Minutes 12/08/2009 - Laserfiche WebLink

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December 8. 2009 Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 09 - 617 - Adoption of a resolution declaring the intent of the City of Portsmouth, Virginia to reimburse itself from the proceeds of Public Utility General Obligation Bonds and Notes for expenditures in connection with certain Public Utility Capital Improvement Projects. Vision Principles: Thriving Neighborhoods and a Sense of Community and a Robust and Prospering Economy. Background: . City Council adopted Ordinance No. 2009-44 on May 12, 2009 to appropriate $20,366,535 in the FY2009-2010 Public Utilities Capital Improvement Fund. The City is preparing to issue public utility general obligation bonds and notes for these projects in the capital improvement program. Discussion: . The city will incur expenses on these CIP projects prior to receiving funds from the bond proceeds. This resolution allows the City to reimburse itself for such expenses from the bond funds as is intended in the financing plan. Financial Impact: . The additional bond funds will expand the services being delivered. . No local match funding is required. Recommended Action: . Adoption of the attached resolution to declare the City's intent to reimburse itself from the proceeds of the public utility general obligation bonds and notes. Vision Principles: Thriving Neighborhoods and a Sense of Community; a Robust and Prospering Economy. Next Steps Following Council Action: . The Chief Financial Officer will ensure the relevant reimbursements are made and all funds are appropriately disbursed. Motion by Mr. Whitehurst, and seconded by Ms. Psimas, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION DECLARING THE INTENT OF THE CITY OF PORTSMOUTH, VIRGINIA TO REIMBURSE ITSELF FROM THE PROCEEDS OF PUBLIC UTILITY GENERAL OBLIGATION BONDS AND NOTES FOR EXPENDITURES IN CONNECTION WITH CERTAIN PUBLIC UTILITY CAPITAL IMPROVEMENT PROJECTS. WHEREAS, on May 12, 2009, the City Council (the "City Council") of the City of Portsmouth, Virginia (the "City"), adopted Ordinance No. 2009-44, entitled "An Ordinance to Appropriate $22,139,999 in the FY 2009-2010 Capital Improvement Fund and $20,366,535 in the FY 2009-2010 Public Utilities Capital Improvement Fund" (the "Ordinance"); WHEREAS, in the Ordinance, the City Council declared (i) the intent of the City to reimburse itself for expenditures made with respect to the projects approved in the Ordinance (the "Projects"), which included drainage and street improvements, industrial and economic development, leisure services, municipal facilities, sewer, and water projects, and (ii) that the maximum projected amount of general obligation bonds and notes to be issued for the Projects was not expected to exceed $14,258,490; and