Minutes 10/23/2001 - Laserfiche WebLink

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October 23, 2001 The City Manager, Chief Financial Officer, and such other officers and agents of the City as the City Manager or Chief Financial Officer may designate, are authorized and directed to take further action as they deem necessary or appropriate regarding the issuance, credit enhancement and sale of the Bonds, including the preparation, execution and delivery of instruments, agreements and documents related to the issuance and sale of any series of the Bonds, the purchase of municipal bond insurance or other credit enhancement for any series of the Bonds if market or other conditions so warrant, the establishment, funding and investment of any construction, construction or sinking funds to be established with respect to any series of the Bonds, and the acquisition of forward purchase or supply arrangements relating to the investment of the proceeds of any series of the Bonds. All actions taken by officers and agents of the City in connection with the issuance and sale of the Bonds are hereby ratified and confirmed. The authorizations granted in this ordinance to the City Manager and Chief Financial Officer may be carried out by any Deputy or Assistant City Manager, as appropriate, in the absence of the primary officers. The City Attorney of the City is authorized and directed to file a certified copy of this resolution with the Circuit Court of the City pursuant to Sections 15.2-2607 and 15.2-2627 of the Virginia Code. The Council hereby elects pursuant to Section 15.2-2601 of the Virginia Code to issue the Bonds under the Public Finance Act of 1991, Chapter 26, Title 15.2 of the Virginia Code without regard to the requirements, restrictions or other provisions contained in the Charter of the City. BE IT FURTHER RESOLVED that this resolution shall take effect immediately upon the date of its adoption." Ayes: Benn, Griffin, Pitts, Whitehurst, Holley Nays: None 01 - 299 - Adoption of a resolution to reappropriate Fiscal Year 2001 funds for the City and School Board Operating Budgets and Capital Projects to allow for encumbrances outstanding at June 30, 2001 and to reauthorize amounts previously approved for capital projects. Recommendation: · Adoption of an ordinance reappropriating funds from Fiscal Year 2001 in the City and School Board Operating Budgets and the Capital Improvement Budget to allow for payment of encumbrances outstanding at June 30, 2001 and to reauthorize amounts previously approved for capital projects. Purpose and Need: · Virginia Code Section 15.2-2506 states that "No money shall be paid out or become available to be paid out for any contemplated expenditure unless and until there has first been made an annual, semiannual, quarterly or monthly appropriation for such contemplated expenditure by the governing body." · To liquidate purchase orders issued against a prior year budget appropriation, it is necessary to reappropriate the following amounts in operating budgets for both the City and the School Board. The amounts to be reappropriated are: · City (all Funds): $4,111,222 (see schedule by fund attached), · School Operating Fund: $5,863,546. · The amounts to be reappropriated for previously approved capital projects are: · City Capital Projects: $36,033,465, · School Board Capital Projects: $8,381,012 and · Public Utility Capital Projects: $15,201,294.