Minutes 12/11/2007 - Laserfiche WebLink

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December 11. 2007 Financial Impact: . The City and the School Board will be responsible for repaying the loan and all interest. Staff Recommends: Adoption of proposed resolution. Vision Principle: Lifelong Learning Community. Next Steps Following Council Action: . A copy of the resolution will be forwarded to the School Board to be included with Literary Fund Loan application. . Continuing coordination by PPD with public and private service agencies for persons in need of services. 1. Dr. David Stuckwisch, 1069 Estates Court, spoke in support of this item. Motion by Mr. Moody, and seconded by Mr. R. Smith, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION APPROVING THE APPLICATION OF THE PORTSMOUTH SCHOOL BOARD TO THE STATE BOARD OF EDUCATION FOR A LITERARY FUND LOAN IN THE AMOUNT OF $7,500,000 FOR CONSTRUCTION OF THE NEW SIMONSDALE ELEMENTARY SCHOOL. WHEREAS, the School Board of the City of Portsmouth desires to make application to the State Board of Education for a Literary Fund loan in the amount of $7,500,000 to be applied to the cost of construction of the new Simonsdale Elementary School; and WHEREAS, Sections 22.1-142 through 22.1-161, Code of Virginia, 1950, as amended, provide that the bond or note of a school board held by the Literary Fund is general obligation debt of the governing body and require that the governing body approve of the disbursement of the proceeds of any approved loan prior to disbursal. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that it hereby approves the application of the Portsmouth School Board to the State Board of Education for a Literary Fund loan in the amount of $7,500,000 for construction of the new Simonsdale Elementary School and the disbursal of the proceeds of a Literary Fund loan to the School Board for such purpose. BE IT FURTHER RESOLVED that the City will, each year during the life of said loan at the time of the fixing of regular levies, fix a rate of levy for schools or make a cash appropriation sufficient for operation expenses and to pay said loan in annual installments and the interest thereon as required by law regulating loans from the Literary Fund." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 07 - 518 - Adoption of a resolution approving the issuance of multi-family housing revenue bonds not to exceed $10,000,000 by the Portsmouth Redevelopment and Housing Authority. Vision Principle: Thriving Neighborhoods and a Sense of Community. Background: . As a condition of the Jeffry Wilson HOPE VI grant, PRHA must construct new affordable housing. . As the second phase of new construction, PRHA will develop 122 rental units as part of the Westbury neighborhood. . Rather than rely on local funding, PRHA will use tax credit and tax-exempt bond financing to construct the new development.