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<br />October 13. 2009 <br /> <br />"ORDINANCE AUTHORIZING THE ISSUANCE OF A NOT TO EXCEED $19,000,000 <br />GENERAL OBLIGATION SCHOOL BOND, SERIES 2009, OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, TO BE SOLD TO THE VIRGINIA PUBLIC SCHOOL <br />AUTHORITY AND PROVIDING FOR THE FORM AND DETAILS THEREOF." <br /> <br />Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley <br />Nays: None <br /> <br />09 - 516 - Adoption of a resolution authorizing the City Manager to execute a loan <br />commitment letter with the Virginia Resource Authority required for the loan closing on <br />the Prentis Park Waterline Replacement Project. Vision Principle: Thriving <br />Neighborhoods and a Sense of Community. <br /> <br />Background: <br />. This action IS a companion resolution to the prevIous stimulus appropriation <br />resolution #09-14. <br />. On March 9, 2009 City Council authorized the City Manager to sign the required <br />applications and to accept economic stimulus funding from the Virginia Department of <br />Health, Drinking Water State Revolving Fund for replacement of aged water main <br />infrastructure in Prentis Park. <br />. On July 21, 2009 the City of Portsmouth was informed that we were approved for <br />funding in the amount of $4,808,249 subject to the successful completion of program <br />requirements. <br /> <br />Discussion: <br />. On September 8, 2009 we received notice that we were authorized by the State <br />Health Commissioner to receive up to $4,808,249 in financial assistance. <br />. The second part of the project approval process is the receipt of the loan <br />commitment from the Virginia Resource Authority. They are the agency providing the <br />funding for the Prentis Park project. <br /> <br />Financial Impact: <br />. The final amount of stimulus funds will be determined by the bids received. Final <br />bids are due Sept, 29, 2009. <br />. Of the funds received, 50% will be in the form of a zero % interest rate loan and <br />50% as principal forgiveness. <br />. A subsequent council action will be required to appropriate the final city funded <br />share of the project. <br /> <br />Recommended Action: <br />. Adoption of a resolution authorizing the City Manager to sign a loan commitment <br />letter from the Virginia Resource Authority needed for the loan closing on the Prentis <br />Park waterline replacement project. The Virginia Resource Authority is providing the <br />funding for the project with the stimulus funds. Vision Principle: Thriving Neighborhoods <br />and a Sense of Community. <br /> <br />Motion by Mr. Moody, and seconded by Mr. Whitehurst, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />"RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A LOAN <br />COMMITMENT LETTER WITH THE VIRGINIA RESOURCE AUTHORITY REQUIRED <br />FOR THE LOAN CLOSING ON THE PRENTIS PARK WATERLINE REPLACEMENT <br />PROJECT <br /> <br />WHEREAS, on March 9, 2009, City Council authorized the City Manager to <br />sign the required applications and to accept economic stimulus funding from the Virginia <br />Department of Health, Drinking Water State Revolving Fund for replacement of aged <br />water main infrastructure in Prentis Park; and <br />