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April 11, 2000
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<br /> WHEREAS, on March 22, 2000, the Authority held a public hearing (the
<br />"Hearing") regarding the issuance of the Tax-Exempt Bond pursuant to a notice of public
<br />hearing published on March 7, 2000; and
<br />
<br /> WHEREAS, the Authority has delivered or caused to be delivered to the City
<br />Council the following: (i) a reasonably detailed summary of the comments expressed at
<br />the Hearing; (ii) a fiscal impact statement concerning the Tax-Exempt Bond in the form
<br />specified in Section 15.2-4907 of the Code of Virginia; and (iii) the Authority's
<br />recommendation that the City Council approve the financing of the Tax-Exempt
<br />Improvements and the issuance of the Tax-Exempt Bond; and
<br />
<br /> WHEREAS, the City Council has determined to approve the issuance of not
<br />exceeding $3,100,000 aggregate principal amount of the Tax-Exempt Bond to promote
<br />the continued operation of the Authority in a fiscally sound and environmentally safe
<br />manner.
<br />
<br /> NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth.
<br />Virginia, that it hereby approves the issuance by the Authority of the Tax-Exempt Bond,
<br />in an aggregate principal amount not exceeding $3,100,000, to provide financing for the
<br />Authority for the purpose of providing funds to pay, or reimburse the Authority for
<br />paying, all or a portion of the cost of the Tax-Exempt Improvements.
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<br /> BE IT FURTHER RESOLVED that approval of the issuance of the Tax-Exempt
<br />Bond, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended,
<br />and the Local Approval Provision, does not constitute an endorsement to any
<br />prospective purchaser of the Tax-Exempt Bond or the creditworthiness of the Authority.
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<br /> BE IT FURTHER RESOLVED that this Resolution shall take effect on the date of
<br />its adoption."
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<br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley
<br />Nays: None
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<br />- Public Hearing -
<br />
<br />00 - 77 - Public Hearing on the City's Operating Budget for Fiscal Year ending June 30,
<br />2001.
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<br />1. John E. Schalk, Executive Director, Portsmouth Community Health Center, 664
<br /> Lincoln Street, spoke in favor of budget allocation for the center.
<br />
<br />2. Jacquelyn E. Scott, Portsmouth Better Beginnings, 664 Lincoln Street, spoke in
<br /> favor of budget allocation for the program.
<br />
<br />3. Dr. Ed Roche, MAPP Medication Access Program for Portsmouth, 4816 Thornwood
<br /> Street, spoke in favor of budget allocation for the program.
<br />
<br />4. Mark Geduldig-Yatrofsky, 363 Middle Street, expressed concern over proposal for
<br /> School Board. Suggested City conduct a fund-raising campaign to close the gap.
<br />
<br /> Motion by Mr. Benn, and seconded by Mr. Pitts, to waive the rules of order
<br />to allow Mr. I'Anson additional time in which to present his remarks, and was adopted
<br />by unanimous vote.
<br />
<br />5. Lawrence W. I'Anson, Jr., Chairman, School Board, 3114 Honeysuckle Lane, spoke
<br /> in support full funding of School Board request.
<br />
<br /> Motion by Mr. Benn, and seconded by Mr. Pitts, to waive the rules of order
<br />to allow Mr. Smith additional time in which to present his remarks, and was adopted by
<br />unanimous vote.
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<br />6. Ray A. Smith, Sr., Vice Chairman, School Board, 1314 Coltrane Drive, spoke in
<br /> support of full funding of School Board request.
<br />
<br /> Motion by Mr. Benn, and seconded by Mr. Pitts, to waive the rules of order
<br />to allow Mr. Kloeppel additional time in which to present his remarks, and was adopted
<br />by unanimous vote.
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