Minutes 03/12/1996 - Laserfiche WebLink

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March 12~ 1996 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth~ Virginia, as follows: SECTION 1. Approval of Refunding of Callable 1992 Public Improvement Bonds, Callable 1992 Public Utility Bonds, Callable 1992 Public Improvement Refunding Bonds and Callable 1992 Public Utility Refunding Bonds. The Council hereby authorizes the advance refunding of a portion of or all of the Callable 1992 Public Improvement Bonds, the Callable 1992 Public Utility Bonds, the Callable 1992 Public Improvement Refunding Bonds and the Callable 1992 Public Utility Refunding Bonds. SECTION 2. State Council on Local Debt Approval. The City Manager, the Deputy City Manager for Finance and other appropriate officials of the City are hereby authorized and directed to present a plan of refunding with respect to the advance refunding of a portion of or all of the Callable 1992 Public Improvement Bonds, the Callable 1992 Public Utility Bonds, the Callable 1992 Public Improvement Refunding Bonds and the Callable 1992 Public Utility Refunding Bonds to the State Council and to seek the approval of the State Council of the issuance of advance refunding bonds pursuant to Section 15.1-227.46 of the Code of Virginia, 1950, and the "Guidelines for Approval of Refunding Bonds by the State Council on Local Debt" adopted by the State Council on Local Debt on November 20, 1991. The City is hereby authorized to pay any fees and expenses of the State Council in connection therewith. SECTION 3. Effectiveness of Resolution. That this resolution shall take effect upon the date of its adoption." Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett, Webb Nays: None Motion by Mr. Martin and seconded by Mr. Hawks, to adopt the following ordinance, and was adopted by the following vote: "AN ORDINANCE TO APPROPRIATE $30,000 FROM THE CAPITAL IMPROVEMENTS FIIND AND $20,000 FROM THE PUBLIC UTILITY CAPITAL IMPROVEMENTS FUND TO DEFRAY EXPENSES OF REFUNDING CERTAIN DEBT." Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett, Webb Nays: None 96-94 Letter from the City Manager recommending adoption of an ordinance to appropriate $300,000 from the Mental Health Services Fund for acquisition of needed equipment for progr~un operations and necessary building improvements. "The State Department of Mental Health, Mental Retardation and Substance Abuse Services allows Community Services Boards to retain unspent State general fund dollars from previous years, and to use them to meet program and capital expenditure objectives identified by the Board. The Portsmouth Community Services Board of Directors has identified various one-time-only capital needs for acquisition of needed equipment for program operations, and necessary building improvements. The total estimated expenditures are $300,000 which is available to the Board as part of their unexpended State general fund balances from the two previous completed fiscal years.