Minutes 07/22/1980 - Laserfiche WebLink

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July 22, 1980 80-254 "Consideration of an ordinance on first the Debt Service Fund for the payment of the principal 1, 1980. reading to appropriate $164,000 from on the $7 million bond issue dated Jul The current budget for debt service was based on a 10% interest payment for the 12 month beginning July 1, 1980. This projection was made in April when the annual budget was pre- pared. Due to the recent bond issue at 6.43% interest, we will now be required to make a principal Fayment during the 12 months of the Fiscal Year 1980-81. The reduction in interest cost will reduce the amount required to S164.,000 whereas the actual principal on $7 million ~: $350,000 annually. Based on recent billings for back utility taxes in the amount of approxi- mately $t70,000 sufficient revenues should be available in the Debt Service Fund during the current Fiscal Year to pay the principal. The City Manager recommends adoption on first reading." On motion of Mr. Gray and seconded by Mrs. Webb, the following ordinance was approved on first reading, and by unanimous vote: FROM THE "AN ORDINANCE TO APPROPRIATE $164,000 dEBT SERVICE FUND FOR PAYMENT OF PRINCIPAL ON THE SEVEN MILLION DCLLAR BOND ISSUE DATED JULY 1, 1980.- 80-255 " ' ' - Consideration of an ordinance on first reading to appropriate the Public Utility Fund for payment of principalon the $5 million bond issue 1980. $80,000 from dated July 1, This appropriation is required for the same reasons outlined in the appropriation above. There are sufficient revenues in retained earnings in the Public Utility Fund to cover the additio~ $80,000. The principal required annually for the Public Utility Bonds is $250,000;' however, due to the interest rate being projected at 10% the net amount required on the interest reduc- tion is $80,000. The City Manager recommends adoption on first reading." On motion of Mr. Beamer and seconded by Mr. Oast, the following ordinance was approved on first reading, and by unanimous vote: 'AN ORDINANCE TO APPROPRIATE PAYMENT OF PRINCIPAL ON THE 1980." $80,000 FROM THE PUBLIC UTILITY FUND FOR FIVE MILLION DOLLAR BOND ISSUE DATED JULY l, 80-256 - "Consideration of an ordinance on first reading to appropriate $596,000 from the Capital ~mprovements Fund for Revenue Sharing Funds reallocated from 1979-80 for multi- purpose equipment. During the budget process for 1980-81 Council authorized the reallocation of $596,000 in Revenue Sharing Funds for prior projects that were either frozen or put on hold pending the extension of Revenue Sharing by the U. S. Congress. This ordinance appropriates the real- located funds that were previously appropriated in the General Revenue Sharing Fund for the purchase o%~m~lti-purpose equipment. The balance of the Revenue Sharing to be used for Capital projects in the amount of $1,863,900 will be appropriated upon approval of the Revenu Sharing extension by Congress. The City Manager recommends adoption." On motion of Mr. Barnes and seconded by Mr. Gray, the following ordinance was approved on first reading, and by unanimous vote: "AN ORDINANCE TO APPROPRIATE $596,000 FROM THE CAPITAL IMPROVEMENT FUND FOR REVENUE SHARING FUNDS REALLOCATED FROM 1979-80 FOR MULTI-PURPOSE EQUIPMENT." 80-2S7 - "Consideration of an ordinance to amend the Code of the City of Portsmouth by adding Section 23-195.1 thereto pertaining to making a portion of Hobson Street one way. The Traffic Engineer has received a petition from residents requesting that Hobson Street be made one way west. The Traffic request and recommends the change. It was also requested by the Street be made one way south. The Traffic Engineer investigated mended denial due to the better than average road width and the some residents. The City has not received any negative comments Street proposal. The Traffic Engineer's report and the citizens information. The City Manager recommends adoption." of Hobson Street in Truxtun E~gineer investigated this same residents that Dahlia this recuest also but recom- ~nconven~ence it would cause concerning the Hobson petition ~s included for you D~niel Bankg~ 43 Hobson S~reet, representing Truxtun Community League on_behalf of Lucy Overton, spoke and supported the ordinance.to make Hobson Street ohe-way. On motion of Mr. Beamer and seconded by Mrs. Webb, the following ordinance was adopted on first and'final reading, and by the following vote: "AN ORDINANCE TO ~END THE BY ADDING SECTION 239195.1 STREET ONE-WAY." CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, THERETO, PERTAINING TO MAKING A PORTION OF HOBSON Ayes: Barnes, Beamer, Gray, Oast, Webb, Whitlow, Johansen Nays: None 1