Minutes 04/22/2003 - Laserfiche WebLink

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April 22, 2003 Purpose and Need: · The CIP is the City's plan for major construction projects over the next five years. It is a primary means of carrying out the City Council's goals for neighborhood quality and economic development. · The City Council held a public hearing on April 8, 2003 on the proposed CIP. · The City Council held a public hearing on April 22, 2003 on the authorization of $17,010,000 in General Obligation Bonds to fund the 2003-2004 CIP. Financial Impact: · All the funds expected to be expended by the City as a result of adopting the proposed CIP are recommended to be appropriated at the time of adoption. · Debt service on the new bonds must be included in future operating budgets until the debt is fully retired. Motion by Mr. Whitehurst, and seconded by Mr. Benn, to adopt the following resolution, and was adopted by the following vote: 03-153(A): "A RESOLUTION APPROVING THE FIVE-YEAR CAPITAL IMPROVEMENT PLAN FOR 2003 THROUGH 2008, AND THE ONE-YEAR CAPITAL IMPROVEMENT PROGRAM FOR 2003-2004. WHEREAS, the City Manager has submitted to the City Council the Capital Improvement Plan for 2003 through 2008, and the one-year Capital Improvement Program for 2003-2004; and WHEREAS, a public hearing has been held to receive public comments on the five-year Capital Improvement Plan and on the one-year Capital Improvement Program; and WHEREAS, the Council has considered the five-year Capital Improvement Plan and the one-year Capital Improvement Program and finds them to be in the proper form and expressive of the Council policies in regard to necessary capital improvements. NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Portsmouth, Virginia that the aforesaid Capital Improvement Plan for the years 2003 through 2008 and the one-year Capital Improvement Program for 2003-2004 are approved." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following resolution, and was adopted by the following vote: 03-153(B): "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE OF $17,010,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS FOR THE PURPOSE OF FINANCING THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS IN THE CITY AND APPROVING THE FORM AND OTHER DETAILS OF THE BONDS; AUTHORIZING THE CITY MANAGER AND THE CHIEF FINANCIAL OFFICER TO TAKE ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY MANAGER TO EXECUTE SUCH BONDS;