Minutes 12/13/2005 - Laserfiche WebLink

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December 13, 2005 WHEREAS , the property to be financed with the Bonds is located in the City of Portsmouth and the members of this Council constitute the highest elected governmental officials of the City of Portsmouth; and WHEREAS , a copy of the Mount Jackson Authority Resolution and the Portsmouth Authority Resolution, a record of the public hearing held by the Portsmouth Authority, and a fiscal impact statement in the form prescribed by Section 15.2-4907 of the Virginia Code have been filed with this Council. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that: 1. The recitals in the preambles hereto are adopted as a part of this resolution as if fully written herein. 2. The Council concurs with the adoption of the Mount Jackson Authority Resolution and approves the issuance of bonds by the Mount Jackson Authority, all to the extent required by the Code and Section 15.2-4905 of the Virginia Code. 3. The concurrence with the Mount Jackson Authority Resolution, and the approval of the issuance of the Bonds as provided above, as required by the Code and Sections 15.2-4905 and 15.2-4906 of the Virginia Code, does not constitute an endorsement to a prospective purchaser of any bond of the creditworthiness of the Applicant and the Bonds shall provide that the City of Portsmouth shall not be obligated to pay the Bonds or the interest thereon or other cost incident thereto and neither the faith or credit nor the taxing power of the Commonwealth of Virginia or the City of Portsmouth shall be pledged thereto. 4. This resolution shall take effect upon the date of its adoption.” Ayes: Heretick, Moody, Psimas, Randall, Smith, Whitehurst, Holley Nays: None Motion by Mr. Moody, and seconded by Mr. Whitehurst, to add the following item to increase the salary of the City Clerk to the agenda, and was adopted by the following vote: Ayes: Heretick, Moody, Psimas, Randall, Smith, Whitehurst, Holley Nays: None Motion by Mr. Moody, and seconded by Mr. Whitehurst, that the annual salary of the City Clerk be increased to $73,091 effective January 1, 2006 and that the pay plan be amended accordingly, and was adopted by the following vote: Ayes: Heretick, Moody, Psimas, Randall, Smith, Whitehurst, Holley Nays: None 05 - 585 - Report on Pending Items Mr. Oliver, City Manager, informed citizens that Comprehensive Annual ? Financial Report was available for anyone who would like a copy. He also wanted to note that the City’s surplus (Undesignated General Fund Balance) over the past 4 years had grown from 6 ½ % of the General Fund to 14 ½ % of the General Fund.