Minutes 03/24/1987 - Laserfiche WebLink

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229 March 24, 1987 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, as follows: SECTION 1. Authorization of Action With Respect to Issuance of Refunding Bonds For the Purpose of Refunding the Refunded Bonds. The City Manager, the Director of Finance and other officials and employees of the City are hereby authorized and directed to take al' such appropriate action as they may deem to be necessary or desir- able in connection with the issuance of one or more issues of Refund ing Bonds for the purpose of refunding all or a portion of the Refunded Bonds, including, without limitation, (i) reviewing the feasibility of refunding any or all of the Refunded Bonds, (ii) pre ~aring and submitting the Plan of Refunding to the State Cound~l to ~btain its approval of the issuance of the Refunding Bonds in accor, ~nce with Section 15.1-193 of the Code of Virginia, 1950, and (iii) .pplying to Moddy's Investors Service and Standard ~ Poor's Corpora- ion for ratings on the Refunding Bonds. SECTION 2. Approval-el Action with Respect To Issuance of 198 Public Improvement Bonds and 1987 Public Utility Bonds. Manager, the Director of Finance and other officials and employees of the City are hereby authorized to take all such appropriate acti¢ as they may deem to be necessary or desirable in connection with thc ~ssuance of the 1987 Public Improvement Bonds and the 1987 Public Utility Bonds, including appl.ying to Moody's Investors Service and Standard ~ Poor's Corporation for ratings on the 1987 Public Improv~ ment Bonds and the 1987 Public Utility Bonds. SECTION 3. Authorization of Preparation of Preliminary Offici~ Statement and Official Statement Relating to Refunding Bonds, 1987 Public Improvement Bonds and 1987 Public Utility Bonds. The City Manager, the Director of Finance and other officials and employees of the City are hereby authorized and directed to prepare, or cause ~o be prepared, a Preliminary Official Statement and an Official Statement of the City relating to the Refunding Bonds, the 1987 Public Improvement Bonds and the 1987 Public Utility Bonds SECTION 4. Effectiveness of Resolution. This resolutio~ shall take effect upon its adoption by the Council." Ayes: Corprew, Gray, Lucas, Simpson, Webb Nays: None 87-118 Letter from the City Manager recommending adoption of a motion to authorize the City Manager to execute an amendmen~ to the development agreement with W. B. Meredith, II, Inc., and ~orts- mouth Parkside Developmen~ Issociates extending the closing date to June 5, 1987. "On May 27, i986, I recommended to City Council the acceptance of a proposal by Portsmouth Parkside Development Associates fdr the constructJonof a forty unit condominium and retail establishm¢ The matter was subsequently approved by the Portsmouth RedeveI & Housing Authority. Due to delays experience in our redesign and reengineering of the condominiums, Portsmouth Pa~kside Development Associates has requested a ninety day extension of their ~arch 5, 1987, c~os~ng~ date. Portsmouth Redevelopment & Housing Authority has given ~pprow to this request, and I concur,i _ ~, therefore, recommend adoption of the first amendment to the development agreement between the City of Portsmouth and the Portsmouth Parkside Development Associates to extend the c$osing date to June 5, 1987." Mction of Mrs. Lmcas and seconded by Mr. Gray, that authOri- zation be granted to extend the closing date to June 5, 1987, as requested, and was adopted by unanimous vote (5-0).