Minutes 06/27/2006 - Laserfiche WebLink

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June 27.2006 4. REVOCATION OF PERMIT: Violation of any of the above conditions may serve as grounds for revocation of the permit by the City Council." Ayes: Moody, Randall, Smith, Whitehurst, Holley Nays: None Absent: Psi mas - City Manager's Report - 06 - 285 - Adoption of an ordinance amending Ordinance No. 06-43 that authorized the issuance and sale of not to exceed $29,500,000 aggregate principal amount of General Obligation Bonds for the purpose of financing the costs of various City public improvement projects; authorized the issuance and sale of not to exceed $38,000,000 aggregate principal amount of General Obligation Refunding Bonds; authorized the issuance and sale of not to exceed $9,000,000 aggregate principal amount of taxable General Obligation Refunding Bonds; and authorized the issuance and sale of not to exceed $7,000,000 General Obligation Notes. Vision Principles: Neighborhood and Community Transformation and A Robust and Prospering Economy. Background: . Ordinance No. 43 authorized the issuance and sale of GO Notes totaling $7,000,000 for phase I of the new Courts Complex project totaling $6,750,000 plus bond issuance costs totaling $250,000. . The City has subsequently determined that Ordinance No. 43 did not properly specify that $2,500,000 of the $7,000,000 in proceeds from the issuance and sale of the GO Notes would be used for the existing Courts Complex and temporary relocation of the Courts. Discussion: . The proposed ordinance specifies that $2,500,000 of the $7,000,000 in proceeds from the issuance and sale of the GO Notes would cover the existing Courts Complex and temporary relocation of the Courts. Council Action: Adoption of an ordinance amending Ordinance No. 43 that authorized the issuance and sale of General Obligation (GO) Bonds, GO Refunding Bonds, and GO Notes to reflect authorized use of proceeds from GO Notes to include the new Courts Complex, existing Courts Complex, and costs related to the temporary relocation of the Courts. Vision Principle: A Robust and Prospering Economy. Next Steps Following Council Action: . The Chief Financial Officer will oversee the Issuance and sale of bonds scheduled for late July and/or early August 2006. Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AMENDING ORDINANCE NO. 2006-43 THAT AUTHORIZED THE ISSUANCE AND SALE OF NOT TO EXCEED $29,500,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF FINANCING THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE CITY; AUTHORIZED THE ISSUANCE AND SALE OF NOT TO EXCEED $38,000,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS; AUTHORIZED THE ISSUANCE AND SALE OF NOT TO EXCEED $9,000,000 AGGREGATE PRINCIPAL AMOUNT OF TAXABLE GENERAL OBLIGATION REFUNDING BONDS; AND AUTHORIZED THE ISSUANCE AND SALE OF NOT TO EXCEED $7,000,000 GENERAL OBLIGATION NOTES."