Minutes 05/09/1995 - Laserfiche WebLink

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May 9, 1995 "The Department of Leisure Services is requesting an appropriation of $106,000 for construction of a soccer/Little League complex adjacent to the John Tyler Elementary/Hunt-Mapp Middle Schools. The first phase of this project was recently completed and resulted in the successful April 8, 1995 opening of the new Wilson Little League complex. The soccer/Little League complex will require extensive grading, fencing and utilities preparation. The John Tyler Soccer League is currently sharing the soccer facilities of Churchland until the new site is completed. The Director of Leisure Services recommends that construction of the soccer/ Little League complex begin as soon as possible in order to be ready for the fall '95 season. I concur with the Director of Leisure Services, and with your approval of this item, the balance in the Capital Improvements fund will be $15,361,054." Motion by Mr. Pitts, and seconded by Mr. Hawks, to adopt the following ordinance, and was adopted by the following vote: "AN ORDINANCE TO APPROPRIATE $106,000.00 FROM THE CAPITAL IMPROVEMENTS FUND FOR THE CONSTRUCTION OF A SOCCER/BASEBALL COMPLEX FOR THE WILSON LITTLE LEAGUE ADJACENT TO JOHN TYLER ELEMENTARY SCHOOL." Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Webb Nays: None 95-233 Letter from the City Manager recommending adoption of an ordinance to guarantee $1,540,000 from the City's pro rata share of the Regional Jail Authority's debt, and a motion authorizing the City Manager to enter into a Guaranty Agreement with the participating jurisdictions of the Hampton Roads Regional Jail Authority. a. Ordinance to guarantee $1,540,000 from the City's pro rata share of the Regional Jail Authority's debt. b. Motion authorizing the City Manager to enter into a Guaranty Agreement. "In September, 1994, the Hampton Roads Regional Jail Authority arranged a $4 million short term line of credit to finance activities of the Authority prior to the issuance of construction bonds. The Authority has determined that it is necessary to issue $7 million in additional short-term financing. These funds will be used to purchase the jail site from the City of Portsmouth at a cost of $2 million and to pay for site work which will take place before construction begins. Ail the short term debt will be paid from the proceeds of construction bonds, which are currently estimated to be issued early next year. As in the case of the previous line of credit, all four participating communities must enter into a Guaranty Agreement which will obligate the cities to pay their pro rata share of the debt in the event that the Jail Authority does not have the funds when the debt is due. This could occur, for example, if the project does not proceed to construction. If that were to happen, Portsmouth's maximum share of the debt would be 22%, or $1,540,000. Our total obligation for the two lines of credit is $2,420,000. However, it is expected that the short term debt will be paid from the proceeds of the Authority's bond issue.