Minutes 04/09/1996 - Laserfiche WebLink

Home Browse Search

ADril 9, 1996 WHEREAS, the business, industry, military, and educational sectors in Hampton Roads have acknowledged the region's economic situation and have indicated their desire to act cooperatively; and WHEREAS, the above noted elements of the community have engaged in a strategic planning process to give direction and priority to initiatives necessary to improve the economic prospects of all the communities of Hampton Roads. NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Portsmouth, Virginia that the City Council agrees to commit time, energy, and financial resources to further the goals of the Hampton Roads Partnership. BE IT FURTHER RESOLVED that the City Council authorizes the Mayor to represent the City's interest as a member of the Hampton Roads Partnership." Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett, Webb Nays: None 96-138 Letter from the City Manager recommending adoption of a resolution authorizing the refunding of the School Board's Virginia Retirement System (VRS) debt so as to permit lower interest cos=s to the taxpayers. "In response to discussions and correspondence with the Superintendent of Schools concerning potential savings which could be achieved through a refunding of the Virginia Retirement debt, a resolution has been adopted by the School Board requesting the City Council to refund the VRS debt that was incurred several years ago. At the present time, the Board is incurring interest costs at an annual rate of 8% charged by the Virginia Retirement System (VRS). While a refunding issue would have to be done with taxable bonds, the projected savings to the Board could amount to more than $50,000 per year for the remaining 28 years left on the obligation. Stated on a present value basis, the savings could approximate $1.5 million depending on interest rates at the time of issuance. It should be noted that the resolution forwarded by the B0a~d clearly defines that the responsibility for continued payment of this debt lies with the Schools and their Operating Budget. With this in mind, I recommend your adoption the attached resolution approving the refunding of the debt so as to permit lower interest costs to the taxpayers. It is my intention to combine this refunding with the advanced refunding of City General Obligation Bonds which the City Council approved at a recent meeting. In this manner, the costs associated with issuance will be able to be maximized." Motion by Mr. Robinett, and seconded by Mr. Martin, adopt the following resolution, and was adopted by the following vote: to "RESOLUTION IN CONNECTION WITH THE ISSUANCE AND SALE OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS, GENERAL OBLIGATION PUBLIC UTILITY REFUNDING BONDS AND TAXABLE GENEP, AL OBLIGATION REFUNDING BONDS; APPROVING THE PREPARATION AND PUBLICATION OR DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT, A SUMMARY NOTICE OF SALE, DETAILED NOTICES OF SALE AND OFFICIAL PROPOSAL FORMS! IN CONNECTION THEREWITH; AND AUTHORIZING THE TAKING OF OTHER ACTION IN CONNECTION WITH THE ISSUANCE AND SALE OF SUCH BONDS.