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May 14, 2002 <br /> <br />b) Adoption of a resolution authorizing the issuance of General Obligation Bonds in the <br />amount of $15,869,648 for the 2002-2003 Capital Improvement Plan. <br /> <br />c) Adoption of an ordinance appropriating $14,853,700 in the Capital Improvement <br />Fund and $6,158,000 in the Public Utilities Capital Improvement Fund. <br /> <br />Purpose and Need: <br /> <br />· The ClP is the City's plan for major construction projects over the next five years. It <br />is a primary means of carrying out the City Council's goals for neighborhood quality and <br />economic development. <br /> <br />· The City Council held a public hearing on March 26, 2002 on the proposed ClP. <br /> <br />· The City Council held a public hearing on April 9, 2002 on the authorization of <br />$15,869,648 in General Obligation Bonds to fund the 2002-2003 ClP. <br /> <br />Financial Impact: <br /> <br />· All the funds expected to be expended by the City as a result of adopting the <br />proposed CIP are recommended to be appropriated at the time of adoption. <br /> <br />· Debt service on the new bonds must be included in future operating budgets until <br />the debt is fully retired. <br /> <br /> Motion by Mr. Pitts, and seconded by Mr. Whitehurst, to adopt the following <br />resolutions and ordinance, and was adopted by the following vote: <br /> <br />02-109(A): <br /> <br />"A RESOLUTION APPROVING THE FIVE-YEAR CAPITAL IMPROVEMENT PLAN <br />FOR 2002 THROUGH 2007, AND THE ONE-YEAR CAPITAL IMPROVEMENT <br />PROGRAM FOR 2002-2003. <br /> <br /> WHEREAS, the City Manager has submitted to the City Council the Capital <br />Improvement Plan for 2002 through 2007, and the one-year Capital Improvement <br />Program for 2002-2003; and <br /> <br /> WHEREAS, a public hearing has been held to receive public comments on the <br />five-year Capital Improvement Plan and on the one-year Capital Improvement Program; <br />and <br /> <br /> WHEREAS, the Council has considered the five-year Capital Improvement Plan <br />and the one-year Capital Improvement Program and finds them to be in the proper form <br />and expressive of the Council policies in regard to necessary capital improvements. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia, that the aforesaid Capital Improvement Plan for the years 2002 <br />through 2007 and the one-year Capital Improvement Program for 2002-2003 are <br />approved." <br /> <br />02-109(B): <br /> <br />"A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, AUTHORIZING THE ISSUANCE OF $15,869,648 AGGREGATE <br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BONDS FOR THE PURPOSE OF <br />FINANCING THE COSTS OF VARIOUS PUBLIC IMPROVEMENTS PROJECTS IN <br />THE CITY AND APPROVING THE FORM AND OTHER DETAILS OF THE BONDS; <br />AUTHORIZING THE CITY MANAGER AND THE CHIEF FINANCIAL OFFICER TO <br />TAKE ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE <br />ISSUANCE, SALE AND DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY <br />MANAGER TO EXECUTE SUCH BONDS; AUTHORIZING THE ISSUANCE AND <br />SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br /> <br /> <br />