Minutes 10/09/1995 - Laserfiche WebLink

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259 October 9, 1995 .I~I. EREAS, the.City of Portm~outh, Virginia, is a political subdmvmsion organized and existing under the laws of the Co~aonwealth of Virginia; and WHEREAS, the City has paid, beginnmng no earlier than August 11, 1995, and will pay, on and after the date hereof, certain expenditures (the "Expenditures") in connection with the acquisition, construction and equipping of the new I.C. Norcom High School (the "Project"); and WHEREAS, the Council of the City of Portsmouth has determined that those moneys previously advanced no more than sixty (60) days prior to the date hereof and to be advanced on and after the date hereof to pay the Expenditures are available only for a temporary period, and it is necessary to reimburse the City for the Expenditures from the proceeds of one or more issues of tax-exempt bonds (the "Bonds"); NOW, THEREFORE, BE IT RESOLVED by the Council of the City of P~ortsmouth, Virginia, that the Council hereby declares its intent to reimburse itself with the proceeds of the Bonds for the Expenditures with respect to the Project made on and after August 11, 1995, which date is no more than sixty (60) days prior to the date hereof. The City Council reasonably expects on the date hereof that it will reimburse the Expenditures with the proceeds of the Bonds. BE IT FURTHER RESOLVED that each Expenditure was and will be either (a) of a type properly chargeable to capital account under general federal income tax principles determined in each case as of the date of the Expenditure, (b) a cost of issuance wi~h' respect to the Bonds, (c) a non-recurring item that is not customarily payable from current revenues, or (d) a grant to a party that is not related to or an agent of the City so long as suck grant does not impose any obligation or condition, either directly or indirectly to repay any amount to or for the benefit of the City. BE IT FURTHER RESOLVED that the maximum principal the Bonds expected to be issued for the Project is $38,875,000.00. amount of BE IT FURTHER RESOLVED that the City will make a reimbursement allocation, which is a written allocation by the City that evidences the City's use of proceeds of the Bonds to reimburse an Expenditure, no later than eighteen (18) months after the later of the date on which the Expenditure ms paid or the Project is placed in service or abandoned, but in no event more than three years after the date on which the Expenditure is paid. The City reco~-nizes that certain exceptions are available for certain preliminary expenditures, costs of issuance, certain de minimis amounts, expenditures by "small issuers," based on the year of issuance and not the year of expenditure, and expenditures for construction projects of at least five (5) years." Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett Nays: None 95-458 - Letter from the Acting City Manager recommending adoption of a resolution authorizing a TRIAD Program to reduce the criminal victimization of senior citizens mn Portsmouth. "The National Sheriff's Association, the International Association of Chiefs of Police, and the American Association of Retired Persons (AARP) have joined together to develop and implement policies and programs to reduce the criminal victimization of senior citizens. This prograph, known as TRIAD, has been endorsed by both Sheriff Gary Waters and Police Chief Dennis Mook.