Minutes 06/08/2004 - Laserfiche WebLink

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June 8, 2004 4. Execution of Documents. The Chief Financial Officer of the City and the City Manager, or either of them, are authorized to execute on behalf of the City the Basic Documents to which the City is a party, and, if required, to affix or to cause to be affixed the seal of the City to the Basic Documents and to attest such seal. Such officers or their designees are authorized to execute and deliver on behalf of the City such instruments, documents or certificates, including but not limited to such loan or financing agreements, tax certificates and continuing disclosure agreements as may be required by the Industrial Development Authority of the County of Stafford and the City of Staunton, Virginia, as purchaser of the Authority's Bond, and to do and perform such things and acts, as they shall deem necessary or appropriate to carry out the transactions authorized by this Resolution or contemplated by the Basic Documents; and all of the foregoing, previously done or performed by such officers or agents of the City, are in all respects approved, ratified and confirmed. 5. Reimbursement. The City Council adopts this declaration of official intent under Treasury Regulations Section 1.150-2. The City Council reasonably expects to reimburse any advances made or to be made by the City to pay the costs of the Project from the proceeds of its debt or other financing. The maximum amount of debt or other financing expected to be issued for the Project is $5,200,000. 6. Effective Date; Applicable Law. This Resolution shall take effect on the date of its adoption. The City Council elects to enter into the Lease pursuant to the provisions of the Public Finance Act of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended, in accordance with Section 15.2-2601 of such Act." Ayes: Benn, Moody, Pitts, Randall, Whitehurst, Holley Nays: None - New Business - 04 - 222 - Boards and Commissions There were no appointments. 04 - 223 - Items Submitted by Council Members Councilman Benn thanked everyone for attending the Memorial Day Parade and for their support of the event. Mayor Holley thanked Ida Kay Jordan for her participation with the Memorial Day Parade and spoke on the advertisement of the parade in the New York Times. Councilman Moody spoke on the advertisement of the Memorial Day Parade in USA Today. Also, he called on the City Manager to speak on the proposed budget. Motion by Mr. Moody, and seconded by Mr. Whitehurst, to add item 04-223(a) to the agenda, and was adopted by unanimous vote. (a) Adoption of a resolution authorizing the City Manager to enter into a non-binding memorandum of understanding with the Portsmouth Industrial Development Authority (IDA), the State Board for Community Colleges (SBCC), Tidewater Community College (TCC) and Victory Crossings Developers, LLC, for the relocation and development of the Portsmouth Campus of Tidewater Community College at the new Victory Crossing Business Park." Motion by Mr. Pitts, and seconded by Ms. Randall, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION APPROVING A MEMORANDUM OF UNDERSTANDING WITH TIDEWATER COMMUNITY COLLEGE AND OTHER PARTIES. WHEREAS, the City did on January 15, 2002 adopt a resolution in support of a new Tidewater Community College ("TCC") campus at the then-planned Victory Crossing Commerce Park; and