|
,T~Tillsr? 2~. 1994
<br />
<br /> (h) The Bond Resolution will permit the issuance of revenue bonds under the Act and
<br />the incurring of other obligations, with and without benefit of any guaranty comparable to the
<br />Guaranty Agreement and without limitation as to amount, with a claim to the revenues of the
<br />Disposal System superior to the claim of the Bonds, to finance any facilities related to the
<br />Disposal System, including, without limitation, Phase II.
<br />
<br /> (i) The City has determined that, taking into account all the facts and circumstanc
<br />surrounding the Initial Project, including, without limitation, its benefits to the City, the
<br />location of the new landfill portion of Phase I in the City of Suffolk, the terms of the Con-
<br />tract between the Authority and the City of Suffolk as a Contracting Unit and the anticipated
<br />volumes of waste to be generated by the County of Southampton as a Contracting Unit and by the
<br />County of Isle of Wight should it become a Contracting Unit, it is fair and equitable that the
<br />liability represented by the Guaranty Agreement be apportioned among the four cities which are
<br />the Guaranteeing Units.
<br />
<br /> (j) Having heretofore so determined in connection with the undertaking of contract
<br />payments pursuant to the Special Act in respect of bond anticipation notes of the Authority,
<br />the City hereby affirms its determination that the relative population of the City, as set for
<br />in the~1980 census of population of the Bureau of the Census of the United States Department
<br />of Commerce, to the total population of the four Guaranteeing Units, as so set forth, is a
<br />f~ir~and equitable method to apportion, once,and for all times, the liability assumed by the
<br />Guaranteeing Units in the Guaranty Agreement.
<br />
<br /> (k) It is in the best interests of the City to adopt this resolution and thereby ~
<br />authorize the Guaranty Agreement subject to the execution and delivery thereof by the other
<br />three Guaranteeing Units and to the issuance by the Authority of Bonds meeting the criteria of
<br />the Guaranty Agreement.
<br />
<br /> 2. The City hereby approves the Guaranty Agreement, in substantially the form presented
<br />at this meeting, and the Council hereby aUthorizes and directs the appropriate City officials
<br />to execute and deliver one or more counterparts thereof, when and as requested by the Authorit'
<br />
<br />3. This resolution shall be in effect from and after its adoption."
<br />
<br />Ayes:
<br />Nays:
<br />
<br />Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />None
<br />
<br /> 84-31 - Letter from the City Manager recommending adoption of a resolution authorizing
<br />the retention of certain cancelled bonds issued by the~iCity for historic, preservation and
<br />promotional purposes.
<br />
<br /> "AS City Council will recall on December 13, 1983, a resolution was authorized retaining
<br />250 cancelled bonds for display, presentation and/or distribution purposes.
<br />
<br /> After reviewing all of the bonds, I felt that more than 250 should be retained for his-
<br />toric purposes. It is recommended that the attached resolution be adopted authorizing the
<br />retention of bonds to be increased from 250 to 1047. The bonds in this resolution included:
<br />
<br />Year - 1904
<br />
<br />1912
<br />1918
<br />1922
<br />
<br />Portsmouth, Berkley and Suffolk Water Company
<br /> Mortgage Bonds
<br />P~ving and Street Improvement Bonds
<br />Water System Construction Bonds
<br />School Construction Bonds
<br />
<br />It is therefore recommended, and I concur, that you adopt the attached resolution."
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Beamer, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE RETENTION OF CERTAIN PAID AND CANCELLED BONDS
<br />THAT HAVE HISTORICAL SIGNIFICANCE FOR DISPLAY PRESENTATION AND DISTRIBUTION
<br />PURPOSES.
<br />
<br /> WHEREAS, on October 1, 1912, the City sold a Paving and Street Improvement Bond Issue
<br />totaling two hundred seventy five thousand dollars ($275,000.00) the proceeds of which were t¢
<br />fund various street improvement projects; and
<br />
<br /> WHEREAS, on December 1, 1918, the City sold three Water Bond Issues totaling two million
<br />seven hundred thousand dollars ($2,700,000.00) the proceeds of which were to fund the purchase
<br />of the City's water system from the Portsmouth Berkley and Suffolk Water Company; and
<br />
<br /> WHEREAS, on January 1, 1922, the City sold a School Bond Issue totaling two hundred fifty
<br />thousand dollars ($250,000.00) the proceeds of which were to fund the building and equipping
<br />of Public School Buildings in the City; and
<br />
<br /> WHEREAS, these bond issues provided funding for projects which were significant steps
<br />in the development of the City; and
<br />
<br /> WHEREAS, in the purchaSe of the City's water system, the City agreed to pay outstanding
<br />bonds of the Portsmouth Berkley and Suffolk Water Company when such bonds became due; and
<br />
<br /> WHEREAS, Section 11-19 of the Code of the City of Portsmouth, Virginia permits the reten-
<br />tion of certain paid and cancelled bonds which have historical significance for display, pre-
<br />sentation and distribution purposes.
<br />
<br />:s
<br />
<br />~h
<br />
<br />
<br />
|