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January 26, 1982
<br />
<br />Principal
<br />Amount Purpose
<br />
<br />$500~Q00 Community
<br /> $ 30,000
<br />
<br />S~rvices
<br />
<br />Original Issuance Renewal Issuance
<br />Date Interest Date Interest
<br />
<br />1-5%82 8.0%
<br />
<br />Public Safety
<br />$ 34,000
<br />
<br />Drainage, Curbs
<br /> Gutters
<br /> $ SO,OOO
<br />
<br />Urban Transportation
<br />$196,O00
<br />
<br />Urban Renewal
<br />$132,334
<br />
<br />Crawford Harbor
<br />$ 57,666
<br />
<br /> WHEREAS, in accordance with Section 11-17 of the Code of the City, the City Manager and
<br />the Director of Finance executed and delivered the certificate required by such section to th
<br />City Treasurer, and the City Treasurer and the City Clerk, in accordance with the instruction
<br />set forth in such certificate, issued and delivered $1,700,OO0 aggregate principal amount of
<br />the Notes, a photocopy of the Notes in such principal amount being attached hereto as Exhibit
<br />B; and
<br />
<br /> WHEREAS, the Council of the City desires to approve, ratify and confirm the actions of ti
<br />City Clerk, the City Manager, the City Treasurer, and the Director of Finance in issuing,
<br />selling, executing and delivering such Notes and the form and details thereof, all in accord-
<br />ance with paragraph 4 of the July 14, 1981 Authorizing Resolution.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br /> 1. This Council hereby approves, ratifies and confirms the actions of the City Clerk, t~
<br />City Manager, the City Treasurer, and the Director of Finance of the City in issuing, selling,
<br />executing and delivering Seven Million, Six Hundred Fifty Thousand Dollars ($7,650,000) aggre-
<br />gate principal amount of the Notes at a purchase price of par plus interest accrued thereon
<br />from the date thereof to the date of delivery thereof and payment therefor. This Council
<br />further approves, ratifies and confirms the form of the Notes attached hereto as Exhibit A and
<br />Exhibit B.
<br />
<br />This resolution shall take effect
<br />
<br /> Ayes: Barnes, Beamer, Gray,
<br /> Nays: None
<br />
<br />from the date of its adoption."
<br />Oast, Webb, Whitlow, Johansen
<br />
<br /> 82-36 "Consideration of a resolution expressing the opposition of the Council of the
<br />City of Portsmouth to the closing of the Virginia Employment Commission's Job Referral Office
<br />mn Portsmouth.
<br />
<br /> The Virginia Employment Commission (VEC) recently announced that effective February 1,
<br />1982, its offices in the cities of Chesapeake; Suffolk, and Virginia Beach would close.
<br />Additionally, the VEC advised that in the City of Portsmouth, only the work Incentive and
<br />Unemployment Insurance Program services would be available. Employment referral assistance
<br />would be provided only in the City of Norfolk. The Federal Unemployment Tax paid by Virginia
<br />employers ms the sole source of administrative funding to VEC. Virginia receives the lowest
<br />percentage return of all states. This resolut%on expresses opposition to the termination of
<br />employment assistance services in the City, encourages the General Assembly to make available
<br />enough money to maintain this service in Portsmouth; and, encourages the General Assembly to
<br />seek an increase in the reimbursement percentage from the Congress. The City Manager recom-
<br />mends adoption."
<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 />"A RESOLUTION EXPRESSING THE OPPOSITION OF THE COUNCIL OF THE CITY OF PORTSMOUTH
<br />TO THE CLOSING OF THE VIRGINIA EMPLOYMENT COmmISSION JOB REFERRAl OFFICE IN THE
<br />CITY OF PORTSMOUTH.
<br />
<br /> WHEREAS, the Job Referral Servizes of the Virginia Employment Commission constitute a
<br />valuable and irreplacable service to both the employer and employee communities in the City of
<br />Portsmouth serving over 1,500 residents during 1981; and
<br />
<br /> WHEREAS, adequate funds to support the Employment Commission at its present service level
<br />are contributed by State employers under the Federal Unemployment Tax Act (FUTA); and
<br />
<br /> WHEREAS, the Commonwealth of Virginia receives back only 43% of the employer contributior
<br />under this Act, the lowest percentage reimbursement of any of the SO States; and
<br />
<br /> WHEREAS, federal budget cuts and the loss of 57% of State employer FUTA contributions
<br />forced the Virginia Employment Commission to reduce serviaes, including the closing of the Job
<br />Referral Service at the Portsmouth offiae; and
<br />
<br />
<br />
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