Minutes 08/23/1994 - Laserfiche WebLink

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Auqust 23, 1994 The Director of Publio Utilities is requesting you to authorize the referendum on the issuance of $22.9 million of "double barrel" general obligation public utility bonds. These bonds will finance the water and sewer projects approved in the City's Capital Improvements Progra~ (CIP). This is a question of securing the least costly financing for needed improvements to Portsmouth's system and how best to keep rates as low as possible. Of the $22.9 million, $13.98 million (61%) is for federally mandated improvements to the Lake Kilby Water Plant and to the Cohoon Dam which you will be faced with funding whether or not the referendum passes. The remainder of the funding is for neighborhood water and sewer improvement projects which will benefit all the customers of the water and sewer systems. I concur with the recommendation of the Director of Public Utilities and ask your authorization to proceed with the referendum and a public information plan to explain this issue to our citizens. A listing of the Public Utility projects currently included in the CIP for funding is attached." Motion by Mr. Robinett, and seconded by Mr. Clemons, to adopt the following ordinance, and was adopted by the following vote: "AN ORDINANCE TO AUTHORIZE THE CITY OF PORTSMOUTH, VIRGINIA, TO CONTRACT A DEBT AND ISSUE TWENTY TWO MILLION NINE HUNDRED THOUSAND AND 00/100 DOLLARS ($22,900,000.00) PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BONDS TO FINANCE THE COSTS OF CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE-PRODUCING WATER AND SEWER SYSTEM OF SUCH CITY, UNDER AND PURSUANT TO ARTICLE VII, SECTION 10 (a) (2) OF THE CONSTITUTION OF VIRGINIA, 1971, AND CHAPTER 5.1 OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950, AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS." Ayes: Clemons, Griffin, Hawks, Pitts, Martin, Robinet~, Webb Nays: None 94-343 - Letter from the City Manager recommending adoption of an ordinance to amend Section 35-2 of the City Code pertaining to the tax relief program. "City Council has adopted a program of real estate tax relief, and a Real Estate Tax Freeze Program for those who qualify, as elderly or disabled. Current provisions of the City Code provide due dates five days later for those qualifying for the tax relief program. The sa~e provision needs to be made for those who may now qualify for the Tax Freeze Program. This delay allows for SOcial Security checks to be received by the individual so that payments can be made without incurring interest and penalty. I, therefore, recommend the enactment of this ordinance which will provide the sa~ne due dates for real estate taxes of elderly or disabled persons, who qualify for real estate exemptions under the City Code."