Minutes 01/12/2010 - Laserfiche WebLink

Home Browse Search

January 12. 2010 Background: . The City of Portsmouth has received funds from the Virginia Commission for the Local Challenge Grant category. . The grant is for the 39th Seawall Art Show for the artist awards. Discussion: . The Seawall Art Show is a volunteer supported event that features 90 fine art and fine craft artists representing twelve different states from the Southeast region. . All monetary support for the Seawall Art Show comes from grants, donations, and corporate sponsors. . Proceeds from the art show have funded special exhibits and artists' awards for the Outdoor Sculpture Award. . Proceeds from the art show have also supported art programs at the Courthouse Galleries. Financial Impact: . A cash match is required which has been fulfilled by the City Council's appropriation of financial awards to cultural organizations. Vision Principles: Lifelong Learning Community and a Robust and Prospering Economy. Staff Recommends: . Adoption of an ordinance to accept the $5,000 award from the Virginia Commission for the Arts Local Challenge Grant category for awards for the Seawall Art Show. Motion by Ms. Psi mas, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE ACCEPTING A GRANT IN THE AMOUNT OF $5,000 FROM THE VIRGINIA COMMISSION FOR THE ARTS AND APPROPRIATING SAID SUM IN THE FY 2009-2010 GRANTS FUND FOR THE AWARDS FOR THE SEAWALL ART SHOW." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 10 - 17 - Adoption of an ordinance authorizing the issuance and sale of not to exceed $30,000,000 aggregate principal amount of Public Utility General Obligation Bonds. Vision Principles: Thriving Neighborhoods and a Sense of Community and a Robust and Prospering Economy. Background: . The City is preparing to issue public utility general obligation bonds and notes for these projects in the capital improvement program. City Council received a briefing on this proposed financing from Davenport & Company, the City's financial advisors, at the Public Work Session on December 8, 2009. Discussion: . This proposed bond issuance continues City Council's commitment of making needed improvements to the City's water and sewer utility system. The issuance of bonds to help fund these CIP projects was planned and appropriated, and passage of this resolution is a continuation of this financial plan. Financial Impact: . The additional bond funds will expand the services being delivered. . No General Fund dollars are required; repayment of debt will be from Utility Fund revenues