Minutes 10/10/2000 - Laserfiche WebLink

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October 10, 2000 Financial Impact: · The rate change from amount per dollars to amount per consumption will provide substantially the same level of revenues. Therefore, any financial impact is expected to be minimal. Motion by Mr. Pitts, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: "AN ORDINANCE TO AMEND ARTICLE VII OF CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA {1988) PERTAINING TO THE TAXATION OF PURCHASERS OF GAS AND ELECTRIC SERVICE." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 00 - 255 - Adoption of a resolution authorizing the lease financing of certain vehicles and other equipment. This action will delegate authority to the City Manager and the Chief Financial Officer to accept the proposal that is in the best interest of the City within the parameters of the resolution. Recommendation: · Adoption of a resolution authorizing the lease financing of certain vehicles and other equipment. Purpose and Need: · The FY 2001 Adopted Operating Budget included the debt service related to adopting a fleet vehicle replacement plan and the purchase of other new and replacement technology including mobile computing equipment for inspections and permitting, integrated voice response and new phone system, and a replacement radio system. · The first phase of the lease financing is in the process of being bid with an anticipated closing date the week of November 6th. Only the portion of the assets expected to be placed into service during FY 2001 are being financed at this time. · The anticipated total amount of the financing is estimated at $8,800,000 with $4.7 million being financed over 5 years and $4.1 million being financed over 3 years. · The approval of this accompanying resolution will delegate authority to the City Manager and the Chief Financial Officer to accept the proposal that is in the best interest of the City within the parameters of the resolution. Financial Impact: · The financing and related debt service were anticipated in the FY 2001 budget; therefore; no additional impact is expected. Motion by Mr. Robinett, and seconded by Mr. Benn, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE LEASE FINANCING OF CERTAIN VEHICLES AND OTHER EQUIPMENT IN THE MAXIMUM PRINCIPAL AMOUNT OF $8,800,000. WHEREAS, the Council of the City of Portsmouth, Virginia ("City") has determined that it is necessary and advisable to acquire certain vehicles, including government vehicles, refuse trucks and equipment, maintenance vehicles and public safety vehicles and certain equipment, including certain computer and telecommunications equipment and fire, rescue and emergency services equipment ("Project") for the City and to obtain financing for the Project through a financing lease providing financing for the Project in the maximum principal amount of $8,800,000 ("Lease").