Minutes 11/12/2002 - Laserfiche WebLink

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November 12, 2002 Section 5. Further Actions. That the City Manager and Chief Financial Officer, and such other officers and agents of the City, as the City Manager or Chief Financial Officer may designate, are each authorized and directed to take such further actions as they deem necessary regarding the interest rate protection agreement and all actions previously taken by officers and agents of the City in connection with the interest rate protection agreement are hereby ratified and confirmed. Actions specifically authorized by the preceding sentence shall include the provision of credit support as required by the interest rate protection agreement, and the preparation and execution of amendments or supplements to the Deed of Lease in connection with the 1997A Bonds and the interest rate protection agreement which are deemed by the City Manager or the Chief Financial Officer to be necessary to effect or enhance the benefit to the City from the transactions authorized by this Resolution. Section 6. Filin,q of Resolution with Circuit Court. That 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 Virginia Code of 1950, as amended. Section 7. Effectiveness of Resolution. That this Resolution shall take effect on the date of its adoption." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None - City Manager's Report - 02 - 340 - Adoption of an ordinance to appropriate $1.9 million in the Public Utilities Capital Improvement Fund for the design and construction of an emergency drought water main connecting Norfolk's Lake Prince Reservoir and Portsmouth's Lake Meade Reservoir, and for the construction of a 10" water main (Dunedin Water Main) connecting Portsmouth's 24" transmission line to water mains on US Route 17. Recommendation: · Adoption of an ordinance to appropriate $1.9 million in the Public Utilities Capital Improvements Fund for the design and construction of an emergency drought water main connecting Norfolk's Lake Prince Reservoir and Portsmouth's Lake Meade Reservoir, and for the construction of a 10" water main (Dunedin Water Main) connecting Portsmouth's 24" transmission line to water mains on US Route 17. Purpose and Need: · The appropriations are required to fund the aforementioned two projects. · The emergency drought relief water main will convey 10 million gallons per day of raw water from Norfolk's water system to Portsmouth's water system under the terms of an agreement between Portsmouth and Norfolk. · The 10" Dunedin Main will replace the capacity lost by the sale of the Bennett's Pasture Road Water Main that will be transferred to the City of Suffolk under the Sleepy Hole Golf Course Sales Agreement. Financial Impact: · There will be no long-term impact to the City of Portsmouth. Both the $1.1 million for the emergency drought relief raw water main and the $800,000 for the Dunedin Water Main are funds that are to be provided by the City of Suffolk for these two projects.