Minutes 03/23/2010 - Laserfiche WebLink

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March 23. 2010 Financial Impact: . Unless SPSA defaults on its principal and interest payments under the Remaining SPSA Local Bonds, there will be no financial impact on the City as a result of adopting this guaranty ordinance. Bond counsel has advised that the guaranty will not count against the City's legal debt limit. Staff Recommends: . Adoption of ordinance. Vision Principles: A Robust and Prospering Economy. Motion by Mr. Heretick, and seconded by Mr. Whitehurst, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA (THE "CITY") AUTHORIZING THE GENERAL OBLIGATION GUARANTY BY THE CITY OF THE TIMELY PAYMENT OF A PORTION OF PRINCIPAL OF AND INTEREST ON CERTAIN GUARANTEED SUBORDINATED REVENUE BONDS AND SENIOR SUBORDINATED REVENUE BONDS PREVIOUSLY ISSUED BY THE SOUTHEASTERN PUBLIC SERVICE AUTHORITY OF VIRGINIA." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 10 - 139 - Adoption ordinance accepting $1,002,000 from the U.S. Department of Energy, American Recovery and Reinvestment Act in Energy Efficiency and Conservation Formula Block Grant Funds and appropriating said funds in the FY 2009-2010 Economic Stimulus Fund to be used by the Engineering Department for various Energy Efficiency and Conservation Projects involving city garages and traffic signalization. Vision Principle: Thriving Neighborhoods and a Sense of Community. Background: . The America Recovery and Reinvestment Act of 2009 appropriated funding for the Department of Energy (DOE) to issuelaward formula-based grants to states, U.S. territories, units of local government, and Indian tribes under the Energy Efficiency and Conservation Block Grant (EECGB) Program. . The City Manager applied for and received the city's formula block grant of $1,002,000 under authority granted by Resolution R-09-33. Discussion: . The Parking Authority funded the design of the lighting upgrades for the County Street, Water Street, Middle Street and City Hall Parking Garages. . The city's Traffic Engineering Annual Services Consultant has submitted a proposal to synchronize 94 signalized intersections. . The scope of the project to replace incandescent signal heads with LED signal heads will be determined after the parking garage light upgrades are complete to ensure that contingency funds are available for unforeseen conditions during the execution of the garage lighting upgrade project. Financial Impact: . This grant does not require a match. Staff Recommends: . Adopt an ordinance appropriating $1,002,000 in DOE funds to a new Capital Improvement Program project to perform energy efficiency upgrades. Vision Principle: Thriving Neighborhoods and a Sense of Community. Next Steps Following Council Action: . Issue a task-order to the city's traffic engineering consultant to perform the traffic signal synchronization and advertise the garage lighting upgrade invitation for bids.