Minutes 07/13/2004 - Laserfiche WebLink

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July 13, 2004 Motion by Mr. Moody, and seconded by Mr. Whitehurst, to close the nominations, and the above nominations were adopted by unanimous vote. 04 - 279 - Items Submitted by Council Members Motion by Mr. Moody, and seconded by Mr. Smith, to add to the agenda the appointment of Alethia Bryce as Interim City Assessor, and was adopted by unanimous vote. - Motion by Mr. Moody, and seconded by Ms. Psimas, that Alethia Bryce be appointed as Interim City Assessor, at the salary and benefits set forth in the Pay Plan~ retroactive to July 6, 2004, and to serve for an indefinite period of time, at the will of~ Council. Ms. Bryce is a thirty-year veteran of the Assessor's Office, and she has graciously agreed to serve on an interim basis until a permanent City Assessor can be hired after a proper search is conduct, and was adopted by unanimous vote. Motion by Mr. Whitehurst, and seconded by Mr. Moody, to add an item to the agenda, a resolution authorizing the extension and modification of certain obligations the City to repay City of Portsmouth promissory note due in August 2004, and was adopted by unanimous vote. Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the followin~ resolution, and was adopted by the following vote: "A RESOLUTION AUTHORIZING THE EXTENSION CERTAIN OBLIGATIONS OF THE CITY TO REPAY PROMISSORY NOTES DUE IN AUGUST 2004. AND MODIFICATION O CITY OF PORTSMOUTt WHEREAS, the City of Portsmouth, Virginia entered into a Contract for Loaf Guarantee Assistance with the United States Department of Housing and Urbar Development ("HUD") dated January 21, 1997 (the "Contract"); and WHEREAS, the Contract was entered into under the provisions of Section 108 o Title I of the Housing and Community Development Act of 1974, as amended (42 U.S.C section 5308); and WHEREAS, the City of Portsmouth executed certain additional documents an( issued certain Promissory Notes ("the Notes") pursuant to the Contract; and WHEREAS, the principal amount of the Notes has been reduced from $2., million to $1.765 million since 1997; and WHEREAS, payment of the entire remaining balance of $1.765 million is due in August 2004; and WHEREAS, HUD has offered the City the opportunity to modify its existin§ obligations under the Contract, the Notes, and other related documents upon terms and conditions beneficial to the City; and WHEREAS, the terms and conditions offered by HUD significantly reduce the City's short-term financial obligations by extending the repayment period; and WHEREAS, the modification of the City's existing obligations under the Contract, the Notes, and other related documents is fiscally responsible and desirable. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth Virginia that it hereby authorizes the modification of its existing financial obligation.. under the Contract for Loan Guarantee Assistance, the Notes, and other relateC documents under such terms and conditions as the Interim City Manager or his designee shall deem in the best interest of the City, including the pledging of presenl and future grant funds as security for such obligations.