Minutes 09/22/2009 - Laserfiche WebLink

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September 22. 2009 Financial Impact: . Future interest costs should be reduced as a result of adoption of these policies. Recommended Action: . Adoption of financial policies via resolution. Vision Principle: Robust and Prospering Economy. Motion by Ms. Psi mas, and seconded by Mr. Heretick, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION ADOPTING FINANCIAL POLICIES TO GOVERN THE CITY'S FINANCIAL MANAGEMENT, DEBT ADMINISTRATION, BUDGET AND CAPITAL PLAN DEVELOPMENT, AND LONG-RANGE FINANCIAL PLANNING. WHEREAS, adopted "best practice" financial policies provide guidance and fortification during declining economic times by maintaining or increasing revenues while controlling debt and expenditures; and WHEREAS, the City has determined that the official adoption of financial policies to address financial management, debt administration, budget and capital plan development, and long-range financial planning will also aid in maintaining or enhancing the City's bond rating, which allows the City to borrow for capital projects at lower interest costs; and WHEREAS, the City's Finance Department has drafted financial policies for consideration by the City Council; and WHEREAS, said draft policies have been reviewed by the City's Financial Advisors, Davenport and Company, as well as the Municipal Finance Commission. WHEREAS, the draft financial policies, as set out in Exhibit A attached hereto and made a part hereof, have now been reviewed by this Council. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it hereby endorses the financial policies set out in Exhibit A hereto, and adopts them as the official policies governing the future financial operations of the City of Portsmouth." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 09 - 494 - Adoption of a resolution approving the issuance of Refunding Bonds not to exceed $15,000,000 by the Hampton Roads Regional Jail Authority. Vision Principle: Thriving Neighborhoods and a Sense of Community. Background: . By agreement dated December 1, 1995, the cities of Portsmouth, Norfolk, Hampton, and Newport News agreed with the Hampton Roads Regional Jail Authority ("Authority") on the terms for the acquisition, construction, equipping and operation of a regional jail facility that is located in Portsmouth. . Under the agreement, the member cities pay service fees for their prisoners that cover the regional jail's operations, including debt service on its bonds and other obligations. . The Authority has now determined that debt service savings will be realized if the current bonds issued to pay for the jail's construction are refunded, and new refunding bonds are issued and purchased by the Virginia Resources Authority ("VRA"). . The amount of the refunding bonds to be issued will not exceed $15,000,000. . Approval by the governing bodies of each member city is required by the VRA.