|
<br />May 23. 2006
<br />
<br />Staff Recommends:
<br />Adoption of an ordinance to approve the appropriation of the $28,393 of Health Region
<br />V reinvestment funding to the Department of Behavioral Healthcare Services to
<br />establish supportive infrastructure of Community Based Care in Portsmouth. Vision
<br />Principle: Neighborhood and Community Transformation.
<br />
<br />Next Steps Following Council Action:
<br />. Pending Council approval, Director of DBHS will oversee the development and
<br />implementation of the emergency services infrastructure.
<br />
<br />Motion by Mr. Whitehurst, and seconded by Ms. Psimas, to adopt the following
<br />ordinance, and was adopted by the following vote:
<br />
<br />"ORDINANCE APPROPRIATING $28,393 IN FY 2005-2006 OPERATING BUDGET
<br />FOR THE BEHAVIORAL HEAL THCARE SERVICES FUND TO ESTABLISH
<br />SUPPORTIVE INFRASTRUCTURE FOR COMMUNITY BASED CARE PROGRAMS
<br />IN PORTSMOUTH."
<br />
<br />Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley
<br />Nays: None
<br />
<br />06 - 234 - Adoption of an ordinance authorizing (1) the issuance and sale of General
<br />Obligation Bonds not to exceed $29,500,000 for the purpose of financing the costs of
<br />various public improvement projects, (2) the issuance and sale of General Obligation
<br />Refunding Bonds not to exceed $38,000,000, (3) the issuance and sale of Taxable
<br />General Obligation Refunding Bonds not to exceed $9,000,000, and (4) the issuance
<br />and sale of General Obligation Notes not to exceed $7,000,000 for the purpose of
<br />financing the costs, in part, of the new courts complex. Vision Principle: A Robust and
<br />Prospering Economy.
<br />
<br />Background:
<br />. The adoptedlamended FY 2006-2007 Capital Improvement Program (CIP)
<br />authorizes (1) various public improvement projects totaling $27,825,000 to be funded by
<br />proceeds from the issuance and sale of GO Bonds and (2) phase I of the new courts
<br />complex project totaling $6,750,000 to be funded by proceeds from the issuance and
<br />sale of GO Notes.
<br />. The City deems the current timing appropriate to refund the outstanding balances
<br />of (1) the 1999 $39,720,000 Industrial Development Authority Revenue Bonds for the
<br />Portsmouth Renaissance Hotel, Conference Center and Parking Garage, (2) the 2003
<br />$5,450,000 General Obligation Note for the Mid-City Shopping Center and (3) the 2004
<br />$2,530,000 General Obligation Note for the nTelos Pavilion.
<br />
<br />Discussion:
<br />. GO Bonds in the total aggregate amount not to exceed $29,500,000, GO
<br />Refunding Bonds in the total aggregate amount not to exceed $38,000,000, Taxable
<br />GO Refunding Bonds in the total aggregate amount not to exceed $9,000,000, and GO
<br />Notes in the total aggregate amount not to exceed $7,000,000 will be sold and issued.
<br />. Proceeds from the sale of the bonds will be used to pay the costs of various
<br />public improvement projects (including the new courts complex project), refund all or a
<br />portion of various previously issued bonds and notes, and pay the costs of issuing these
<br />bonds.
<br />. The full faith and credit of the City will be irrevocably pledged for the payment of
<br />the principal of, premium, if any, and interest on the bonds as they become due and
<br />payable.
<br />. Financial Impact: Net bond proceeds of approximately $34.6 million will be
<br />provided to fund the cost of various public improvement projects authorized in the FY
<br />06-07 CIP.
<br />
|