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May 22, 2001
<br />
<br /> Motion by Mr. Pitts, and seconded by Mr. Moody, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />01-166(A):
<br />
<br />"A RESOLUTION APPROVING THE FIVE-YEAR CAPITAL IMPROVEMENT PLAN
<br />FOR 2001-02 THROUGH 2005-06, AND THE ONE-YEAR CAPITAL IMPROVEMENT
<br />PROGRAM FOR 2001-02.
<br />
<br /> WHEREAS, the City Manager has submitted to the City Council the Capital
<br />Improvement Plan for 2001-02 through 2005-06, and the one-year Capital Improvement
<br />Program for 2001-02; and
<br />
<br /> WHEREAS, the Planning Commission has reviewed and commented on the plan
<br />and program; and
<br />
<br /> WHEREAS, a public hearing has been held to receive public comments on the
<br />five-year Capital Improvement Plan and on the one-year Capital Improvement Program;
<br />and
<br />
<br /> WHEREAS, the Council has considered the five-year Capital Improvement Plan
<br />and the one-year Capital Improvement Program and finds them to be in the proper form
<br />and expressive of Council policies in regard to necessary capital improvements.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia that the aforesaid Capital Improvement Plan for the years 2001-02
<br />through 2005-06 and the one-year Capital Improvement Program for 2001-02 are
<br />approved."
<br />
<br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley
<br />Nays: None
<br />
<br /> Motion by Mr. Robinett, and seconded by Mr. Whitehurst, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />01-166(B):
<br />
<br />"A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, AUTHORIZING THE ISSUANCE OF $56,335,000 AGGREGATE
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 2001 AND GENERAL
<br />OBLIGATION PUBLIC UTILITY BONDS, SERIES 2001 FOR THE PURPOSES OF
<br />REFINANCING $28,000,000 CITY OF PORTSMOUTH, VIRGINIA, GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT AND PUBLIC UTILITY BOND
<br />ANTICIPATION NOTES MATURING ON SEPTEMBER 30, 2001, FINANCING THE
<br />COSTS OF CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE
<br />REVENUE-PRODUCING WATER AND SEWER SYSTEM OF THE CITY AND
<br />FINANCING THE COSTS OF VARIOUS PUBLIC IMPROVEMENTS PROJECTS IN
<br />THE CITY AND APPROVING THE FORM AND OTHER DETAILS OF THE BONDS;
<br />AUTHORIZING THE CITY MANAGER AND THE CHIEF FINANCIAL OFFICER TO
<br />TAKE ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE
<br />ISSUANCE, SALE AND DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY
<br />MANAGER TO EXECUTE SUCH BONDS; AND OTHERWISE PROVIDING DETAILS
<br />WITH RESPECT TO THE ISSUANCE OF SUCH BONDS.
<br />
<br /> WHEREAS, the Council (the "City Council") of the City of Portsmouth, Virginia
<br />(the "City"), on August 23, 1994 adopted an ordinance authorizing the issuance of
<br />$22,900,000 principal amount of City of Portsmouth, Virginia, General Obligation Public
<br />Utility Bonds for the purpose of providing funds to pay the costs of capital
<br />improvements, extensions and additions to the revenue-producing water and sewer
<br />system of the City and authorizing the issuance of a like principal amount of City of
<br />Portsmouth, Virginia, General Obligation Public Utility Bond Anticipation Notes in
<br />anticipation of the issuance of such bonds (the "1994 Ordinance"); and
<br />
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