Minutes 05/14/2002 - Laserfiche WebLink

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May 14, 2002 14. Authorization of Bond Anticipation Notes. If prior to the offering of any series of the Bonds, market or other conditions are such that the City Manager, in consultation with the Chief Financial Officer, determines that it is not advisable to enter into a long-term financing for all or any portion of the costs of various public improvements, the City Manager, without further approval of the City Council as to documentation or otherwise, may execute, deliver and issue short-term notes of the City ("Notes") as provided in Section 15.2-2628 of the Code of Virginia of 1950, as amended, at public or private sale in anticipation of the issuance of any or all series of the Bonds; provided the principal amount of the Notes shall not exceed $15,869,648, the term to maturity thereof shall not exceed five years and the true interest cost thereon shall not exceed seven and one-half percent (7.5%) and shall be subject to such other terms and conditions contained in this Resolution to the extent not inconsistent with this Section 14. Each Note issued hereunder shall be accompanied by a certificate of the City Manager and the Chief Financial Officer of the City in the form prescribed in Section 12-16 of the Code of the City. The provisions of Section 2 hereof shall apply to the Notes to the extent the same are not paid from the proceeds of the Bonds or from any other available funds. Bonds in anticipation of which the Notes are issued must be issued and sold in accordance with this Resolution not later than five (5) years of the date of original issue of the first Notes issued hereunder. 15. Further Actions. The City Manager and the Chief Financial Officer and such officers and agents of the City as either of them may designate are authorized and directed to take such further action and to execute and deliver such additional agreements, documents and certificates as they deem necessary regarding the Bonds and all actions taken by such officers and agents in connection with the Bonds are ratified and confirmed. 16. Filing Resolution. The appropriate officers or agents of the City are authorized and directed to file a certified copy of this Resolution with the Circuit Court of the City pursuant to Sections 15.2-2607 and 15.2-2627 of the Code of Virginia of 1950, as amended. 17. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the Public Finance Act of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended, (the "Act"), the City Council elects to issue the Bonds pursuant to the provisions of the Act. This Resolution shall take effect immediately." 02-109(C): "ORDINANCE TO APPROPRIATE $14,853,700 IN THE CAPITAL IMPROVEMENT FUND AND $6,158,000 IN THE PUBLIC UTILITIES CAPITAL IMPROVEMENT FUND." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 02 -110 - Adoption of ordinances recommending the approval of the operating budget for fiscal year ending June 30, 2003. a. Adoption of an ordinance to re-enact the tax rates on real estate, tangible personal property, privately owned pleasure boats, privately owned camping trailers and motor homes and machinery and tools to maintain these tax rates at the current established levels. b. Adoption of an ordinance to amend Chapter 31.1 of the Code of the City of Portsmouth to increase the monthly Stormwater Utility fee for residential and commercial customers from $3.30 per equivalent residential unit to $3.50 per equivalent residential unit. c. Adoption of an ordinance to amend Chapter 38 of the Code of the City of Portsmouth to increase water service charges from the present $2.70 per 1,000 gallons per month to $2.80 per 1,000 gallons per month and to increase the charge for sewage disposal from $2.00 per 1,000 gallons of water usage to $2.08 per 1,000 gallons of water usage. This increase is consistent with the Public Utilities Long-range Strategic Financial Plan.