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292
<br />
<br />March 25,1986
<br />
<br /> WHEREAS, the Council of the City of Portsmouth adopted a resolution approving the
<br />issuance of Industrial Development Revenue Bonds by the PPIC for the benefit of the "Company"
<br />to assist in financing the acquisition, construction and equipping of the "Project" in an
<br />amount not to exceed Six Hundred Forty-Nine ~Th. ous~4; Five Hundred Twenty Dollars ($649,520)
<br />on January 28, 1986, but did not allocate the City's local Bond Allocation or any portion
<br />thereof; and
<br />
<br /> WHEREAS, pursuan~ to the authority vested in him pursuant to the Deficit Reduction Act
<br />of 1984 (the "Act"), the Governor of Virginia on January 23, 1985 issued Executive Order No
<br />54(85) (the "Order") providing a formula for the allocation of the State Ceiling as defined
<br />in that Order; and
<br /> WHEREAS, ~E "Order" authorized the City Council of the City of Portsmouth, Virginia to
<br />allocate its portion of the State Ceiling to the issuing authorities within the City of
<br />Portsmouth, Virginia; and
<br />
<br /> WHEREAS, the Portsmouth Port and Industrial Commission adopted a resolution on March 12,
<br />1986 recommending that the Council of the City of Portsmouth, Virginia allocate Six Hundred
<br />Forty-Nine Thousand, Five Hundred Twenty Dollars ($649,520) of the City's portion of the
<br />State Ceiling on Private Activity Bonds to PPIC in order to cover the issuance by PPIC of a
<br />Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollar ($649,520) Industrial.Development
<br />Revenue bond for the benefit of the CF Partnership, comprised of yuan S. Crofton, Robert E.
<br />Crofton, Kenneth J. Crofton and Camille C. Gobrecht, a/k/a Camille B. Crofton.
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth confirms its
<br /> approval of the issuance of Industrial Development Revenue Bonds by PPIC for the "Company"
<br /> in an amount not to exceed Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollars
<br /> ($649,520) fo assist in the financeing of the acquisition, construction and equipping of the
<br /> "Project" and allocates Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollars(S649,5201
<br /> of the City's limit imposed pursuant to the "Order" to PPIC in order to cover the issuance by
<br /> PPIC of the Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollars ($649,520) Industrial
<br /> Development Revenue Bonds for the benefit of the "Company"; provided, however, that if the
<br /> Bonds are not issued on or before the forty fifth (45th) day after the date on which this
<br /> resolution is adopted by City Council, such allocation for the benefit of the "Company" shall
<br /> expire unless such forty five (45) day period is extended by resolution of this Council.
<br /> BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an
<br /> endorde~e~¢t of the Bonds, financial viability of the "Project" or the credit worthiness of t}
<br /> ,,Company~', but the Bonds shall provide that neither the Commonwealth of Virginia, City of
<br /> Portsmouth, nor PPIC shall be obligated to pay the Bonds or the interest thereon or the costs
<br /> incident thereto except from the revenues and monies pleged therefor, and neither the faith
<br /> nor the credit of the taxing power of the Commonwealth, the City nor PPIC shall be pledged
<br /> thereto.
<br />
<br />This resolution shall take effec~ immediately upon its adoption."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 86-93 - Letter from the City Manager recommending adoption of a resolution authorizing
<br />the establishment of a Deferred Compensation Plan to be established with the International
<br />City Management Association - Retirement Corporation.
<br />
<br /> "On August 25, 1981, the Portsmouth City Council adopted an ordinance, pursuant to the
<br />Code of Virginia, which allowed the City to establish a Deferred Compensaton Plan for its em-
<br />ployees. The ordinance also allowed the City Manager to contract with a private corporation
<br />to administer such a plan. Accordingly, in November 1981, City Manager House executed a four
<br />year agreement with Stanley Clarke and Associates to administer the plan for City employees.
<br /> Prior to the termination of the contract with Stanley Clarke and Associates, the Depart-
<br />ment of Finance, at my direction, prepared requests for proposals for a Deferred Compensation
<br />Plan. I appointed a committee from participants o£ the current plan to review the proposals
<br />and to recommend their choice of a Plan. The committee interviewed representatives from T.
<br />Rowe Price Company and the International City Management Association - Retirement Corporation
<br />(tCMA-RC). Stanley Clarke and Associates notified the City that they decided not to submit
<br />a proposal. The committee unanimously selected ICMA-RC.
<br /> The ICMA-RC plan offers City employees four investment options; a common stock fund,
<br />bond fund, mutual fund, and a guaranteed investment fund, Furthermore, ICMA-RC offered the
<br />lowest administration fee of the other companies interviewed.
<br />
<br /> The deferred compensation arrangement will allow City employees, on a voluntary basis,
<br />to withhold a portion of their salary to be inveted for payment to the employee at a later
<br />date. Neither the amount withheld nor the earnings on investments would be subject to curren~
<br />Federal and State taxes. Taxes would become payable presumably at retirement when the employ~
<br />would be in a lower tax bracket. The only expense for the City to implement the plan is a
<br />minimal effort of,administrative control and payroll processing which is presently being pro-
<br />vided under the current plan. Ail contributions and plan fees would be deducted from the
<br />participants paycheck."
<br /> On motion of Mrs. Webb and seconded by Mrs. Lucas, the following resolution was adopted,
<br /> and by the following vote:
<br />
<br />
<br />
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