Minutes 05/28/1996 - Laserfiche WebLink

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May 28, 1996 CITY MANAGER'S REPORT - 96-190 - Letter from the City Manager reco~L~Lending adoption of a resolution authorizing an amendment to the January 1990 Water Sales Agreement between the cities of Portsmouth and Chesapeake for future water sales. "On April 22, 1996 Council received a briefing on the proposed amendment to the current Portsmouth/Chesapeake Water Sales Agreement. The key points of this proposed amendment are as follows: 1) The term of the present agreement would be extended for 30 years from the date of the amendment's signing and would provide Chesapeake an additional 2 MGD (million gallons per day) of water in return for Chesapeake's construction of a new raw water pumping station on Portsmouth's Lake Meade. 2) This new raw water intake would increase Portsmouth's supply by 2 MGD, and 3) Chesapeake would pay for this additional water at a rate equal to 120% of Portsmouth's retail rate and this rate will increase as Portsmouth's rate increases. I, therefore, recommend your adoption of this resolution and request permission to execute this amendment on behalf of the City of Portsmouth." Motion by Mr. Clemons, and seconded by Mr. Martin, adopt the following resolution, and was adopted by the following vote: to "A RESOLUTION AUTHORIZING EXECUTION OF AN AMENDMENT TO THE PORTSMOUTH/CHESAPEAKE WATER CONTRACT. WHEREAS, Portsmouth currently has a long-term Water Sales Agreement to supply water to the City of Chesapeake; and WHEREAS, the water needs of Chesapeake continue to grow; and WHEREAS, Chesapeake has indicated a desire to purchase additional water from Portsmouth to help it meet these increased needs; and WHEREAS, an amendment to the present long-term Water Sales Agreement has been negotiated to allow Portsmouth to provide additional water to Chesapeake on terms that are mutually acceptable. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and hereby is, authorized to execute and deliver the attached "Amendment to Contract for the Purchase and Sale of Water Between the Cities of Chesapeake and Portsmouth, Virginia." Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett, Webb Nays: None 96-192 - Letter from the City Manager recommending adoption of a resolution approving the issuance by the Portsmouth Redevelopment and Housing Authority of its rental housing mortgage revenue refunding bonds for and on behalf of Mansards Associates, for the purpose of refinancing the acquisition of a multi-family residential rental facility, know~a as Mansards Apartments, located in the City of Virginia Beach, Virginia.