Minutes 04/14/1987 - Laserfiche WebLink

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271 April 14, 1987 Finance and the other officials, employees, agents and ~ttorneys of the City in connection with the authorization, · ss~a~nce and sale of the Be~ds (ir~cl~ding the pr~paratLon and distribution of the Preliminary Official Statement relating to the Series 1987 Bonds) are hereby ~atified confirmed and approved. ' 13. The Assistant City Manager for Administration and Finance is directed to hold the good faith check submitted-by the Underwriters at the time of the execution of the Bond Purchase Agreement and to return such good faith check to the Purchasers at the time of the delivery of and payment for the Bonds or otherwise to apply such check in accordance with the terms of the Bond Purchase Agreement. 74. On the date of adoption of this resolution, there was held a public hearing on the issuance of the Series 1987 Bonds in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, following reasonable public notice published in accordance with the provisions thereof. The Council, in its capacity as "applicable elected representative" of the City, hereby approves the issuance of the Series 1987 Bonds unde~ and for purposes of Section 147(f) of the Internal Revenue of T986, as amended.. 15. ~ne City Attorney of the City is directed to file a copy of this resolution, certified by the City Clerk of the City to be a true copy hereof, with the Clerk of the Circuit Court of the City of Portsmouth, Virginia. 16. All ordinances, resolutions and proceedings in conflict with the provisions of this resolution (including, without limitation, any such provisions specifying the manner in which the Bonds are ~o be.sold or requiring the ratification by the Council of the sale of the Bonds and the details thereof) are, ~o the extent of such conflict, hereby repealed. 17, This ~esolu~ion shall take effect from the date of its adoption." Ayes: Barnes, Corprew, Gray, Lucas, Simpson, I'feb]~, Nays: None 87-140 Letter from the City Manager recommending adoption of a motion to authorize the City Manager to execute an agreement as guarantor for Portsmouth Redevelopment 8 Housing Authority to acqui~ the New Mount Vernon Baptist Church. "As you are aware, staff of Portsmouth Redevelopment & Housing Authority, Economic Development Department, City Attorney's Office, and my office have been negotiating with officials of New Mount Vernon Baptist Church concerning the acquisition of their propersy to be included n Phase II of the PortCentre project. Negotiations are now concluded, and it si my recommendation that a motion be approved authorizing the City Manager to sign an agreement to acqui~ the property in the amount of $528,000 with a down payment of $128,000. The remainder will be paid at $80,000 a year for five ~ears . Funding for the project would be anticipated from future 'evenues from the sale of PortCentre properties and, additionally, would be offset by future Community D~velopment Block Grant (CDBG) revenues. The contract is conditioned upon your approval of the 1989 CDBG Budget. Anticipated revenues, plus $80,000 per year, will be indluded in the Community Development Budget to ensure the con- tinued future expansion of the PortCentre Project."