Minutes 02/10/2009 - Laserfiche WebLink

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February 10. 2009 - City Manager's Report - 09 - 87 - Adoption of an ordinance to reprogram $20,000 within the FY 2008-2009 Capital Improvements Fund and to appropriate said sum in the FY 2008-2009 Capital Improvements Fund for a new Dog Park in Cradock. Vision Principle: Thriving Neighborhoods and a Sense of Community. 1. William Connolly, 475 Water Street, spoke in support of this item. 2. Joanna Hall, 92 Nicholson Street, spoke in support of this item. 3. Wayne Childress, 3 Inland Lane, spoke in opposition to this item. Motion by Mr. Moody, and seconded by Ms. Psi mas, to defer consideration of Item 09-87 to the April 14, 2009 City Council Meeting, and was adopted by the following vote: Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 09 - 88 - Adoption of an ordinance to reprogram $200,000 within the FY 2008-2009 Capital Improvements Fund and to appropriate said sum in the FY 2008-2009 Capital Improvements Fund for a Skate Park in Cradock. Vision Principle: Thriving Neighborhoods and a Sense of Community. 1. William Connolly, 475 Water Street, spoke in support of this item. 2. Joanna Hall, 92 Nicholson Street, spoke in support of this item. 3. Wayne Childress, 31 Inland Lane, spoke in opposition to this item. Motion by Mr. Moody, and seconded by Mr. Heretick, to defer consideration of Item 09-88 to the April 14, 2009 City Council Meeting, and was adopted by the following vote: Ayes: Heretick, Moody, Randall, Smith, Whitehurst, Holley Nays: Psi mas 09 - 89 - Adoption of an ordinance authorizing the issuance and sale of not to exceed $45,000,000 aggregate principal amount of general obligation refunding bonds. Vision Principle: Bold New Directions. Background: . Portsmouth City Council directed City Administration to find means of solving the projected FY09 budget shortfall. Among the solutions to the budget dilemma is an option to refund and/or restructure existing debt. Davenport & Company LLC ("Davenport"), Portsmouth's Financial Advisor, will present to City Council a Plan of Finance that recommends restructuring the City's existing debt in a manner that creates more level debt service payments. Discussion: . By restructuring existing debt, Portsmouth would be able to modify the repayment period of existing debt, thereby minimizing the cash flow strain FY09 and subsequent budgets while maintaining the City's compliance with its Debt Service-to- Revenues policy. Financial Impact: . The exact financial impact upon the General Fund budget can not be determined until the interest rate is set. However, the restructuring will provide a cash flow savings.