Minutes 02/28/2012 - Laserfiche WebLink

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February 28, 2012 (1) The front parking lot modification as shown on the sketch plan submitted with the application in accordance with the ordinance requirements; (2) The Type-D vegetative buffer in accordance with the ordinance requirements. (3) The removal of the obsolete sign and the installation of a new pole sign. (e) The applicant must obtain and keep current any required operating licenses and shall operate in accordance with federal, state and local regulations. (f) All taxes and fees in connection with the proposed use shall be paid when due. (g) The owners and/or operators of the establishment shall not violate any laws of the Commonwealth or ordinances of the City related to noise, peace and good order, not suffer repeated or chronic violations by any of its patrons or customers. If the Chief of Police, in his discretion, determines that there are significant violations of this type to comprise a significant law enforcement problem, he shall so notify the applicant in writing and shall provide a copy of such notice to the Director of Planning. If, within six months of the date of such letter, the Director of Planning determines that the offenses against peace and good order are continuing, then he may initiate proceedings for the revocation of this permit. 4. REVOCATION OF PERMIT: Violation of any of the above conditions may serve as grounds for revocation of the use permit by the City Council." Ayes: Cherry, Edmonds, Heretick, Moody, Whitehurst, Wright Nays: None - City Manager's Report - 12-81- (A) Adoption of an ordinance authorizing the issuance and sale of General Obligation Refunding Bonds. Vision Principles: Efficient, Responsive Government; Quality of Life; a Robust Economy for Working Men and Women. (B) Adoption of an ordinance authorizing the issuance and sale of not to exceed $50,000,000 aggregate principal amount of General Obligation Public Utility Bonds. Vision Principles: Efficient, Responsive Government; Quality of Life; a Robust Economy for Working Men and Women. Background: • The Department of Public Utilities has developed a multi-year capital improvements plan to provide for needed water and sewer improvements. • The City's Financial Advisor, Davenport & Company, has developed a Plan of Finance in order to obtain the necessary funds at the appropriate times in order to take advantage of the best rates and minimize the City's borrowing expense. • This proposed Public Utility Bond Sale will borrow $49,800,000 in order to finance necessary capital projects for 2012 and 2013, including such needed projects as the Sanitary Sewer Overflow Elimination Program, Automated Meter Reading System, and Phase 1 of the Downtown Master Utility Plan. • Also, given the favorable interest rate environment, Davenport has advised the City that certain maturities of the City's existing debt may be able to be refunded for savings purposes should they provide at least 2.5% Net Present Value savings at the time of pricing. Discussion: • Financing is needed in order to continue with important Public Utility projects. This borrowing follows the Plan of Finance developed by our financial advisors. • Market conditions continue to be very favorable for the sale of bonds. Refinancing higher interest bonds will save the City needed funds.