Minutes 07/25/2000 - Laserfiche WebLink

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July 25, 2000 · The City anticipated payment of premium contributions toward the life insurance program resuming and budgeted for the employer share only for FY 2001. The total amount of the premium is .8% of covered payroll. The employee share is .48% of covered payroll. · The City also recently received notice that contribution rate for retirement has been decreased which would yield sufficient savings to pay for the employee's share of life insurance and recommends that the City pay 100% of the life insurance premium. Financial Impact: · There would be no financial impact on the FY 2001 as the savings from the reduced retirement contribution rate are sufficient to cover the cost of the employee share of life insurance. · Adjustment to the approved budget is not necessary as both the retirement and life insurance are budgeted within the fringe benefits categories of each department. Motion by Mr. Moody, and seconded by Mr. Whitehurst, to adopt the following ordinance, and was adopted by the following vote: "AN ORDINANCE AUTHORIZING THE PAYMENT OF 100% OF THE CITY EMPLOYEE'S SHARE OF LIFE INSURANCE PREMIUMS FOR FY 2001." Ayes: Benn, Griffin, Moody, Robinett, Whitehurst, Holley Nays: None 00 - 177 - Adoption of two resolutions to approve the issuance of bonds by the Industrial Development Authority of the City of Portsmouth for the acquisition, construction and equipping of a marine repair and storage facility located at the Old Coast Guard Base in Portsmouth, Virginia. a. Adoption of a resolution to approve the issuance of Empowerment Zone Facility Bond not to exceed $8 million. b. Adoption of a resolution to approve the issuance of Enterprise Zone Facility Revenue Bonds not to exceed $3 million. The approval of the bonds will facilitate the development of the project. The project will create approximately 315 jobs and generate significant tax revenue to the City. The bonds do not affect the City's debt capacity. Recommendation: · Adoption of two resolutions to approve the issuance of bonds by the Industrial Development Authority of the City of Portsmouth for the acquisition, construction and equipping of a marine repair and storage facility located at the Old Coast Guard Base in Portsmouth, Virginia. a) Adoption of a resolution to approve the issuance of Empowerment Zone Facility Bonds not to exceed $8 million. b) Adoption of a resolution to approve the issuance of Enterprise Zone Facility Revenue Bonds not to exceed $3 million. Purpose and Need: · The approval of the bonds will facilitate the development of the facility. The project will create approximately 315 jobs and generate significant tax revenue to the City.