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April 11, 2000 <br /> <br />00 - 80 - Adoption of a resolution to approve the issuance by the Southeastern Public <br />Service Authority of Virginia (SPSA) not to exceed $3,100,000 aggregate principal <br />amount Senior Subordinated Revenue Bond, Series 4 tax-exempt. <br /> <br />Recommendation: <br /> <br />· Adoption of a resolution to approve the issuance by the Southeastern Public Service <br />Authority of Virginia (SPSA) not to exceed $3,100,000 aggregate principal amount <br />Senior Subordinated Revenue Bond, Series 4 tax-exempt. <br /> <br />Purpose and Need: <br /> <br />· Bonds are needed for SPSA to finance certain capital improvements necessary to <br />maintain the current operating condition of the solid waste system managed by the <br />Authority. <br /> <br />· Additionally, the Code of Virginia requires authorities such as SPSA to receive <br />approval from local authorities as a prerequisite to undertake tax-exempt financing in <br />those localities in which the improvements are to be made. <br /> <br />Financial Impact: <br /> <br />· These bonds do not represent a liability to the City, but must be approved by each <br />locality participating in SPSA. <br /> <br /> Motion by Mr. Pitts, and seconded by Mr. Whitehurst, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />"RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH APPROVING <br />THE ISSUANCE BY THE SOUTHEASTERN PUBLIC SERVICE AUTHORITY OF <br />VIRGINIA OF ITS SENIOR SUBORDINATED REVENUE BOND, SERIES 4 TAX- <br />EXEMPT, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3,100,000. <br /> <br /> WHEREAS, the Southeastern Public Service Authority (the "Authority") has <br />determined to issue its Senior Subordinated Revenue Bond, Series 4 Tax-Exempt (the <br />"Tax-Exempt Bond") in an amount not to exceed $3,100,000 for the purpose of <br />providing funds, together with other available funds to: acquire rolling stock for the daily <br />operations of the Authority consisting of solid waste hauling trailers, service vehicles <br />and materials handling vehicles; retrofit recycling vehicles for commingled pickup; <br />purchase an automatic curbside collection tracking system; construct an electrical <br />connection between the refuse derived fuel processing plant and the power plant; <br />expand the Regional Office Building; undertake improvements at the Chesapeake <br />Transfer Station; and install various information technology improvements at various <br />Authority owned facilities (the "Tax-Exempt Improvements"); and <br /> <br /> WHEREAS, certain of the Tax-Exempt Improvements are to be located within the <br />boundaries of the City of Portsmouth (the "City"); and <br /> <br /> WHEREAS, under the Internal Revenue Code of 1986, as amended (the <br />"Code"), prior to the issuance of the Tax-Exempt Bond the Authority must hold a public <br />hearing and receive governmental approval of the issuance of the Tax-Exempt Bond; <br />and <br /> <br /> WHEREAS, such governmental approval can, by virtue of the location of certain <br />of the Tax-Exempt Improvements within the City, be given by the City; <br />WHEREAS, Section 15.2-4906 of the Code of Virginia, 1950, as amended, (the "Local <br />Approval Provision") requires that, if certain authorities created pursuant to law in <br />Virginia hold a public hearing in accordance with federal law as a prerequisite to <br />undertaking a tax-exempt financing, such authorities must receive approval for the <br />financing from the governing bodies of the localities in which the improvements to be <br />financed are to be located; and <br /> <br />WHEREAS, the Authority is an authority subject to the Local Approval Provision; <br /> <br />and <br /> <br /> <br />