|
Charles E. White, 476~: ThornW~6d-St~et, spoke in opposition of
<br />the proposed ordinanCel
<br />
<br /> Motion by Mr. Hawks, and seconded by Mr. Griffin, to adopt
<br />the following ordinance, and was adopted by the folloWing vote:
<br />
<br /> "AN OPdDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA (1988) , BY AMENDING SECTION 30-237 (B), PERTAINING TO
<br />POLICE AND FIRE SERVICE RETIREMENT ALLOWANCES~"
<br />
<br />Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett, Webb
<br />Nays: None
<br />
<br />94-467 ' Letter from the City Manager recO~nending ad°pti°~ of
<br />a resolution authorizing issuance of bond anticipation notes in
<br />the amount of $5,000,000 for a period of 212 days.
<br />
<br /> "The issuance of general obligation bonds totaling
<br />$21,200,000 has been authorized by City Council in connection
<br />with the Capital Improvements Plan approved in November, 1992
<br />and 1993. It is anticipated that the bonds will be sold in the
<br />spring of 1995. The resolution authorizing the issuance of the
<br />general obligation bonds also.authorizes the issuance of bond
<br />anticipation notes if funding is needed prior to issuance of
<br />the bonds.
<br />
<br /> It is necessary to issue bond anticipation notes now in
<br />order to provide funding for the projects which are now in
<br />process. The enclosed draft resolution approves the issuance
<br />of the bond anticipation notes in the amount of $5,000,000 for
<br />a period of 212 days.
<br />
<br /> The enclosed resolution is in draft form because the
<br />selection of the lowest responsible bidder will not be made
<br />until November 22, 1994 with settlement to take place the
<br />following day. ~
<br />
<br /> I, therefore, recommend approval of a resolution for the
<br />sale of bond anticipation notes."
<br />
<br /> Motion by Mr. Robinett, and seconded by Mr. Pitts, to
<br />adopt the following resolution, and was adopted by the
<br />following vote:
<br />
<br /> "A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, APPROVING THE SALE OF $5,000,000 PRINCIPAL AMOUNT
<br />CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION BOND NOTES,
<br />SERIES 1994, AND THE FORM AND OTHER DETAILS THEREOF; THE
<br />PROPOSAL OF CRESTAR BANK TO PURCHASE SUCH NOTES; THE CITY
<br />MANAGER, THE DIRECTOR OF FINANCE AND THE CITY TO EXECUTE AND
<br />DELIVER SUCH NOTES; DESIGNATING SUCH NOTES AS "QUALIFIED
<br />TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF SECTION 265{b) (3) OF
<br />THE INTERNAL REVENUE CODE OF 1986; AND OTHERWISE PROVIDING WITH
<br />RESPECT TO THE ISSUANCE OF SUCH NOTES.
<br />
<br /> WHEREAS, this Council of the City of Portsmouth, Virginia
<br />(the "City"), on November 10, 1992 adopted a resolution,
<br />entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF $10,000,000
<br />OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS
<br />IMPROVEMENT PROJECTS OFSUCH CITY AND AUTHORIZING AND PROVIDING
<br />WITH RESPECT TO .THE ISSUANCE AND SALE OF A LIKE PRINCIPAL
<br />AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN
<br />ANTICIPATION OF THE ISSUANCE AR-D RECEIPT OF THE PROCEEDS OF
<br />SALE OF SUCH BONDS", authorizing the issuance of $10,000,000
<br />principal amount of City of Portsmouth, ~irginia, General
<br />Obligation Public Improvement Bonds for the purpose of ~
<br />providing funds to pay the costs of public improvement Projects
<br />of the City set forth therein (the ..1992 Authorizing
<br />Resolution"); and ~
<br />
<br />
<br />
|