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338:
<br />
<br />JanUary 9~ 1996
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City
<br />of Portsmouth, Virginia, that the extension of the maturity of
<br />the Notes from January 15, 1996 to February 26, 1996 is hereby
<br />approved, ratified and confirmed, with the Notes to bear
<br />interest for the period of such extension at the rate of 4o12%
<br />per annum, such interest to be payable on February 26,1996;,'
<br />
<br /> "A RESOLUTION AUTHORIZING THE EXTENSION OF THE MATURIT¥ OF
<br />$7,000,000.00 PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA,
<br />GENEP~AL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES,
<br />DATED MARCH 3, 1995,
<br />
<br /> WHEREAS, the City of Portsmouth, Virginia (the "City"), on
<br />March 3, 1995 issued $7,000,000.00 principal amount of General
<br />Obligation Public Improvement Bond Anticipation Notes, dated
<br />March 3, 1995 (the "Notes"), bearing interest payable at
<br />maturity at the rate of 4.72% per annum and with a stated
<br />maturity of January 15, 1996; and
<br />
<br /> WHEREAS, the City desires to extend the maturity of the
<br />Notes to February 26, 1996 and NationsBank, N.A., as registered
<br />owner of the Notes, is willing to agree to such extension of
<br />the maturity of the Notes with interest for the period of such
<br />extension at the rate of 4.72% per annum, such interest to be
<br />payable on February 26, 1996.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City
<br />of Portsmouth~ Virginia, that the extension of the maturity of
<br />the Notes from January 15, 1996 to February 26, 1996 is hereby
<br />approved, ratified and confirmed, with the Notes to bear
<br />interest for the period of such extension at the rate of 4.72%
<br />per annum, such interest to be payable on February 26, 1996."
<br />
<br />Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett, Webb
<br />Nays: None
<br />
<br />96-13 Letter from the City Manager recommending adoption of a
<br />motion to transfer $10,000 from the Grants COntingency Account
<br />to conduct selective traffic enforcement operations.
<br />
<br /> "The Department of Motor Vehicles (DMV) has awarded the
<br />City of Portsmouth $10,000 for the Police Department to conduct
<br />selective traffic enforcement operations. Emphasis will he
<br />placed on speed limits, school zones, and increased presence at
<br />high accident locations. There is no cash match obligation
<br />required of the City. All in-kind contributions, such as
<br />vehicle operation costs, are already part of the Police
<br />Department's operating budget. Expenditures willbe reimbursed
<br />by DMV as they occur. All activities associated with this
<br />grant must be completed by September 30, 1996.
<br />
<br /> Given the proven impact of selective traffic enforcement
<br />operations, I recommend your adoption of a motion to transfer
<br />$10,000 from the'Grants Contingency Account for this program."
<br />
<br /> Motion by Mr. Robinett, and seconded by Mr. Pitts, to
<br />transfer $10,000 to conduct selective traffic enforcement
<br />operation, and was adopted by the following vote:
<br />
<br />Ayes: Clemons~ Griffin, Hawks, Martin, Pitts, Robinett, Webb
<br />Nays: None
<br />
<br />
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