />NOTES"
<br />
<br /> 66-159 - "I submit the attached ordinance and recommend that it be placed on
<br />first reading. Thim authorizes the issuance of $5,600,000 of General Obligation Bonds.
<br /> These will be the matching funds by the City to the $5,600,000 that
<br />wilt be-contributed by the State of Virginia, July 1, 1966, to cover the construction of the new marine
<br />terminal.
<br /> It is not proposed that these bonds be issued at this time, bu~ do
<br />temporary financing as allowed by the previous ordinance which was placed on first reading.
<br />
<br /> The action on the above two ordinances is necessary at this time in
<br />order that t~e City will be ready %o meet its obligations on the terminal as soon after July 1, 1966
<br />as it possibi¥ can." On motion of Mr. Eastes, the following ordinance wa~approved on
<br />first reading, without dissenting vote:
<br /> "AN ORDINANCE AUTHORIZING THE {SSUANCE OF THREE
<br /> MILLION SIXHUNDRED THOUSAND DOLLARS ($~,600,0Q0.00)
<br /> OF BONDS OF THE CITY OF PORT~40UTH, VIRGINIA, TO BE
<br /> KNOWN AS GENERAL OBLIGATION BONDS, FOR THE PURPOSE OF
<br /> PROVIDING FUNDS TO PAY THE CITY'S SHARE OF THE COST OF
<br /> CONSTRUCTION OF A 5~RINE TERMINAL AT PINNERS POINT"
<br />
<br /> 66-140 - "I submit the attached ordinance and recommend that it be placed on
<br />first reading. This appropriates $5,600,000 in the Capital Improvenmnt Fund for the mew marine terminal.
<br />
<br /> These will be the funds provided by the previous ordinance authorizing
<br />the issuance of the bonds and is Portsmouth's share in ~he construction of the new marine terminal."'
<br />
<br /> On motion of Mr. Dillon, the following ordinance was approved on
<br />first reading, without dissenting vote:
<br />
<br /> ~'AN ORDINANCE TO APPROPRIATE $5,600,000.00 ~ROM THE
<br /> GENERAL CAPITAL IMPROVEMENT FUND IN PAYMENT OF THE CITY'S
<br /> SHARE OF THBCOST OF THE CONSTRUCTION OF THE MARINE TERMINAL
<br /> AT PINNERS POINT"
<br />
<br />On motion adjourned.
<br />
<br />
<br />
|