Minutes 03/10/1992 - Laserfiche WebLink

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282 March 10~ 1992 I, therefore, concur with the recommendation of the Director of Leisure Services for appropriation of $151,429 for relocation of the tennis courts. With your approval of this item, the balance in'the CapitaI Improvements Fund'will~ be $4,868,039. In accordance with your.direction to have two readings on appropriations, I recommend your deferral of this item until the meeting of March 24, 1992." MOtion ~f Mr.~Ha'wks and seconded by ~Mr. Kingi~ the following ordinance was deferred to the meeting of March 24~ 1992 and by unanimous vote. "AN ORDINANCE TO APPROPRIATE $151,429.00 FROM THE CAPITAL IMPROVEMENTS FUND TO RELOCATE AND REBUILD THE TENNIS COURTS AT MANOR HIGH SCHOOL, PORTSMOUTH, VIRGINIA." 92-95 - Letter from the City Manager recommending adoption of a resolution approving the refunding of principal amounts of $9,095,000 General Obligation Public Improvement Bonds series 1985; $4,405,000 General Obligation Public Utility Bonds Series 1985; and $5,800,000 General Obligation Port Improvement Bonds Series 1975; and for the purpose of requesting the approval of the State Council on Local Debt to issue the refunding bonds. "The financial markets continue to present opportunities for municipalities to issue debt including the refunding of existing debt we have outstanding. Through the sUbstitution of new debt at interest rates lower than when the bonds were originally issued, (paying off the old more expensive debt), we have an opportunity to decrease ourlannual payments. I have requested the Director of Finance to review all of the City's outstanding debt and determine if any of these previous issues would be eligible for refunding under the State requirements. He has determined that two prior issues, the general obligation series of 1975 and 1985 could be candidates for savings through refunding. To accomplish a refunding under the current State laws, it is necessary to apply to the State Council on Local Debt. The State Council is charged with reviewing the tentative refunding plan and determining that the estimates of the savings that could be achieved are realistic and comply with the State ~ufdelines. A resolution adopted by the City Council is necessary for our application to be considered by the State Council. ~The attached resolution has been prepared by the City's Bond Council and reviewed by the City Attorney. In addition to the resolution, I am enclosing a tentative schedule for the refunding process for your information. I recommend that you favorably consider the resolution." Motion of Mr. King and seconded by Mr. Hawks, the following resolution was adopted and by the following vote: