Minutes 09/23/2008 - Laserfiche WebLink

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September 23. 2008 Motion by Mr. Heretick, and seconded by Ms. Psi mas, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION CONCURRING WITH THE ELECTION BY THE HAMPTON ROADS REGIONAL JAIL AUTHORITY OF VIRGINIA RETIREMENT SYSTEM ENHANCED BENEFITS FOR HAZARDOUS DUTY POSITIONS FOR ELIGIBLE EMPLOYEES AT THE HAMPTON ROADS REGIONAL JAIL. WHEREAS, the Hampton Roads Regional Jail is the only jailor correctional facility in Hampton Roads that does not provide the Virginia Retirement System's (VRS) Enhanced Benefits for Hazardous Duty Positions or equivalent retirement benefits to employees in eligible hazardous duty positions; and WHEREAS, the Board of the Hampton Roads Regional Jail Authority approved a resolution on August 20, 2008, electing the VRS Enhanced Benefits for Hazardous Duty Positions for eligible Jail employees; and WHEREAS, in order for the Board's election to become effective under the laws and regulations governing the Virginia Retirement System, each of the participating cities in the Regional Jail must confirm by resolution its agreement with the Board's election. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, a political subdivision participating with the Hampton Roads Regional Jail, that it hereby concurs that said Jail, participating in the Virginia Retirement System under Title 51.1, Chapter 1, Article 5 of the Code of Virginia, as amended, may elect to have such employees of the Jail who are employed in positions as full-time salaried Jail Superintendents and Jail Officers and whose tenure is not restricted as to temporary or provisional appointment, become eligible, effective October 1, 2008, to be provided benefits in the Virginia Retirement System equivalent to those provided for State Police officers of the Department of State Police, as set out in Section 51.1-138 of the Code of Virginia, as such Code has been or may be amended from time to time, in lieu of the benefits that would otherwise be provided." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 08 - 413 - Adoption of a resolution approving issuance of up to $13,500,000 in Southeastern Public Service Authority (SPSA) Tax-Exempt Revenue Bonds to be used by SPSA for capital improvements both within and outside the City of Portsmouth. Vision Principle: A Robust and Prospering Economy. Background: . Periodically, SPSA issues bonds to pay for ongoing capital needs. It is in the interest of SPSA and all its member jurisdictions, including Portsmouth that the bonds are issued on a tax-exempt basis, in order to obtain the lowest possible interest rate. . In order to qualify for tax-exempt status, the issuance of the bonds must be approved by each locality in which some of the bond funds will be applied. Much of the capital equipment to be financed by these bond proceeds is located at SPSA facilities in Portsmouth. . City Council approval of the SPSA bonds is needed in order for SPSA to be able to obtain the best financing. Discussion: . The bonds are SPSA bonds, not City bonds. . The bonds are to be paid out of SPSA revenues. The City has no liability or financial exposure on them. . The bonds will not have any adverse effect on the City's financial rating, and they will assist SPSA.