Minutes 03/03/2015 - Laserfiche WebLink

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March 3, 2015 (e) The facility shall be operated in compliance with applicable codes, ordinances and regulations of federal, state and local government and all required licenses and permits shall be obtained and remain in effect during the operation of the child day care center. (f) All taxes/fees associated with the operation or the use shall be paid when due. REVOCATION OF PERMIT: 4. Violation of any of the above conditions may serve as grounds for revocation of the use permit by City Council.” Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Wright Nays: Whitaker - City Manager’s Report - 15 - 90 - Adoption of an ordinance authorizing the issuance and sale of City of Portsmouth, Virginia, General Obligation Refunding Bonds. Vision Principle: . Efficient, Responsive Government Background:  The City’s Financial Advisor, Davenport, regularly monitors the City’s debt portfolio for refinancing opportunities.  Interest rates have declined to levels where the City may be able to refund (refinance) certain outstanding bonds and realize savings.  The City’s Financial Policy guideline regarding debt refinancing calls for moving forward with a refinancing in the event that a Net Present Value (NPV) savings of 3% or greater is achievable.  Davenport has identified an opportunity to refinance existing General Obligation Bonds in the range of $45 million which currently meet or exceed the City’s 3% minimum NPV savings policy.  These outstanding bonds are both tax supported (primarily General Fund) and Utility Fund debt.  The refinancing would not extend the final payment(s) of any existing debt. Discussion:  Council is asked to adopt an Ordinance approving the terms of the bond issuance.  City representatives and Davenport will visit the bond rating agencies on February 19 & 20.  If interest rates remain favorable, the bonds will be sold the week of March 9 and we will close on the bonds by March 31. Financial Impact:  If interest rates remain at current levels, we expect to refund outstanding General Obligation Bonds with an estimated current net savings in excess of $1.5 million over the life of the existing debt. This savings will be primarily split between the General Fund and the Utility Fund. Recommended Action:  Adoption of an ordinance authorizing the issuance and sale of General Obligation Refunding Bonds. Vision Principle: Efficient, Responsive Government. Next Steps Following Council Action:  Finance will complete the financial aspects of this transaction. Motion by Mr. Moody, and seconded by Mr. Meeks, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION REFUNDING BONDS.” Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Whitaker, Wright Nays: None