Minutes 03/25/1997 - Laserfiche WebLink

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March 25. 1997 2. The Council approves the refunding of the Prior Bond and further approves issuance of the Bonds by the Authority, upon terms and conditions acceptable to the Authority, for the benefit of the Borrower, to the extent of and as required by Section 147(f) of the Internal Revenue Code, to permit the Authority to assist in the refunding of the Prior Bond. 3. The approval of the issuance of the Bonds, as required by Section 147(f), does not constitute an endorsement of the Bonds or the creditworthiness of the Borrower, and the Bonds shall provide that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident 'thereto except from the revenues and moneys pledged therefor, and neither the faith or credit nor the taxing power of the Commonwealth, the City, nor the Authority shall be pledged thereto. 4. This Resolution shall take effect immediately upon its adoption." Ayes: Berm, Griffin Martin, Pitts, Robinett, Holley Nays: None 97 - 94 - Adoption of a resolution approwng a draft proposal to consolidate the Tidewater Transportation District Commission and the Peninsula Transportation District Commission. Recommendation: Adoption of a resolution approving, in concept, a draft proposal to consolidate the Tidewater Transportation District Commission and Peninsula Transportation District Commission. · when the two agencies agree to a definitive and binding merger agreement, all the member cities will be asked to formally approve the merger, pUrpose and Need: The two public transit agencies have held extensive discussions about a possible merger and have reached agreement on a non-binding Memorandum of Intent. A proposed Cost Allocation Agreement and Bylaws of the merged agency have also been prepared and presented to the City Council. Merger would create a unified public transportation system in Hampton Roads, further regional identity, increase the region's strength with state and federal governments, and create opportunities for economies of scale. · Financial Impact: There may be some economies of scale. As under the existing Cost Allocation Agreement, each member city will have final determination of service to be provided within its borders. Motion by Mr. Robinett, and seconded by Mr. Pitts, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION APPROVING, IN CONCEPT, A DRAFT MEMORANDUM OF INTENT, COST ALLOCATION AGREEMENT, AND BY-LAWS OF THE NEW HAMPTON ROADS TRANSPORTATION DISTRICT COMMISSION AND AUTHORIZING THE CiTY MANAGER TO DESIGNATE A REPRESENTATIVE TO PARTICIPATE IN A REVIEW OF FINANCIAL POLICIES AND MANAGEMENT PRACTICES OF THE EXISTING TRANSPORTATION DISTRICT COMMISSIONS: