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December 9; 1997 <br /> <br />97 - 326 -Adoption of a resOlutiOn to aUthorize $24,135,000 in General <br /> Obligation, Public Utility Bonds to fund the on-going replacement and <br /> investment needs of the city's Public Utilities system, and to place <br /> the item on the May 1998 general election ballot. <br /> <br />283 <br /> <br />Recommendation: <br /> <br />· Adoption of a resolution to authorize $24,135,000 (over a period of five <br /> years) in General ObligatiOn, Public Utility Bonds. <br /> <br />· The resolution also includes authorization to place this item on the May <br /> 1998 general election ballot for voter approval. <br /> <br />Purpose and Nee~d: <br /> <br />To fund the on-going replacement and investment needs of the City's Public <br />Utilities System as outlined in the Utilities Strategic Financial Plan, this <br />authorization is necessary. <br /> <br />Financial Im_~act: <br /> <br />· Rates will increase depending on policy options adopted by City Council <br /> during the course of the bond period. <br /> <br /> Motion by Mr. Robinett, and seconded by Mr. Martin, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br /> "AN ORDINANCE TO AUTHORIZE THE CITY OF PORTSMOUTH, VIRGINIA, <br />TO CONTRACT A DEBT AND ISSUE TWENTY-FOUR MILLION ONE HUNDRED <br />THIRTY-FIVE THOUSAND ($24,135,000) PRINCIPAL AMOUNT OF CITY OF <br />PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BONDS TO <br />FINANCE THE COSTS OF CAPITAL IMPROVEMENTS, EXTENSIONS AND <br />ADDITIONS TO THE REVENUE-PRODUCING WATER AND SEWER SYSTEM OF <br />SUCH CITY, UNDER AND PURSUANT TO ARTICLE VII, SECTION 10 (a) (2) OF <br />THE CONSTITUTION OF VIRGINIA, 1971, AND CHAPTER 26 OF TITLE 15.2 OF <br />THE CODE OF VIRGINIA, 1950, AND AUTHORIZING AND PROVIDING WITH <br />RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF <br />CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY <br />BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND <br />RECEIPT OF THE PROCEEDS OF SALE'OF SUCH BONDS." <br /> <br />Ayes: Berm, Clemons, Griffin, Martin, Pitts, Robinett, Holley <br />Nays: None <br /> <br />97-327 <br /> <br />- Adoption of a resolution to amend the City Charter to permit the City <br />to acquire and hold real estate for the purpose of economic <br />development. <br /> <br />Recommendation: <br /> <br />· AdoptiOn of a resolution amending the City Charter to permit the City to <br /> acquire andh°ld real eState for the purpose of eConomic development. <br /> <br />Pur~: <br /> <br />Permitting the City to acquire and hold land for this purpose would be an <br />additional and Valuable tool to help the City in economic development <br />activities. <br /> <br /> <br />