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45
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<br />May' 27, 2980
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<br /> 12. Ali other resolutions, ordinances or orders or parts thereof in conflict with the
<br />provisions of this resolution are to the extent of such conflict hereby repealed.
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<br /> 13. This resolution shall take effect from the date of its adoption."
<br />
<br /> Ayes: Barnes, Beamer, Early, Gray, Holley, Oast, Davis
<br /> Nays: None
<br />
<br /> 80-192 "Consideraticn~.of~a-r~sol,u~.i.oB.~.au~ori.zing~ the issuance of $1,634,369 principal
<br />amount of General Obligation Public Improvement Bonds of the' City of Portsmouth, Virginia,
<br />for the pu~ppse of providing funds to pay the cost of various improvement pro2ects of the
<br />City.
<br />
<br /> This resolution will provide the ~authorization for funding of S1,634,569 in appropriatio~
<br />previously made (accumulative to date). The attached list outlines the projects in which
<br />appropriations have been made and bonds have not been authorized to date. The proposed bond
<br />sale is for projec.ts authorized between 1977 and 1979. This amount will become part of a
<br />future issue. The City has historically worked to keep its level of General Obligation Bonds
<br />at about 4 1/2 million dollars per year. This resolution will have authorized a total of
<br />$10,212,462 since the November 1977 bond issue. This total indicates that we are keeping very
<br />close to our projected average. The City Manager recommends adoption."
<br />
<br /> On motion of Mr. Barnes and seconded by Mr. Early, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,634,369. OF BONDS OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION PUBLIC IMPROVEMENT
<br />BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVE-
<br />MENT PROJECTS OF THE CITY.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds for the projects as
<br />hereinafter set forth; and
<br />
<br /> WHEREAS, there are no funds in the Treasury of the City of Portsmouth applicable to the
<br />payment of said expenses and the cost of said projects and it is, accordingly, necessary to
<br />issue General Obligation Public Improvement Bonds of the City of Portsmouth in the sum of One
<br />Million, Six Hundred Thirty-four Thousand, Three Hundred Sixty-nine Dollars ($1,634,369) for
<br />those purposes.
<br />
<br />NOW, THEREFORE, BE I% RESOLVED by the Council of the City of Portsmouth, Virginia:
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<br /> 1. For the purposes of urban renewal, parks and recreation, public safety, purchase of
<br />property, drainage and street improvements, public education, community services, waterfront
<br />development and other various mmprovement projects of the City, it shall be issued One Million
<br />Six Hundred Thirtyfour Thousand, Three Hundred Sixty-nine Dollars ($1,634,369.) of Bonds of th
<br />City of Portsmouth to be known as General Obligation Public Improvement Bonds pursuant to the
<br />provisions of Chapter S of Title 15.1 of the Code of Virginia, 19SO, as amended, and provision
<br />of law applicable thereto. The said Bonds shall be Serial Bonds and shall be issued at one
<br />time and shall be in such form and of such denomination as the Council shall direct. Each issu~
<br />shall be payable not exceeding forty (40) years from its date, and said Bonds shall bear
<br />interest at a rate or rates to be hereinafter determined by'the Council upon the sale of said
<br />Bonds, providing that the maximum rate of interest shall not exceed the maximum rate of inter-
<br />est authorized by law at the time of the sale of said Bonds.
<br />
<br />2. This
<br />
<br />resolution shall take effect from the date of its adoption."
<br />
<br />Ayes: Barnes, Beamer, Early, Gray, Holley, Oast, Davis
<br />Nays: None
<br />
<br /> 80-193 "Consideration of a resolution
<br />culture and Interior and the Virginia Commiss
<br />approval and funding of the Park Development
<br />into such agreements as may be necessary fo~
<br />
<br />requesting the United States Departnnent of Agri-
<br />ion of Outdoor Recreation to assist in the prompt
<br />Project and authorizing the City Manager to enter
<br />same.
<br />
<br /> The Parks and Recreation Department hag been working to improve recreation facilities
<br />in the City,including the parks, for the past S years. There are a number of facilities
<br />~hat still need improvements. The Portsmouth YACC project will be utilized for park developme
<br />zn S%eepy Hole, City Park and Churchland Patk for projects as outlined in the supporting docu-
<br />mentation. The City has been the beneficiary of this program in the past for such items
<br />as seats and bleachers, fencing, painting, etc., at Frank Lawrence Stadium; Friendship Garden;
<br />and work at Cavalier Manor pool; as well as Sleepy Hole Golf Course and the picnic area at
<br />City Park. This program has been one of the more beneficial programs operated by the City
<br />through the Virginia Department of Outdoor Recreation. The City Manager recommends adoption."
<br />
<br /> On motion of Mr. ~Barnes a *~ - -
<br />and by the f0tt'~g~ote:- ~ se~-oade&~b~ ~,z0a.~,.,,.~h~L~o,llo~ng_resolut~on was adopted,
<br />
<br />"A RESOLUTION REQUESTING THE UNITED STATES DEPARTMENTS OF AGRICULTURE AND
<br />INTERIOR AND THE VIRGINIA COMMISSION OF OUTDOOR RECREATION TO ASSIST IN
<br />THE PROMPT APPROVAL AND FUNDING OF THE PARK DEVELOPMENT PROJECT AND AUTHORI-
<br />ZING THE CITY MANAGER TO ENTER INTO SUCH AGREEMENTS AS MAY BE NECESSARY
<br />FOR SAME.
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