Minutes 03/23/2021 - Laserfiche WebLink

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March 23, 2021 Motion by Mr. Barnes, and seconded by Dr. Whitaker, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE APPROPRIATING THE NECESSARY FUNDS TO IMPLEMENT THE GENERAL FUND AND RISK MANAGEMENT FUND OF THE FY 2021 PORTSMOUTH PUBLIC SCHOOLS BUDGET FOR THE FOURTH QUARTER OF FISCAL YEAR 2021.” Ayes: Barnes, Battle, Lucas-Burke, Moody, Whitaker, Woodard, Glover Nays: None 21 - 101 - Adoption of an ordinance authorizing the issuance and sale of City of Portsmouth, Virginia, General Obligation Bonds, to include New Money Bonds in an original principal amount of not to exceed $42,400,000 and Refunding Bonds. Background:  It is proposed to issue and sell general obligation bonds of the City to finance the costs of the City’s Capital Improvement Program.  A public hearing on the issuance of general obligation bonds has been publicly noticed in accordance with Section 15.2-2606 of the Virginia Code and will be held prior to consideration of adoption of the proposed ordinance. Discussion:  Working closely with the City’s financial advisor and bond counsel, City staff has taken the necessary steps to prepare for a bond issuance scheduled to take place in the coming months.  The ordinance proposed for City Council adoption authorizes the issuance of new general obligation bonds in an amount not to exceed $42,400,000. The ordinance further authorizes the issuance of refunding bonds to achieve interest savings.  Revenue received from the sale will cover costs related to the City’s Capital Improvement Program, including replacement of the Churchland Bridge, repair and replacement of sections of the Portsmouth Seawall, installation of the City Fiber Network Project, upgrade and installation of the City’s Public Safety Radio System, and cost of issuance. Financial Impact:  The City will receive up to $42,400,000 to finance projects in accordance with the City’s Capital Improvement Program. The City may also achieve interest savings by refunding previously issued bonds. Recommended Action:  Adoption of the ordinance. Next Steps Following Council Action:  City staff and the City’s advisors will take the necessary steps for issuance of the bonds following the adoption of the ordinance.  Mimi Terry, Chief Financial Officer, provided information and amounts of the miscellaneous projects as requested by Councilman Whitaker. -Councilman Whitaker asked that the list of projects with the amounts be available to the public. -Councilman Moody asked that it also be indicated as to whether or not a project has been completed and if not, that the percentage completed be included. Motion by Mr. Barnes, and seconded by Ms. Lucas-Burke, 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 BONDS, TO INCLUDE NEW MONEY BONDS IN AN ORIGINAL PRINCIPAL AMOUNT OF NOT TO EXCEED $42,400,000 AND REFUNDING BONDS.”