Minutes 02/28/2012 - Laserfiche WebLink

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February 28, 2012 Financial Impact: • The Public Utility fund is a 100% self-supporting fund that generates revenue through user charges for water and sewer services. Rates may be adjusted as needed in order to service this new debt. No general fund support is required. • Refunding bonds will only be issued if the analysis shows a net savings to the City. Recommended Action: • Conduct a public hearing. • Adoption of proposed ordinances. Vision Principles: Efficient, Responsive Government; Quality of Life; a Robust Economy for Working Men and Women. Next Steps following City Council Action: • Staff, Davenport, and the City's Bond Counsel will take all required action to facilitate the sale of the Public Utility Bonds • Staff, Davenport, and the City's Bond Counsel will take all required action to facilitate the issuance of refunding bonds in the event the City is able to achieve the targeted debt service savings. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, Portsmouth, VA, spoke in support of this item. Motion by Mr. Whitehurst, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: 12-81(A): "ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION REFUNDING BONDS." Ayes: Cherry, Edmonds, Heretick, Moody, Whitehurst, Wright Nays: None Motion by Mr. Whitehurst, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: 12-81(B): "ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $50,000,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY BONDS." Ayes: Cherry, Edmonds, Heretick, Moody, Whitehurst, Wright Nays: None 12 - 82 -Adoption of an ordinance appropriating the sum of $410,000 in the FY 2011-12 General Fund Operating Budget from the FY 2011-12 Risk Management and Insurance Fund Unrestricted Funds balance for legal defense fees. Vision Principle: Efficient, Responsive Government. Background: • Additional funds are required to pay accrued and anticipated legal fees for outside counsel employed to defend the City and City police officers against suits claiming damages for alleged improper actions. Discussion: • The City Attorney is charged with defending the City in matters necessary and proper to protect the interests of the City. • As part of that charge, the City Attorney may retain outside legal counsel to assist him or to serve as primary legal counsel when a conflict between the City and other defendants arises.