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<br />April 13. 2009 <br /> <br />At a Special Meeting of the City Council on Monday, April 13, 2009, there were <br />present: <br /> <br />Mayor James W. Holley III, Vice Mayor William E. Moody, Jr., Charles B. Whitehurst, <br />Sr., Marlene W. Randall, Elizabeth M. Psimas, Douglas L. Smith, City Manager Kenneth <br />L. Chandler, City Attorney G. Timothy Oksman. <br /> <br />Councilwoman Elizabeth M. Psi mas opened the meeting with prayer, which was <br />followed the Pledge of Allegiance to the Flag. <br /> <br />Mayor Holley called the meeting to order and welcomed all in attendance. <br /> <br />09 - 191 <br /> <br />Adoption of a resolution approving the restructuring of certain outstanding <br />bonds of the Southeastern Public Service Authority of Virginia as <br />proposed by the Chief Administrative Officers of the eight member <br />jurisdictions, including an increase in municipal tipping fees and a general <br />obligation pledge of the City of Portsmouth, Virginia in support of such <br />restructuring, subject to certain additional understandings requested by <br />the Virginia Resources Authority. <br /> <br />1. Mark Geduldig-Yatrofsky, 2713 Sterling Point Drive, spoke in support of this item. <br /> <br />'" Mr. Whitehurst asked that the City Council consider asking the Southeastern <br />Public Service Authority (SPSA) to abolish the Executive Committee. <br /> <br />Motion by Ms. Psi mas, and seconded by Mr. Whitehrust, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />"RESOLUTION APPROVING THE RESTRUCTURING OF CERTAIN OUTSTANDING <br />BONDS OF THE SOUTHEASTERN PUBLIC SERVICE AUTHORITY OF VIRGINIA AS <br />RECOMMENDED BY THE PORTFOLIO RISK MANAGEMENT COMMITTEE OF THE <br />VIRGINIA RESOURCES AUTHORITY, INCLUDING A GENERAL OBLIGATION <br />PLEDGE OF THE CITY OF PORTSMOUTH, VIRGINIA, UPON CERTAIN <br />CONDITIONS, IN SUPPORT OF SUCH RESTRUCTURING. <br /> <br />WHEREAS, The Southeastern Public Service Authority of Virginia ("SPSA") was <br />created pursuant to the Virginia Water and Sewer Authorities Act by its member <br />jurisdictions, which are the Cities of Virginia Beach, Norfolk, Chesapeake, Suffolk, <br />Portsmouth, and Franklin, and the Counties of Southampton and Isle of Wight (the <br />"Owner Communities"); and <br /> <br />WHEREAS, SPSA is currently indebted to the Virginia Resources Authority ("VRA") in <br />the amount of approximately $129,000,000 on bonds issued for various capital <br />expenditures (the "SPSA Local Bonds"); and <br /> <br />WHEREAS, the Chief Administrative Officers of the Owner Communities (the "CAOs") <br />have presented to VRA's Executive Director and the Portfolio Risk Management <br />Committee of the VRA Board (the "VRA Portfolio Risk Management Committee") a <br />proposal dated March 16, 2009, and entitled "Financial Assistance Plan for the <br />Southeastern Public Service Authority (SPSA)" (the "CAO Proposal"), which proposal <br />entails substantial and legally binding financial commitments by each of SPSA's Owner <br />Communities to facilitate the desired assistance from VRA; and <br /> <br />WHEREAS, on March 27, 2009, the VRA Portfolio Risk Management Committee <br />adopted a resolution (the "VRA PRMC Resolution") (incorporated herein as Attachment <br />A), which resolution has been presented to this meeting, recommending to the full VRA <br />Board of Directors that it approve the VRA Restructuring in accordance with the CAO <br />Proposal, subject to certain additional understandings as set forth in the VRA PRMC <br />Resolution (the "Additional VRA Understandings"); and <br />