Minutes 10/23/2012 - Laserfiche WebLink

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October 23, 2012 Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None 12 - 428 -Adoption of an ordinance authorizing the issuance and sale not to exceed $3,900,000 aggregate principal amount of General Obligation Public Improvement Bonds. Vision Principles: Efficient, Responsive Government, Quality of Life, and a Robust Economy for the Working Men and Women. Background: • The Chief Financial Officer and the City's Financial Advisor, Davenport & Company have developed a financing plan for the Capital Improvement Program which aligns projected borrowings with expected cash flow needs. The latest update to this plan was presented to Council at its September 25 Public Work Session. • The proposed bond sale will serve to finance the cost of the planning, design, acquisition, construction and equipping of various public improvement projects for the City. Discussion: • Financing is needed in order to continue with important capital projects in the City. This borrowing follows the plan of finance developed with our financial advisors. Financial Impact: • The issuance of debt will be serviced and supported by existing and projected future revenue sources of the City. The debt service required to pay the bonds was planned for and included in the Adopted FY 2012-13 Budget. Debt levels are monitored for compliance with Council policies and to support the need for long term funding sources to support the financing City assets with a long term useful life. Recommended Action: • Conduct a public hearing and adoption of the ordinance. Vision Principle: Efficient, Responsive Government, Quality of Life, and a Robust Economy for the Working Men and Women. Next Steps Following Council Action: • Staff, Davenport, and the City's Bond Counsel will take all required action to facilitate the sale of the Bonds Motion by Mr. Edmonds, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $3,900,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS." Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None 12 - 429 -Boards and Commissions There were no appointments. 12 - 430 -Items Submitted by Council Members Adoption of an ordinance appropriating the sum of $68,243.40 in the FY 2012-13 General Fund for use by the Center for Community Development, Inc. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in opposition to this item. Motion by Mr. Edmonds, and seconded by Mr. Whitehurst, to adopt the following ordinance, and was adopted by the following vote: