Minutes 10/09/1995 - Laserfiche WebLink

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258 October 9,~995 WHEREAS, pursuant to VDOTconstruction allocation procedures, a resolution mu~t be adopted bY the governing body requesting that VDOT program~an urban highway project and agreeing to reimburse VDOT for its total costs should the city elect to cancel the project. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, hereby requests that the above-described project for the realignment of Frederick and Airline Boulevards be prograauned by the Virginia Department of Transportation as an urban highway project~ BE IT FURTHER RESOLVED, that the City Council of Portsmouth hereby agrees to pay its share of the total cost for preliminary engineering, right of way acquisition and construction of this project in accordance with Section 33.1-44 of the Code of Virginia; and that, if the City of Portsmouth subsequently elects to cancel this project, the City of Portsmouth hereby agrees to reimburse the Virginia Department of Transportation for the total amount of the costs expended by the Department through the date the Department is notified of such cancellation, if such reimbursement is not waived by the Commonwealth Transportation Board." Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett Nays: None 95-457 Letter from the Acting City Manager recommending adoption of a r~solution allowing the School Board to apply for low interest State Literary Fund financing. "The School Board is in the process of applying for a State Literary Fund loan for the purpose of financing a portion of the cost of the new I. C. Norcom High School. Literary Loan financing, which may be for an amount up to $5,000,000 is at a rate of interest lower than that available through conventional A locality may proceed with construction of a Literary Fund project as long as there has been a formal declaration by the governing body of its intent: (a) to reimburse itself for prior expenditures paid for the project out of its general fund, or (b) to refinance debt that was used to pay or to reimburse itself for prior expenditures related to the project. i, therefore, recommend adoption of this resolution which provides the required declaration and allows the School Board and the City to take advantage of the potential for savings on the Norcom project financing." Rafiq Zaidi, 506 Dinwiddie Street, spoke mn support of the financing. Motion by Mr. Robinett, and seconded by Mr. Griffin, adopt the following resolution, and was adopted by the following vote: to "A RESOLUTION DECLARING THE CITY OF PORTSMOUTH'S INTENTION TO REIMBURSE ITSELF FROM THE PROCEEDS OF ONE OR MORE TAX-EXEMPT FINANCINGS FOR CERTAIN EXPENDITURES MADE AND/OR TO BE MADE IN CONNECTION WITH THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL IMPROVEMENTS.