Minutes 12/11/1990 - Laserfiche WebLink

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December 11, 1990 The resolution pertaining to the $35 million of general obligation Public Improvement Bonds consists of $22 million of projects that have been previously authorized and appropriated by the City Council and for which the funds are needed to pay for the projects~. The balance of'Lthe resolution, S13 million, is for the purchase of several buildings and constitutes ~ new amount to be authorized by you. Negotiations are under way, which if consummated, will result in an overall savings to the City through the d-ebt service being less than we are currently paying in rent for these facilities. Additional information will be provided to you on this matter at your meeting on December 11, 1990~ The resolution for the issuance of $10 million of general obligation Public Utility Bonds is a portion of the $17,615,000 included in the recent Utility referendum approved by the voters. The majority of the proceeds from these bonds will be used to construct the new water transmission main from our lakes in Suffolk to the Churchland area. This is in accordance with our 31 year contract with the City of Chesapeake for their purchase of water. I would like to note that the payments from Chesapeake will provide funds in excess of the amount needed to fund the debt service for these improvements. The attached resolutions have been prepared by the City's bond counsel and reviewed by the City Attorney. The resolutions detail the necessary procedure to be ~ollowed in issuing the bonds, the format of the documentation, as well as the necessary authorizations. I recommend adoption on first reading with your final approval being scheduled for your Monday, January 7, 1991 meeting." Motion of Mrs. Lucas and seconded by Mr. 8awks, to approve the resolution with modifications to paragraphs 7, 10, and 15, authorizing the issuance of $35 million of General Obligation Bonds, and was adopted by unanimous vote. Motion of Mrs. Lucas and seconded authorize the City Manager to execute with Radnor Barge, and was adopted by by Mr. Epperson, to the purchase agreement unanimous vote. 90-490B - Letter from the City Manager recommending adoption of a resolution authorizing the issuance of $10 million in General Obligation Public Utility Bonds, as approved by the voters, and fixing the form and providing for the sale of such bonds. The same letter was used for 90-490A and 90-490B. Motion of Mr. Hawks and seconded by Mr. Epperson, to approve the resolution authorizing the issuance of Sl0 million of General Obligation Public Utility Bonds, and was adopted by unanimous vote. 90-491 - Letter from the City Manager recommending adoption of a resolution endorsing the Clean Community Program of the City of Portsmouth's Beautification and Clean Community Commission, and authorizing the City Manager to submit an application for funding.