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May 28, 2019 <br /> <br /> <br /> A public hearing on the issuance of the general obligation bonds has been publicly <br />noticed in accordance with Section 15.2-2606 of the Virginia Code and will be held prior <br />to consideration of adoption of the ordinance. <br /> <br />Discussion: <br /> <br /> Working closely with the city’s financial advisor and bond counsel, city staff has <br />taken the necessary steps to prepare for a bond issuance scheduled to take place in late <br />June. <br /> <br /> The ordinance proposed for City Council adoption authorizes the issuance of <br />general obligation and/or refunding bonds in an amount not to exceed $28,000,000. <br /> <br /> Revenue received from the sale will cover costs related to seawall reinforcements, <br />Pavilion Mast, City Fiber Network, various other projects, and cost of issuance. <br /> <br />Financial Impact: <br /> <br /> The city will receive $28,000,000 to finance projects in accordance with the city’s <br />Capital Improvement Program. <br /> <br />Recommended Action: <br /> <br /> Adoption of the ordinance. <br /> <br />Next Steps Following Council Action: <br /> <br /> City staff and the City’s advisors will take the necessary steps for issuance of the <br />bonds following the adoption of the ordinance. <br /> <br />Motion by Ms. Psimas, and seconded by Ms. Lucas-Burke, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />“ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF <br />PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION BONDS.” <br /> <br />Ayes: Battle, Clark, Glover, Lucas-Burke, Moody, Psimas, Rowe <br />Nays: None <br /> <br />19 - 195 - Adoption of an ordinance accepting supplemental funds from the Virginia <br />Department of Social Services in the amount of $11,500 for the Title IV-E Fostering <br />Futures Foster Care Program, $153,366 for Federal Adoption Assistance, and <br />$114,452 for State Adoption Subsidy and Special Service Payments, and <br />appropriating said funds in the FY 2019 Social Services Fund. <br /> <br />Background: <br /> <br /> Foster Care is a State-mandated service provided through federal, state, and local <br />funds for children who have been placed in family foster homes or other types of out-of- <br />home placements as initiated by court order, or a Voluntary Placement Agreement. <br /> <br /> Title IV-E pays for maintenance costs of eligible youth ages 18 to 21 who are <br />participating in the Foster Futures Foster Care program and to ensure proper care for <br />eligible children in foster care and to provide ongoing assistance to eligible children with <br />special needs receiving adoption subsidies. <br /> <br /> There are five types of Fostering Futures IV-E Foster Care payments allowed: <br /> Basic Maintenance Payments –youth ages 18 to 21 placed through a Licensed <br />o <br />Child Placing Agency (LCPA). <br /> Basic Maintenance Payments –youth ages 18 to 21 placed in a Local Agency <br />o <br />Foster Home. <br /> Basic Maintenance Payments - youth ages 18 to 21 placed in an Independent <br />o <br />Living Arrangement. <br /> Enhanced Maintenance Payments –youth ages 18 to 21 placed through an LCPA. <br />o <br /> Enhanced Maintenance Payments –youth ages 18 to 21 placed in a Local Agency <br />o <br />Foster Home. <br /> <br /> There is no cap on reimbursement, however, it is limited to three areas and the <br />funding formula is different for each: <br /> 1.Maintenance (e.g. room, board, and transportation to visit parents and siblings) <br />o <br /> 2.Administration (e.g. eligibility determination and case management activities) <br />o <br /> <br /> <br /> <br /> <br />