Minutes 10/24/2017 - Laserfiche WebLink

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October 24, 2017 Ayes: Cherry, Clark, Lucas-Burke, Moody, Psimas, Whitaker, Rowe Nays: None - City Manager’s Report - 17 - 466 - Adoption of an ordinance accepting $19,703 of federal Asset Forfeiture Funds received from the United States Drug Enforcement Administration and appropriating said amount in the FY 2018 Asset Forfeiture Fund for use by the Sheriff’s Office. Background:  The Portsmouth Sheriff's Office receives federal Asset Forfeiture Funds from the Drug Enforcement Administration (DEA). Discussion:  Allows the Sheriff's Office to purchase law enforcement equipment, donate funds to the Drug Court, make improvements to the Jail, purchase computer equipment, purchase anti-drug coloring books and crayons for school kids, and other items necessary within the guidelines set forth in the Equitable Sharing Guide. Financial Impact:  There is no local match requirement and no negative financial impact incurred by the city of Portsmouth. Staff Recommends:  Adoption of the ordinance. Next Steps Following Council Action:  The Finance Department will make the necessary budgetary adjustment.  The Sheriff or his designee will provide asset forfeiture management and oversight. Motion by Mr. Moody, and seconded by Mr. Clark, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE ACCEPTING $19,703 OF FEDERAL ASSET FORFEITURE FUNDS RECEIVED FROM THE UNITED STATES DRUG ENFORCEMENT ADMINISTRATION AND APPROPRIATING SAID AMOUNT IN THE FY 2018 ASSET FORFEITURE FUND FOR USE BY THE SHERIFF’S OFFICE.” Ayes: Cherry, Clark, Lucas-Burke, Moody, Psimas, Whitaker, Rowe Nays: None 17 - 467 - Adoption of a resolution authorizing the issuance of up to $4,117,195 in City of Portsmouth, Virginia General Obligation Qualified Zone Academy Bonds and setting forth the form, details and provisions for the payment thereof. Background:  The Federal Taxpayer Relief Act of 1997 first authorized the use of a debt instrument known as a qualified zone academy bond (QZAB) which provides low cost borrowing for certain school construction projects. The city of Portsmouth has used this type of borrowing previously for Portsmouth Public Schools projects in 1999, 2001, and 2016.  Adoption of this resolution is necessary in order for the city and schools to apply for an allocation by the state of low interest bonds for school construction.  The Portsmouth Public Schools are eligible for the QZABs because over 35% of the students participate in the free lunch program and have a Qualified Zone Academy business partner. For fiscal years 2018-2021 the State has reserved $4,117,195 of QZAB’s to renovate and repair public school buildings upon final approval of the application package.  The Portsmouth School Board passed a resolution October 12, 2017 approving the use of QZABs and requesting City Council to issue QZABs.