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3OO
<br />
<br />November 20, 1984
<br />
<br />cost of the Group Life Insurance Program and to deduct from the employees' wages to the extent
<br />that such portion paid by the City ms insufficient to pay the premium therefor.
<br />
<br />and
<br />
<br />BE IT FURTHER RESOLVED that the City Manager is hereby authorized to execute such contrac
<br />documents necessary to implement the intent of this resolution.
<br />
<br />BE IT FURTHER RESOLVED that this resolution shall take effect on December 1, 1984."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 84-540u- Letter from the City Manager recommending adoption of an ordinance to amend
<br />Sections 31-214, 31-222 and 31-229 of the Code of the City of Portsmouth ~ertaining to the
<br />Portmouth Supplemental Retirement System; repealing Article I of Chapter 31 of the Code of
<br />the City of Portsmouth pertaining to the Portsmouth Employees Supplemental Retirement System.
<br />
<br />See letter with item = 84-439.
<br />
<br />on
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Gray, the following ordinance was adopted
<br />first and final reading and by the following vote:
<br />
<br /> "AN ORDINANCE TO ~MEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY
<br /> AMENDING SECTIONS 31-214, 31-222, and 31-229, OF ARTICLE IV OF CHAPTER 31 THEREOF,
<br /> PERTAINING TO THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM: REPEALING ARTICLE I
<br /> OF CHAPTER 31 THEREOF, PERTAINING TO THE PORTSMOUTH EMPLOYEES SUPPLEMENTAL
<br /> RETIREMENT SYSTEM."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 84-441 Letter from the City Manager recommending adoption of an ordinance to amend
<br />Sections 21-103 and 31-104 of the Code of the City of Portsmouth pertaining to references in
<br />the Portsmouth Fire and Police Retirement System to the Portsmouth Supplemental Retirement
<br />System.
<br />
<br /> "The attached ordinance, if adopted by the City Council, will make two technical modifi-
<br />cations to the Cide Code pertaining to the Fire and Police Retirement System.
<br />
<br /> The two changes, although included in the Fire and Police System portion of the code,
<br />pertainin only to referred sections of the Portsmouth Supplemental Retirement System. These
<br />changes do not nodify any provisions of the Fire and Police Retirement System.
<br />
<br />on
<br />
<br /> I recommend adoption of the ordinance. '
<br />
<br /> On motion of Mr. Beamer and seconded by Mr. Gray,
<br />first and final reading, and by the following vote:
<br />
<br />the following ordinance was adopted
<br />
<br />"AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY
<br />AMENDING SECITON 31-103, 31-104, OF ARTICE II OF' CHAPTER 31 HEREOF, PERTAINING
<br />TO THE PORTSMOUTH FIRE AND POLICE RETIREMENT SYSTEM."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 84-442 Letter from the City Manager recommending adoption of a resolution to authorize
<br />the issuance of $700,000 in Industrial Development Revenue Bonds for Airline Boulevard Assoc-
<br />iates for the refunding of existing bonds issued in 1981.
<br />
<br /> "The Industrial Development Authority of the City of Portsmouth held a public hearing on
<br />November 8, 1984, and approved the issuance of Industrial Development Revenue Bonds for
<br />Airline Boulevard Associates in an amount estimated at $700,000.00 for the refunding of
<br />existing bonds issued in 1981. The original bond issue was used To finance the acquisition
<br />of land, construction, and equipping a mini-warehouse facility located at 2604 Airline Blvd.
<br />In accordance with the applicable federal and state law, the IDA has requested City Council
<br />to approve the issuance of such bonds.
<br />
<br /> As these bonds will be used to refund a 1981 bond issue, and as the amount of this
<br />refunding does not exceed the amount of the original issue, ghis project will not count
<br />against the City's annual per capita limitation.
<br />
<br /> The intent of the bonds is to refund the outstanding balance on the existing bonds
<br />thus resulting in a more favorable financing situation. B~onds for this project were
<br />originally issued in 1981, and no specific landscaping ~equirements were imposed at
<br />time.
<br />
<br /> The attached resulution has been prepared
<br />approval."
<br />
<br />by the City Attorney and I
<br />
<br />qff~ons from the Council-
<br />
<br /> that
<br />recommend its
<br />4&~s~s,o~t~s, ~a~s
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />
<br />
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