Laserfiche WebLink
March 9, 2004 <br /> <br />· Proposed kitchen equipment will provide for the City's ability to attract more patrons <br />to the Bide-A-Wee Pavilion for hosting private events and thereby increasing Golf Fund <br />revenues. <br /> <br />Financial Impact: <br /> <br />· The source of funding for these acquisitions is restricted net assets as shown in the <br />June 30, 2003 Comprehensive Annual Financial Report (CAFR). The original source of <br />these funds was the sale of a golf course. <br /> <br /> Motion by Mr. Pitts, and seconded by Ms. Randall, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />"ORDINANCE TO APPROPRIATE $140,000 IN THE GOLF ENTERPRISE FUND FOR <br />VARIOUS IMPROVEMENTS AT BIDE-A-WEE GOLF COURSE." <br /> <br />Ayes: Benn, Griffin, Pitts, Randall, Whitehurst, Holley <br />Nays: None <br /> <br />04 - 97 - Adoption of a resolution authorizing the Portsmouth School Board to make <br />application to the State Board of Education for a Literary Loan in the amount of <br />$7,500,000 for the construction of the new Park View Elementary School. <br /> <br />This Literary Loan amount is included in the Portsmouth School Board's <br />Long-Range Capital Improvement Program. <br /> <br />Recommendation: <br /> <br />· Adoption of a resolution granting authority to the Portsmouth School Board to make <br />application to the State Board of Education for a Literary Loan in the amount of <br />$7,500,000 for the construction of the new Park View Elementary School. <br /> <br />Purpose and Need: <br /> <br />· This Literary Loan is included in the Portsmouth School Board's Long-Range Capital <br />Improvement Program dated January 15, 2004, to provide a portion of the resources to <br />construct the new Park View Elementary (Kindergarten through 6th grade). <br /> <br />· The application requires an authorizing resolution from the City Council. <br /> <br />· At its December 18, 2003 meeting, the School Board approved the resolution for <br />completing the application. <br /> <br />Financial Impact: <br /> <br />· Construction funding via a Literary Loan (currently 2%) will cost less in interest <br />expense than general obligation bond debt. Funding from the Capital Improvement <br />Program will occur in future fiscal years, which is currently projected to be FY 2006. <br /> <br /> Motion by Ms. Randall, and seconded by Mr. Whitehurst, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />"A RESOLUTION AUTHORIZING THE PORTSMOUTH SCHOOL BOARD TO MAKE <br />APPLICATION TO THE STATE BOARD OF EDUCATION FOR A LITERARY LOAN <br />IN THE AMOUNT OF $7,500,000 FOR CONSTRUCTION OF THE NEW PARK VIEW <br />ELEMENTARY SCHOOL. <br /> <br /> WHEREAS, the School Board of the City of Portsmouth desires to make <br />application to the State Board of Education for a Literary Loan in the amount of <br />$7,500,000 to be applied to the cost of construction of the new Park View Elementary <br />School; and <br /> <br /> <br />