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372 <br /> <br />:September~18, 1990 <br /> <br /> "The city last issued general obligation bonds in' July <br />1987. $7,135,000 in Public Improvement General Obligation Bonds <br />and $9,750,000 in Public Utility General Obligation Bonds were <br />included along with ~the refunding .bonds issued at that time. <br />The p~oc~-e~d~'~ f~rbm~ thiS.:Sa~e have been: Used on 'the. P~ojects . <br />appro~f~d by the city Council',~ and the City is now in a <br />position to issue additional bonds for t'he permanent financing <br />of our ~d~i~ ~ta~projects~ ~ ~ : : ' ~ : <br /> <br /> Although a specific date has not been set, the best <br />estimate at this time is for a bond sale to take.place about the <br />beginning of~ December, Prior to the sale occurring, however, a <br />number ~ ac~'ivitie's and- expe~-d~tures ne~d to take place <br />including ~the seleCtion ~f ~a financiaI~ad~isor; .preparation and <br />printing of the~ Official St~atem~n~, printing of the bond <br />certifiCates, legaI .f~es~ advertising costs~ postage, selection <br />of a paying agent and other expenditures associated with the <br />issuance~~ I.n ~rder to'~begin th~sprocess, it is necessary for <br />you to consider an approg~iation for the anticipated costs <br />associated with the sale. The attached ordinance will <br />appropriate $50,000 from the Capital Improvement Fund and <br />$30,000~f~om.~he PubIic Utility Capital Improvement Fund to be <br />used for bond~:iSS~ance.~xpenses; ~: ' , ~ <br /> <br /> The members of the MuniCipal Pinance COmmiSsion ~ave <br />concurred with the approach and tentatiVe timing of the bond <br />sale. In addition, I discussed with them the desirability of <br />obtaining limited services from a financial advisor to assist <br />our staff With thi~ highly-'SeChnicaI process. The complexity <br />involved in issuing municipal bonds has greatly increased in <br />recent ~ears. ~T.he~Fin.ance Commission concUrred with:~the <br />advisability of securing the services of a financial advisor, <br />primarily for preparation of the Official Statement, which is <br />required for the bo~d sale. ~ <br /> <br /> ~ I'~erefore ~C0~end that you authorize staff, to begin <br />the steps necesSary~for a bond issue and adopt this ordinance to <br />appropriate the fund~ needed to cover the bond issue expenses." <br /> <br /> Mot~oh of~Mr. King and seconded bY Mr, HawkS, the <br />folloWing'Ordinance was adopted On first reading and by <br />unanimous vote: ~ <br /> <br /> '~AN ORDINANCE TO APPROPRI:ATE $50,000.00 FROM THE CAPITAL <br />IMPROVEMENT FUND AND $30,000.00 FROM THE PUBLIC UTILITY CAPITAL <br />IMPROVEMENT FUND TO DEFRAY THE ANTICIPATED EXPENDITURES <br />NECESSARY TO ISSUE PUBLIC IMPROVEMENT GENE~L OBLIGATION AND <br />PUBLIC UTILITY GENE~L OBLIGATION BONDS." <br /> <br /> 90=379 Letter from~the City'Manager recommending adoption <br />of an ordinance to amend Chapter 12 of the Code of the City of <br />Portsmouth, 1988, by:amending Section'12-16 thereof, pertaining <br />to borrowing of funds. <br /> <br /> "During a review of a portion of the City Code, a <br />publishing error was discovered in the wording pertaining to the <br />certificate which is required to accompany bond note renewals~ <br />The attached ordinance deletes the extra wording in the text of <br />the certificate and provides for a total term of five years for <br />the notes, as permitted u.nder the Public Finance Act of the <br />State Code. <br /> <br /> I recommend adoption of the ordinance to correct the city <br />Code." <br /> <br /> Motion of Mr. Clemons and seconded by Mr. Epperson, the <br />following ordinance was adopted on :first and final reading, and <br />by the following vote: <br /> <br /> <br />