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189
<br />
<br />November 9, 1982
<br />
<br /> The adjoining property on either side of the road is owned by the Industrial Development
<br />Authority and title to the area of the streets will pass to the IDA upon approval of the
<br />street closure by City Council and the recordation of the closing ordinance. This street
<br />bisects a large tract of land that the Industrial Development Authority is preparing for
<br />private development and the closure will allow the Industrial Development Authority to market
<br />that property in more suitable size parcels.
<br />
<br /> recommend adoption of the attached ordinance closing the applicable portion of
<br />Beechdale Road subject to the City reserving unto itself the appropriate easements."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Gray the following ordinance was adopted, and
<br />by the following vote:
<br />
<br />"AN ORDINANCE CLOSING A PORTION OF BEECHDALE ROAD."
<br />
<br />Ayes: Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br />82-395
<br />
<br />"Letter from the City Manager recommending adoption of the following:
<br />(a) A resolution authorizing the issuance of $22,000,000 of General Obligation
<br /> Public Improvement Bonds for the purpose of providing funds to pay the costs
<br /> of various public improvement projects, and fixes the form of the bonds ~nd
<br /> makes provisions for the sale.
<br />
<br />(b) A resolutio~ authorizing the issuance of $8,000,000 in General Obligation
<br /> Public Utility Bonds for the purpose of providing funding for Capital Improve-
<br /> ments, extensions and additions to the water and sewer system, and fixes the
<br /> form of the bonds and makes provisions for the sale.
<br />
<br />(c) A motion to hold a meeting of the City Council at 1:30 p.m. (EST), on
<br /> N vemoer 23, 1982 for the purpose of considering bids on the sale of $22,000,000
<br /> of General Obligation Bonds and $8,000,000 of General Obligation Public Utility
<br /> Bonds."
<br />
<br />,FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH
<br />AND AUTHOR-I'g;ING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND
<br />
<br /> "In my previous correspondence to you regarding the appropriation for bond expenses, I
<br /> mentioned that there would be additional actions Council would need to consider prior to
<br /> the sale and issuance of ~he bonds.
<br />
<br /> On your agenda for t~e November 9, 1982 meeting are three such actions. Two resolutions
<br /> which together authorize $30 million in public improvement and public utility bonds ar~
<br /> included as separate items. As you are aware, the issuance of such bonds was authorized
<br /> by previous resolFtions adopted over the past several years. These present resolutions
<br /> consolidate and supercede the prior resolutions and fix a specific sale date, term of the
<br /> bonds, redemption provisions and other specific items necessary for the sale to proceed
<br />
<br /> In addition, I have placed on the agenda for your consideration a motion to conven~ a
<br /> special meet~ing, of the City Council at 1 p.m. November 23, 1982 for the purpose of co~ .idering
<br /> the bond bids.
<br />
<br /> The attached- resolutions were prepared by our bond attorney and have been reviewe~ by
<br /> the City Attorney and Director of Finance. I recommend adoption of these resolutions, and
<br /> the motion for the November 23, 1982 Council meeting."
<br />
<br /> (a) On m0~ion of~Mr.~ Gray and seconded by Mrs. Webb, the following r~solution was adopted, and
<br /> · by the following vo~te:
<br />
<br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF TWENTY-TWO MILLION DOLLARS ($22,000,000)
<br /> PRINCIBAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF
<br /> PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF VARIOJS
<br /> PUBL2C IM~ROYEMENT PROJECTS OF AND FOR SUCH CITY, FIXING~THE FORM OF SUCH BONDS,
<br /> PROVIDING' FOR~THE SALE OF SUCH BONDS AND PROVIDING THE AUTHORIZATION OF SUCH BONDS
<br /> HEREIN IS, IN PART, IN LIEU OF CERTAIN GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS
<br /> HERETOFORE AUTHORIZED.
<br />
<br /> :~ WHEREAS, in the judgment of the Council of the City of Portsmouth,Virginia (the "C~uncil"),
<br /> it is necessary and expedient to issue and sell General Obligation Public Improvement B~nds
<br /> of the City of Portsmouth (the "City") in the principal amount of Twenty-Two Million Dollars
<br /> ($22,000,000) for the purpose of providing funds to pay the costs of various public improvement
<br /> projects of the City;
<br />
<br /> on Januar 13 1981 the Council '~' ',
<br /> WHEREAS, - y , ' passe~ a resolution ~ntitled A RESOLUTION AUTHORIi
<br /> THE ISSUANCE OF $10,754,837 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br /> FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY
<br /> AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT
<br /> OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF
<br />.THE PROCEEDS OF SAL~ OF SUCH BONDS AND APPROVING, RATIFYING AND CONFIRMING THE ~SSUANCE OF
<br /> $2,050,000. PRINCIPAL AMOUNT OF SUCH GENERAL OBLIGATION BOND ANTICIPATION NOTES and no bonds
<br /> have heretofore been issued pursuant to such resolution; and
<br />
<br /> WHEREAS, on July 14, 1981 the Council passed a resolution entitled, "A RESOLUTION AUTHORIZ
<br /> THE ISSUANCE OF $5,281,814, OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRG%NIA,
<br /> CITY
<br /> SALE OF A LIKE PRINCIPAL AMOUNT
<br />
<br />
<br />
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