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May 22, 2001 <br /> <br />01-167(E): <br /> <br />"AN ORDINANCE TO AMEND CHAPTER 13 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA (1988) BY ENACTING A NEW ARTICLE II, DIVISION 3 <br />THERETO ESTABLISH FEES FOR EMERGENCY MEDICAL AMBULANCE <br />SERVICES." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br />1. Mark Geduldig-Yatrofsky, 363 Middle Street, spoke in opposition to the pay plan. <br /> <br /> Motion by Mr. Benn, and seconded by Mr. Robinett, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />01-167(F): <br /> <br />"AN ORDINANCE ADOPTING A NEW CLASSIFICATION AND PAY PLAN FOR <br />EMPLOYEES OF THE CITY OF PORTSMOUTH, VIRGINIA." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br /> Motion by Mr. Benn, to adopt the following ordinance, and seconded by Mr. Pitts, <br />to include $10,000 for the Red Cross and $10,000 for the Todi Festival, and was <br />adopted by the following vote: <br /> <br />01-167(G): <br /> <br />"AN ORDINANCE TO APPROPRIATE FUNDS NECESSARY FOR OPERATION OF <br />THE CITY GOVERNMENT FOR AND DURING THE FISCAL YEAR BEGINNING <br />JULY 1, 2001 AND ENDING JUNE 30, 2002." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br />01 - 168 - Adoption of a resolution authorizing the issuance and sale of not to exceed <br />$20,000,000 principal amount of General Obligation Refunding or Restructuring Bonds. <br /> <br />Recommendation: <br /> <br />· Adoption of a resolution authorizing the issuance and sale of not to exceed <br />$20,000,000 principal amount of General Obligation Refunding or Restructuring Bonds. <br /> <br />Purpose and Need: <br /> <br />· The City will issue approximately $56 million of general obligation bonds in June or <br />July. <br /> <br />· As the City will already be in the bond market, the transactions costs associated with <br />a refunding are much less than completing a stand-alone refunding transaction. <br /> <br />· The City's financial advisor, PFM, and the underwriter, Morgan Stanley have <br />identified certain series of bonds where potential savings exists based on current <br />market conditions. <br /> <br />· In order to take advantage of this refunding opportunity, it is necessary for Council to <br />approve the accompanying parameters resolution that will authorized staff to proceed <br />with refunding, provided market conditions are favorable. <br /> <br />· The bond sale is currently scheduled for mid-June with bonds to be marketed in the <br />weeks preceding the sale date. <br /> <br /> <br />