Minutes 05/25/2004 - Laserfiche WebLink

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May 25, 2004 Be it further resolved that the City encourages those entities which will comprise the member structure of the Commission to fully endorse and support this effort for the improvement of the quality of life of the citizens of the City." 04-197(B): "ORDINANCE APPROPRIATING $250,000 FROM THE PORT FUND FUND BALANCE TOWARD THE INITIAL CAPITALIZATION BASE OF THE CITY DEVELOPMENT COMMISSION, INC." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 04 - 198 - Adoption of a resolution authorizing the issuance and sale of the City's Revenue Anticipation Note (RAN) or line of credit revenue anticipation note in the amount of $10 million. During certain periods of the fiscal year, the City requires cash flow financing in order to meet its ongoing operational obligations. This RAN will provide for the smooth financial operations of the City, ensuring that payroll is met, vendors are paid, and debt service is made--all in a timely manner. Recommendation: · Adoption of a resolution authorizing the issuance and sale of the City's Revenue Anticipation note (RAN) or line of credit revenue anticipation note in the amount of $10 million. Purpose and Need: · During certain periods of the fiscal year, the City requires cash flow financing in order to meet its ongoing operational obligations. · This RAN will provide for the smooth financial operations of the City, ensuring that payroll is met, vendors are paid, and debt service is made--all in a timely manner. Financial Impact: · The interest on this obligation has been included in the Proposed FY 04-05 Operating Budget. · The Revenue Anticipation Note will be paid in full by June 30, 2005. Motion by Ms. Randall, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF THE CITY'S REVENUE ANTICIPATION NOTE OR LINE OF CREDIT REVENUE ANTICIPATION NOTE. WHEREAS, the City Council of the City of Portsmouth, Virginia (the "City") proposes to authorize the issuance of a revenue anticipation note or line of credit revenue anticipation note in the event it becomes necessary and advisable to borrow money in anticipation of the collection of the taxes and revenues of the City for the current year pursuant to Section 15.2-2629 of the Code of Virginia of 1950, as amended; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: