Minutes 08/23/1994 - Laserfiche WebLink

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AuqUSt 23, 1994 "As part of the contract award for Children's Museum of Virginia, an estimated amount of funds were appropriated in advance in anticipation of future contracts for inclusion of a glass atrium on the High Street side of this facility. Due to the critical timing and coordination for this entire project, bids were received to add the atrium contract to the building renovation contract. However, because less than favorable bid prices were received, it is necessary to request an additional appropriation in the amount of $145,000 for the atrium's completion. This cost will also necessitate your approval to exceed the 25% limit on changeorders to the general contractor, Commonwealth Construction Company. With the proposal of the atrium, it is also requested that you consider the placement of a full size lighthouse lense already in our possession as a permanent display in the completed atrium. The concept has received preliminary approval from the Fine Arts'Commission's Executlve~Committee and will be presented to the full Commission prior to the August 23 meeting. The Director of Public Works recommends an appropriation in the amount of $145,000 and approval to exceed the 25% limit on change orders to Commonwealth Construction Company's contract. I concur with the Director of Public Works and, with your approval of this item, the balance in the Capital Improvements Fund will be $9,809,991." Motion by Mr. Pitts, and seconded by Mr. Robinett, to adopt the following ordinance, vote: and was adopted by the following "AN ORDINANCE TO APPROPRIATE $145,000.00 FROM THE CAPITAL IMPROVEMENTS FI/ND FOR COSTS ASSOCIATED WITH THE CONSTRUCTION OF AN ATRIUM AT THE CHILDREN'S MUSEUM OF VIRGINIA." Ayes: Griffin, Hawks, Pitts, Martin, Robinett, Webb Nays: Clemons Motion by Mr. Martin, and seconded by Mr. Pitts, to adopt a motion to exceed the 25% allowable limit for change orders with Commonwealth Construction Company, and was adopted by the following vote Ayes: Griffin, Hawks, Pitts, Martin, Robinett, Webb Nays: Clemons 94-342 - Letter from the City Manager recommending adoption of an ordinance authorizing a referendum to issue $22.9 million in General Obligation Public Utility Bonds for the City. "At approximately 3-4 year intervals, Portsmouth's Public utilities Department seeks authorization to issue bonds to raise the capital required for needed improvements to the City's water and sewer systems. The last such authorization was passed by voter referendum in November of 1990. These bonds may either be sold as strictly revenue bonds or as "double barrel" bonds which are backed by both the revenues of the utility system and by the full faith and credit of the City. The "double barrel" bonds normally command a lower interest rate of 1/4 to 1/2 percent thus saving the utility and its rate payers, Portsmouth's citizens, hundreds of thousands of dollars in interest expense. This savings directly impacts water and sewer rates. The issuance of "double barrel" bonds requires that the question, as to whether or not the City shall back the bonds with its full faith and credit so as to achieve this savings in interest, be placed before our citizens in the November 8, 1994 general election.