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September 23, 2003 <br /> <br /> Motion by Mr. Whitehurst, and seconded by Mr. Benn, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />"ORDINANCE TO APPROPRIATE $188,232 IN THE GRANTS FUND FOR THE 2004 <br />LOCAL LAW ENFORCEMENT BLOCK GRANT (LLEBG) #8 PROGRAM TO <br />PROVIDE ADDITIONAL FUNDING FOR PUBLIC SAFETY IN SUPPORT OF <br />NEIGHBORHOOD QUALITY." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley <br />Nays: None <br /> <br />03 - 346 - Adoption of an ordinance to appropriate $300,000 from the General Fund <br />Undesignated Fund Balance for legal fees, to be used for existing costs for services. <br /> <br />Recommendations: <br /> <br />· Adoption of an ordinance to appropriate $300,000 from the General Fund - <br />Undesignated Fund Balance for legal fees. <br /> <br />Purpose and Need: <br /> <br />· These legal fees are the result of existing costs for services. <br /> <br />· The only source for funding this appropriation is the City's Undesignated Fund <br />Balance. <br /> <br />Financial Impact: <br /> <br />· The City's Undesignated Fund Balance will be reduced by $300,000. <br /> <br /> Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />"ORDINANCE TO APPROPRIATE $300,000 IN THE GENERAL FUND FOR LEGAL <br />FEES." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley <br />Nays: None <br /> <br />03 - 347 - Adoption of a resolution authorizing General Obligation financing for <br />redevelopment purposes, in amount not to exceed $5,450,000. <br /> <br />Recommendation: <br /> <br />· Adoption of a resolution authorizing General Obligation financing for redevelopment <br />purposes, in an amount not to exceed $5,450,000. <br /> <br />Purpose and Need: <br /> <br />· This financing will provide funding to PRHA for the acquisition of property located in <br />the proposed new Enterprise Zone located in the area of Midtown and the demolition of <br />existing buildings located on such property. <br /> <br />· The closing is scheduled for October 15, 2003. Interest on the Note will be paid <br />semi-annually and the final maturity date of the Note is October 15, 2006. <br /> <br />· Following closing and the payment of all costs of issuance, the City Council will be <br />asked to appropriate the funds to the PRHA. <br /> <br />Financial Impact: <br /> <br />· The annual interest payment on this Note will be approximately $315,000. <br /> <br /> <br />