Minutes 06/08/2004 - Laserfiche WebLink

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June 8, 2004 Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO APPROPRIATE $9,129,211 TO VARIOUS DEPARTMENTS AND FUNDS FOR THE PURPOSE OF REIMBURSEMENT OF HURRICANE EXPENSES FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY." Ayes: Benn, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 04 - 220 - Adoption of a resolution authorizing the issuance and sale of a taxable General Obligation Note in the maximum aggregate amount of $2,530,000 to finance the cost of acquisition, construction and equipping of a replacement canopy for NTELOS Pavilion at Harbor Center. Recommendation: · Adoption of a resolution authorizing the issuance and sale of Taxable General Obligation Notes in the maximum aggregate amount of $2,530,000. Purpose and Need: · In September 2003, the canopy over the nTelos Pavilion was destroyed during the Hurricane Isabel event. · The City proposes to finance the cost of acquisition, construction, and equipping of a replacement canopy for the nTelos Pavilion at Harbor Center. Financial Impact: · The City's debt service on the note to pay for the replacement of the canopy is estimated at approximately $95,000 annually until FY 2007. · Principal on the note will be due in FY 2008 and is expected to be paid from FEMA reimbursements related to Hurricane Isabel or a claim settlement. 1. Martha Ann Creecy, 317 Dinwiddie Street, spoke in opposition to this item. Motion by Mr. Moody, 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 $2,530,000 GENERAL OBLIGATION NOTE (TAXABLE). WHEREAS, the Council of the City of Portsmouth, Virginia (the "City"), has determined that it is advisable to issue its general obligation note (the "Note") to finance the cost, in whole or in part, of the acquisition and installation of the replacement canopy for the NTELOS Pavilion at Harbor Center (the "Project") and to pay the costs of issuance; WHEREAS, the Note is to be issued on the terms set forth in this Resolution and a public hearing has been held on June 8, 2004 on the issuance of the Note after due publication of notice in accordance with Section 15.2-2606 of the Code of Virginia of 1950, as amended. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: ]. Authorization of Note and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell the Note and the issuance and sale of the Note are hereby authorized. The proceeds from the issuance and sale of the Note shall be used to pay the costs, in whole or in part, of the Project and to pay the costs of issuance.