Minutes 09/25/2007 - Laserfiche WebLink

Home Browse Search

September 25. 2007 Financial Impact: . The grant received is for 100% funding and requires no monetary match by the City of Portsmouth. The City of Portsmouth will be required to expend City funds as the work is completed after which VDOT will reimburse 100% of the funds expended monthly by Portsmouth up to the amount of the grant. Staff Recommends: Adoption of proposed resolution. Vision Principle: Thriving Neighborhoods and a Sense of Community. Next Steps Following Council Action: . The City Manager will sign the subject agreement. After the agreement is fully executed, the Engineering Department will select an engineering firm through an RFQ process to design the signal replacement. Upon design completion, a construction contract will be awarded to replace the signal. Motion by Mr. Moody, and seconded by Mr. R. Smith, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A PROJECT ADMINISTRATION AGREEMENT WITH THE VIRGINIA DEPARTMENT OF TRANSPORTATION TO OBTAIN GRANT FUNDS FOR THE REPLACEMENT OF THE TRAFFIC SIGNALS AT AIRLINE AND PORTSMOUTH BOULEVARDS AND TO ALLOW THE CITY TO ADMINISTER THE PROJECT. WHEREAS, funding for the replacement of the signalization at Airline and Portsmouth Boulevards has been made available from the Federal Highway Administration through the Congestion, Mitigation, and Air Quality (CMAQ) Program administered by the Virginia Department of Transportation; and WHEREAS, while the CMAQ funding will cover 100% of the cost of replacement, the regulations governing the funding require that the City execute an agreement with the Virginia Department of Transportation accepting the funding and agreeing to administer the project. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to execute an agreement with the Virginia Department of Transportation providing for 100% funding of the replacement of the signalization at Airline and Portsmouth Boulevards by the CMAQ Program and for City administration of the replacement project." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 07 - 408 - Adoption of a resolution of the City Council of Portsmouth approving the proposed issuance of certain revenue bonds by the Southeastern Public Service Authority of Virginia, a portion of the proceeds of the bonds to be used to finance or refinance facilities located in the City. Vision Principles: A Robust and Prospering Economy. Background: . SPSA will fund nearly 40% of its capital budget with cash this year. The remainder (approximately $10,000,000) will be funded with debt financing from Wachovia Bank. . Additionally, SPSA intends to re-finance its FY 2007 Capital Improvement bond issue, a $21,320,000 taxable note, also with Wachovia Bank that carried a shorter 3- year term with a greater cost than what is currently available. SPSA now intends to extend the term of that borrowing up to four additional years in compliance with its financial policies. . On September 7, 2007, SPSA held the required public hearing regarding its proposed tax exempt financing in the conference room of its Chesapeake office. There were no public comments.