Minutes 03/14/2000 - Laserfiche WebLink

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March 14, 2000 The City Manager is further authorized to approve a lesser principal amount for the Bonds and to approve the final amortization schedule for the Bonds as the City Manager shall determine to be in the best interest of the City. Following the amendment to the Cooperation Agreement and the issuance and sale of the Bonds, the City Manager shall file a certificate with the City Clerk setting forth the final terms of the amendment and the Bonds. The actions of the City Manager in approving the terms of the amendment to the Cooperation Agreement shall be conclusive, and no further action shall be necessary on the part of the City. 6. The City Manager, the Chief Financial Officer of the City and the City Attorney and such other officers as they shall designate are authorized and directed to execute and deliver all certificates and instruments and to take all actions necessary or desirable in connection with the execution and delivery of the Cooperation Agreement. 7. The full faith and credit of the City are irrevocably pledged for the payment of amounts due under the Cooperation Agreement. Unless other funds are lawfully available and appropriated for timely payment of amounts due under the Cooperation Agreement, the Council shall levy and collect an annual ad valorem tax on all taxable property within the City, over and above all other taxes authorized or limited by law and without limitation as to rate or amount, sufficient to make the payments due under the Cooperation Agreement, as the same become due and payable. 8. All costs and expenses in connection with the undertaking of the Project and the issuance of the IDA Obligations, including the fees and expenses of the Authority, its counsel and bond counsel, shall be paid from the proceeds of the IDA Obligations or other legally available funds of the City. If for any reason the IDA Obligations are not issued, it is understood that all such fees and expenses shall be paid by the City from its legally available funds and that the Authority shall have no responsibility therefor. 9. Any authorization herein to execute a document shall include authorization to deliver it to the other parties thereto and to record such document, if required, where appropriate. 10. The City Attorney shall file a copy of this Resolution, certified by the City Clerk to be a true copy thereof, with the Circuit of the City of Portsmouth, Virginia, in accordance with Section 15.2-2607 of the Code of Virginia, 1950, as amended. 11. All other actions of the officers of the City that are in conformity with the purposes and intent of this Resolution and in furtherance of this financing and the undertaking of the Project are approved and ratified. Ayes: Benn, Griffin, Moody, Robinett, Whitehurst, Holley Nays: None 00 - 55 - Adoption of a motion transferring $385,538 from the grants Contingency Account for the Local Law Enforcement Block Grant #3 program. This grant will allow for continued funding to reduce criminal opportunity by supplementing funding for overtime hours, to sustain and enhance continued public safety automation, and to acquire additional equipment and training to enhance the ability to investigate offenses. There is a 10% local cash match of $38,554 required, and these funds have been budgeted. Recommendation: · Adoption of a motion transferring $385,538 from the Grants Contingency Account for the Local Law Enforcement Block Grant #3 program. Purpose and Need: · To continue funding for Public Safety support of Neighborhood Quality. · To reduce criminal opportunity in our city with supplemental funding for overtime hours worked. · To sustain and enhance continued Public Safety automation.