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November 10, 1992 <br /> <br /> WHEREAS, the City Manager has Submitted to the City <br />Council the. Caplt~ Improvement Plan for 1992-93 through <br />1996-97, and~ a one year Capital Improvement Program for <br /> <br /> WHEREA~ ~he Planning Commission and the Munici~pal Finance <br />Commissi~n?havre-~eviewed and commented on the Plan ~and ~rogr~m; <br /> <br /> WHEREAS, a public hearing has been held to receive pUbl:ic~ <br />co~ents on the five year Capital Improvement Plan and on the <br />one year ~:i~ta~ ~mp:~vement Program~; and ~ ~ ~ ~ ~ ~ ~ ~ <br /> <br /> WHEREAS, the Council has considered the five year-Chpi%~l ~ <br />Improvement Plan and the one year Capital Improvement program <br />and finds them to be in the proper form and expressive of <br />Council p~licies in regard to n~Cessary~capital< impr~ehts. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of t-he City: <br /> of Portsmouth, Virginia that the aforesaid Capi~al I~pr~ve~ent' <br /> Plan for the years 1992-93 through 1996-97, and the one year <br /> Capital Improvement Program for 1992.93 'a~ approved shbject to <br /> later app~o~:ria~tion in the ordinary coupe of business ~f th~ ~ <br /> City, and wit'h t~e capital improvement funds~desi~gn~ted ~O~ ~ <br /> Education ~r ~: new T. C. Norcom High Schoo~ :tO~ be:~coDd~tiOn~ed ~: <br /> upon the ~e~ I. 'C~. Norcom High S~hool being b'uit~ at:~e ~ ~ <br /> current Harry- Hun~t jr. ~High School site if Same is suitable ~or~ <br /> constructib~'~~ and On ta~nd adjoining as may be necessary. ~ <br /> <br /> Ayes: Clemons, Epperson, Griffin, King, Pitts, Webb <br /> Nays: Hawk~s3 ~ : ~ <br /> <br /> 92-3~B - Letter~ from the City Manager recommending <br /> adoption ~f-: ~ r~solution authorizing the issuance of ~ <br /> $10,000,000 of 'General Obligation ~onds of ~the City of ~ <br /> Portsmout~h~,::V~r~'inia, for the purpose ~f providin~ funds~ t~ pay <br /> the cost o:f various improvement projects and authorizing and <br /> providing ~ith respect to the issuance and sale of~ a~ ~ike <br /> principal amount of General Obligation Bond anti-cipation notes <br /> in anticipation of the issuance and receipt of the proceeds of <br /> sale of such bonds. <br /> <br /> See le~t'ter~ 92-385A. : ~ ~'' <br /> <br /> On motion of Mr. Epperson and seconded by Mr. King, <br /> the following resolution was adopted, and by the following <br /> <br /> A RESOLUTION AUTHORIZING THE ISSUANCE OF $10,000,000 OF <br /> GENE~ OBLIGATION BONDS OF THE CITY~ OF PORTSMOUTH, ~ <br /> VIRG:INI~ FQR THE :PURPOSE OF PROVIDING FUNDS TO PAY 'THE: ~' <br /> COST OF VARIOUS IMPROVEMENT PROJECTS~OF~'SUCH CITY AND <br /> AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND <br /> SALE'DF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND <br /> ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND <br /> RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. <br /> <br /> ~ERE~S, ~-~ is necessary for~the Ci~y~o~f Portsmouth,~ ~ <br /> Virginia (~ "City":)to provide funds for the public <br /> improvement projects as hereinafter set forth; and <br /> <br /> WHEREAS, ~here a~e no funds in the treasury of the'City <br /> applicable~ tO ~he payment of the costs of such projects and~ <br /> accordingty~~ it is necessary to authoriZe the issuance of Ten <br /> Million Do~ars ($10,000,000) aggregate principal amount o~f <br /> general obligation bonds of the City to pay such costs and.in <br /> anticipation thereof to authorize and provide for the issuance <br /> and sale Of general obligation bond anticipation notes~ and <br /> <br /> <br />