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257
<br />
<br />February 11, 1986
<br />
<br /> Generally, it has been our policy to designate any bank with an offise located in the
<br />City, and who so requests, to be an authorized despository. (There is one exception; the Firs
<br />Virginia Bank of Nansemond is a depository due to its proximity to Portsmouth Sleepy Hole Golf
<br />Course.] Temporary loans and investments are placed by bid with these banks from time to time
<br />and indivigual account placement has been generally based on degree of particpation by the
<br />banks in servicing the City's financial needs. On the recommendations of the Director of
<br />Finance, the City Manager makes the determinations of the placement of the individual accounts
<br />at each of the depositories designated by the City Council.
<br />
<br /> I have placed on your agenda a motion to designate the following banks as authorized
<br />depositories for the funds of the City: American Bank, Atlantic National Bank, Bank of
<br />Virginia, Central Fidelity Bank, Chesapeake Bank and Trust, Community Trust Bank, Dominion
<br />National Bank, First Ameriaan Bank of Virginia, First Virginia Bank of ~ansemond, Sovran Bank
<br />N.A. and United Virginia Bank. ~his motion would add Community Trust Bank to the previously
<br />designated list of authorized depositories."
<br />
<br /> Motion of Mr. Beamer and seaonded by Mr. Gray, to concur in the recommendation of the
<br />City Manager, Community Trust Bank to be added to authorized depositories, and was adopted by
<br />unanimous vote.
<br />
<br /> 86-50 Letter from the City Manager transmitting the City Manager's Quarterly Financial
<br />Report for the period ended December 31, 1985.
<br />
<br /> 'In accordance with Section 11-43 of the City Code, the Quarterly Financial Report for
<br />the period ended December 31, 1985 is herewith submitted.
<br />
<br /> For the seaond quarter of the fiscal year, revenues are slightly more than last year and
<br />expenditures are even with last year. Actual revenues to date stand at 45 percent of the
<br />reveues estimated for the year, and 41 percent of the approFriations have been expended as of
<br />December 31, 1985. During the same quarter last year 44 percent of the estimated revenues had
<br />been received and expenditures were 41 percent of the budget appropriations. At this ooint
<br />there does not appear to be an) indication of substantial problems with respect to eithe~the
<br />revenues or the expenditures."
<br />
<br /> Monion of Mr. Gray and seconded by Mr. Beamer, that the report to be received as
<br />information, and was adopted by unanimous vote.
<br />
<br />NEW BUSINESS
<br />
<br /> 86-51 Councilman Beamer offered the following nominatJen~ for appointments to the
<br />following Boards~Commissions:
<br />
<br />Community Services Board
<br />
<br /> E. Dellis Lawrence to be appointed to fill an unexpired term, ending June 30, 1988;
<br />replacing Lillie R. WilBon who resigned.
<br />
<br />Commission of Architectural Review
<br /> Port Norfolk/Park View
<br />
<br /> Bartley F. ruthill to be appoinned to fill an unexpired term, ending April 1, 1987;
<br />replacing Lloyd J. Parker, Jr. who resigned: reappoinnment of Kirk Berkeley and Clyde Toler
<br />for terms of three years, ending April 1, 1989.
<br />
<br />Jail Advisory Board
<br />
<br /> James Cradle to be appointed for a term of four years, ending January 31, 1980; replacin
<br />Ralph W. Gholson; Virginia House reappointed for a term of four years, ending January 31, 19
<br />
<br />Downtown D-1 District Design Committee (New terms)
<br />
<br />ending~Februar'
<br />Gemrge Minor, Jr. and David Peck to-be appointed for a term of ~wo years, Ben Adderholdt
<br />Gerald Burgess, Thomas O'Kane, Cliff Page, and Daniel A. Swanson to be appointed for a term
<br />of three years, and ending February 1, 1989.
<br />
<br /> Motion of Mr. Beamer and seconded by Mrs. Webb,
<br />further nominations, the above members to be elected
<br />and was adopted by unanimous vote.
<br />
<br />to close nominations, and there being
<br />to the designated Boards~Commissions,
<br />
<br />no
<br />
<br /> 86-52 Rufus R. Barnes, 3310 Hartford Street, spoke concerning wall that had been
<br />erected in the 1400 block of County Street, and requested than consideration be given to
<br />the wall remain.
<br />
<br />let
<br />
<br /> The City Attorney advised Council that the matter sbonld be processed through the D-1
<br />Committee appea%.procedure.
<br />
<br />On motion meeting adjourned at
<br />APPROVED - ~;~.~
<br />
<br /> Ma or-5
<br />
<br />11: 55 p.m.
<br />
<br />
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