Minutes 12/11/2001 - Laserfiche WebLink

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December 11, 2001 Recommendation: · Adoption of an ordinance to amend Chapter 37 of the Code of the City of Portsmouth regarding vehicles for hire to change the taxicab fraction of waiting time and rate from $.25 per minute to $.30 per ninety seconds. Purpose and Need · On October 23, 2001, City Council amended Chapter 37 of the City Code to increase the taxicab waiting time from $9 to $12 per hour. However, the Code indicates that taxi patrons are to be charged $.25 for each minute of waiting time or fraction thereof. This equates to $15 per hour waiting fare instead of the $12 per hour fare recommended on October 23rd. · When the 60-second waiting fare at $.25 is calculated over an hour's time, (60 minutes x $.25), the per-hour rate becomes $15. If the waiting time is adjusted to a 90-second increment as noted above, occurring 40 times per hour, and the rate is changed to $.30 per 90 seconds, (40 x $.30), the per-hour fare computes to $12 per hour. Financial Impact: · There is no financial impact on the City. Motion by Mr. Pitts, and seconded by Mr. Robinett, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO AMEND CHAPTER 37 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (1988) BY AMENDING SECTION 37-132 THEREOF PERTAINING TO TAXICAB RATES." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 01 - 345 - Adoption of a resolution to contract a debt and to issue $10,000,000 in Revenue Anticipation Notes. The Code of Virginia allows localities to borrow money and issue notes in anticipation of the collection of taxes and revenue for a locality for the current year in advance of grants and reimbursements due the locality from the federal or state government. Recommendation: · Adoption of a resolution to contract a debt and to issue $10,000,000 in Revenue Anticipation Notes (RAN). Purpose and Need: · Sections 15.20-2629 and 15.2-2630 of the Code of Virginia allows localities to borrow money and issue notes in anticipation of collection of the taxes and revenues for the locality for the current year and in advance of grants and reimbursements due the locality from the federal or state government. · The need for issuing the RAN arises from the following: > The major revenues of the City are received on a quarterly basis (real estate taxes) or annual basis (personal property taxes) while expenditures are occurring on a monthly basis. > The City is in the midst of major capital projects (PortCentre EDA grant of $1.5 million) that are funded by state or federal funds that are on a reimbursement basis that place demands on the City's operating cash; > Social Services, Behavioral Healthcare Services, and Comprehensive Services as well as many grants must be funded by the City and are then reimbursed by the State;