Minutes 12/11/2018 - Laserfiche WebLink

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December 11, 2018 WHEREAS, the Commission held a public hearing on December 11, 2018, in compliance with the requirements of the Code, Section 2 of Chapter 514 of the Acts of Assembly of 1983 of the General Assembly of Virginia, and Section 15.2-4906 of the Code of Virginia of 1950, as amended, and after such public hearing did adopt a resolution to issue an amount not to exceed $4,800,000 of its tax-exempt bank qualified revenue bonds for the benefit of the Applicant (the “Bonds”), subject to the adoption of this resolution and the concurrence in the issuance of the Bonds by the Board of Supervisors of Fairfax County, Virginia (the “Fairfax County Board”); and WHEREAS, the Commission has recommended that the Council approve and the Fairfax County Board concur in the issuance of the Bonds; and WHEREAS, the Bonds, as “qualified 501(c)(3) bonds”, will be exempt, under Section 146(g)(2) of the Code, from the limitation on the volume of notes or bonds the interest on which is exempt from the imposition of federal income tax; and WHEREAS, a copy of the Commission’s resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a record of the Commission’s public hearing with respect to the Bonds, and a Fiscal Impact Statement in the form prescribed by Section 15.2-4907 of the Code of Virginia of 1950, as amended, have been filed with the Council; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1: That the recitals in the preambles hereto are found to be true and correct in all respects, and are adopted as findings of this Council as if fully rewritten herein. Section 2: That the Project proposed to be financed by the issuance of the Bonds is deemed appropriate for such financing and, accordingly, the issuance of the Bonds is hereby approved. Section 3: The approval of the issuance of the Bonds, as required by Section 147(f) of the Code, Section 2 of Chapter 514 of the Acts of Assembly of 1983 of the General Assembly of Virginia, and Section 15.2-4906 of the Code of Virginia of 1950, as amended, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Applicant and the Bonds shall provide that (a) the Bonds will be a limited obligation of the Commission payable solely from funds supplied by the Applicant, (b) neither the Commission nor the City of Portsmouth shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto and (c) neither the faith or credit nor the taxing power of the Commonwealth of Virginia or the City of Portsmouth shall be pledged thereto. Section 4: That this resolution shall be in effect from and after its adoption.” Ayes: Clark, Lucas-Burke, Moody, Psimas, Smith, Rowe Nays: None 18 - 470 - Adoption of a resolution accepting the FY2018 Audit Report for the City of Portsmouth. Background:  Per Code of Virginia Section 15.2-2510, the chief financial officer of each locality shall file annually on or before November 30 with the Auditor of Public Accounts a detailed statement prepared according to the Auditor's specifications showing the amount of revenues, expenditures and fund balances of the locality for the preceding fiscal year, accompanied by the locality's audited financial report. The submittal to the Auditor of Public Accounts shall include a notarized statement from the chief elected official and the chief administrative officer of the locality that the audited financial report has been presented to the local governing body.