Laserfiche WebLink
April 28, 1998 367 <br /> <br /> "ORDINANCE $14,280,000 FROM THE CAPITAL <br />IMPROVEMENT FUND~AND $8 249,774 FROM THE PUBLIC UTILITIES CAPITAL <br />IMPROVEMENT FUND FoR THE IMPLEMENTATION OF THE 1998-99 CAPITAL <br />IMPROVEMENT PROGRAM." <br /> <br />Ayes: Berm, Clemons, Griffin, Martin, Pitts, Robinett, Holley <br />Nays: None <br /> <br />98-102 <br /> <br />Adoption of a resolution authorizing the issuance of Golf System <br />Revenue Bonds in an amount not to exceed $110,500,000 to finance <br />improvements to public golf courses in the City. <br /> <br />Recommendation: <br /> <br />Adoption of a resolution to authorize the issuance of Golf System Revenue <br />Bonds in an amount not to exceed $10,500,000 to permanently finance the <br />costs of improvements to The Links at City Park and Bide-a-Wee Golf Course. <br /> <br />Purpose and Need: <br /> <br />The City Council has previously authorized and appropriated expenditures ~o <br />improve the golf courses located within the City. <br /> <br />The City has provided funding for the projects from operating cash until <br />permanent financing could be completed. <br /> <br />Legg Mason Wood Walker has been selected as underwriter for the Golf <br />Course System Revenue Bonds and it is anticipated that the bonds will be <br />issued prior to June 30, 1998. <br /> <br />Financial Impact: <br /> <br />The City's general funds will be reimbursed for moneys advanced to the Golf <br />Enterprise Fund. <br /> <br />The Golf Enterprise Fund will pay the debt service from the revenues of the <br />golf operation. Should the Golf System Revenues-be insufficient to cover the <br />cost of operations and debt service, the City will have a moral obligation to <br />provide the funding necessary to pay the debt service. <br /> <br />The amount of bonds has been determined as follows: <br /> <br />Project Costs (including issuance costs) <br /> Capitalized Interest <br /> Debt Service Reserve Fund <br /> <br />$8,500,000 <br /> 555,000 <br /> 816,000 <br /> <br />Total 9,871,000 <br /> <br />Bonds to be authorized were established at a level not to exceed $10,500,000 n <br />order to allow flexibility as financing plans are finalized. Only the amount <br />necessary to complete the transaction will be issued. <br /> <br /> Motion by Mr. Martin, and seconded by Mr. Robinett,. to adopt the <br />following resolution, and was adopted by the following vote: <br /> <br /> "A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH <br />AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF REVENUE BONDS TO <br />BE DESIGNATED "THE CITY OF PORTSMOUTH, VIRGINIA, GOLF COURSE <br />SYSTEM REVENUE BONDS, SERIES 1998", I1~ AN AGGREGATE PRINCIPAL <br />AMOUNT NOT TO EXCEED $10,500,000, AND THE SALE THEREOF BY <br />NEGOTIATION AND AUTHORIZING THE EXECUTION AND DELIVERY OF A <br />BOND PURCHASE AGREEMENT BY AND BETWEEN THE CITY AND LEGG <br />MASON WOOD WALKER INCORPORATED AND FIRST UNION CAPITAL <br />MARKETS, AS THE UNDERWRITERS OF THE SERIES 1998 BONDS; <br />AUTHORIZING THE EXECUTION AND DELIVERY OF <br /> <br /> <br />