Minutes 10/10/2000 - Laserfiche WebLink

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October 1 O, 2000 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia as follows: 1. Proposals to Provide Financin,q. The City Manager and the City's Chief Financial Officer, or either of them, is authorized and directed to solicit proposals to provide financing for the Project and to accept the proposal that such officers, or either of them, determine to be in the best interest of the City, provided that the maximum principal amount of the financing shall not exceed $8,800,000, the interest rate used to calculate the interest component of rental payments under the Lease shall not exceed 8% and the term of the Lease shall not be longer than seven years. 2. Authorization and Execution of Documents. The City Council authorizes and directs the City Manager and the Chief Financial Officer of the City, or either of them, to execute on behalf of the City, the Lease, and, if required, the Clerk or any Deputy Clerk of the City Council is authorized and directed to affix or to cause to be affixed the seal of the City to the Lease and to attest such seal. Such officers or their designees are authorized to execute and deliver on behalf of the City such instruments, documents or certificates, and to do and perform such things and acts, as they shall deem necessary or appropriate to carry out the transactions authorized by this Resolution or contemplated by the Lease; and all of the foregoing, previously done or performed by such officers or agents of the City, are in all respects approved, ratified and confirmed. 3. Nature of Obli,qations. The obligation of the City to make payments under the Lease is subject to appropriation each year by the City Council. Nothing in this Resolution or the Lease shall constitute a debt or a pledge of the faith and credit of the City. 4. Reimbursement. The City Council adopts this declaration of official intent under Treasury Regulations Section 1.150-2. The City Council reasonably expects to reimburse advances made or to be made by the City to pay the costs of the Project from the proceeds of its debt or other financing. The maximum amount of debt or other financing expected to be issued for the Project is $8,800,000. adoption." Effective Date. This Resolution shall take effect on the date of its Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 00 - 256 - Adoption of a resolution approving a local business and employment plan for the City of Portsmouth for the Highland Biltmore Community Improvement Grant project, which outlines methods for assuring that the city and its contractors will use businesses and lower income residents for the Project Area in carrying out all activities, to the greatest extent feasible. Recommendation: · Adoption of a resolution approving a local business and employment plan for the City of Portsmouth for the Highland Biltmore Community Improvement Grant project. Purpose and Need: · The City is applying for Community Improvement Grant Funds through the Virginia Department of Housing and Community Development to be used for drainage improvements in Highland Biltmore. · One requirement is that the City adopt a local business and employment plan which outlines methods for assuring that the City and its contractors will use businesses and lower income residents of the Project Area in carrying out all activities, to the greatest extent feasible.