Minutes 08/23/2005 - Laserfiche WebLink

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AUQust 23. 2005 Staff Recommends: Adoption of an Ordinance to create a Community Development Authority (CDA) and a CDA District for New Port. Vision Principles: Bold New Directions, a Robust and Prospering Economy, and Neighborhood and Community Transformation. Next Steps Following Council Action: . Filing of appropriate legal papers to implement the CDA . Issuance of CDA Bonds . Construction of New Port, including CDA-funded infrastructure improvements Motion by Mr. Heretick, and seconded by Mr. Whitehurst, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO CREATE THE NEW PORT COMMUNITY DEVELOPMENT AUTHORITY AND TO ESTABLISH THE NEW PORT COMMUNITY DEVELOPMENT AUTHORITY DISTRICT." Ayes: Heretick, Moody, Psi mas, Randall, Whitehurst, Holley Nays: None 05 - 388 - Adoption of a resolution to authorize issuance of $3.6 million in General Obligation Public Utility Bond Anticipation Notes (BANs) to fund the authorized Public Utilities CIP projects for the First Quarter of FY 2006. Vision Principle: Neighborhood and Community Transformation. Background: . Public Utility GO Bonds have not been issued since FY 2002. These bonds are traditionally used to fund authorized Public Utilities CIP Projects. . $6.15 million in BANs were previously issued to fund the authorized Public Utilities CIP through FY 2005. . An additional $3.6 million in BANs is required to fund the authorized Public Utilities CIP needs for the 1st Quarter of FY 2006. . The City is planning to issue GO bonds in October 2005 to refund the BANs and to provide permanent financing for the total amount of prior years' authorized but unissued Public Utilities GO Bonds. Discussion: . Financial Impact: The additional funding will allow the Department of Public Utilities to proceed with its approved FY 2006 CIP Projects by "bridging" the funding gap until the issuance of Public Utility GO Bonds in October 2006. . Funding to pay this note interest was appropriated in the Public Utilities Operating Budget for the current fiscal year. Staff Recommends: Adoption of a Resolution to authorize issuance of $3.6 million in General Obligation Public Utility Bond Anticipation Notes (BANs) to fund the authorized Public Utilities CIP projects for the First Quarter of FY 2006. Vision Principle: Neighborhood and Community Transformation. Next Steps Following Council Action: . Upon authorization, the City's Chief Financial Officer will ensure the issuance of the $3.6 million in Public Utilities BANs. . Upon the issuance of the $3.6 million in BANs, the Director of Public Utilities will proceed with the authorized CIP projects. Motion by Mr. Whitehurst, and seconded by Ms. Psi mas, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE OF $3,600,000 GENERAL OBLIGATION PUBLIC UTILITY BONDS AND A BOND ANTICIPATION NOTE.