Laserfiche WebLink
365 <br /> <br />J'lne 25, 1987 <br /> <br /> WHEREAS, the cities of Hampton Roads have cooperatively and <br />actively participated in the work of the Commission. <br /> <br />BE IT RESOLVED by the Ccuncil of the City of Portsmouth: <br /> <br /> 1. That it hereby endorses and supports as priorities the' <br />following four options, as previously identified by the Governor's <br />Commission on Transportatmon, that should be enacted to permit <br />localities to augment State transportation revenues; <br /> <br />a. Impact Fees <br />b. Regional Tax <br />c. Additional Bonding Authority <br />d. Recordation or Transfer Fee <br /> <br /> 2. That local governments be granted additional authority <br />for controlling local transportatxon networks; specifically, the <br />cities of Hampton Roads advocate that cities be allowed to administ <br />through intergovernmental agreements, high-prxority urban construct <br />projects within their boundaries. Such agreements should include <br />provisions for preliminary engineering, cooridor determination, <br />design, right-of-way acquigition, and insoectxon. <br /> <br /> 3. That in order to further imorove cooperation between the <br />new Virginia Department of Transportation and local governments, <br />it is recommended that there be an increase in decentralization <br />and local.department office discretion in order to substantially <br />reduce response time between VDOT and local governments. <br /> <br /> 4. That in order to reduce overall roadway project cost, <br />advanced right-of-way acquisition for roadway projects on the six- <br />year program and/or projects of a regional nature should be <br />allocated where a need ~s identified by the jurisdiction." <br /> <br />Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Holle <br />Nays: None <br /> <br /> 87-281 Letter from the City Manager recommending adoption of <br />a resolution to amend a resolution adopted by the City Council on <br />April 14, 1987, to reflect changes in the ~ate of General Obligatic <br />Public Improvement and Refunding Bonds, Series, 1987. <br /> <br /> "I am pleased to inform you that we have been successful in <br />executing a bond purchase agreement for the sale of $35,420,000 of <br />general obligation bonds pursuant to the authorizing resolution <br />that was adopted by Council on April 14, 1987. This bond sale <br />includes $18,535,000 of advance refunding bonds as well as new <br />bonds in the amount of $16,885,000. The bonds were sold at a true <br />interest cost (TIC) of 7,006% and savings of $849,049 were achieved <br />by the advance refunding. <br /> <br /> The Council resolution that authorized this transaction with <br />the underwriters (Craigie Incorporated; Goldman, Sachs & Co.; and <br />Scott & Stringfellow, Inc.) established certain parameters within <br />which the sale is required to be made, The bonds will be issued <br />meeting these criteria, including the requirement of the State <br />Council on Local Debt, that there be a present value savings of at <br />least 5% on the ~efunding bonds. Our actual future debt service <br />savings wili be $1,808,179, which has a present value of $849,049.. <br />This represents a present value savings of 5.14% as compared to the <br />State requirement. I want to commend the underwriters for th&ir <br />efforts in placing our bonds in what has been an extremely volatil~ <br />bond market for the last several months. <br /> <br /> <br />