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5 <br /> Mr. O’Connell said that last year’s budget for paving and repairs was increased. <br />He said many buildings are not covered in this plan and there is still a need for a major <br />replacement plan for water and sewer infrastructure. <br /> <br /> Mr. Taliaferro said we have to find a way to put more money into City buildings <br />as many are in bad shape and it will only become more costly over time. <br /> <br /> The public hearing was opened. <br /> <br /> Mr. Leroy Morrris, Carlton Avenue, speaking about the Franklin Street issue, said <br />he appreciates the concern shown to his neighborhood. <br /> <br /> Ms. Alison Ruffner, 735 Graves Street, expressed concern that money may not be <br />there to pay the debt for the bonds. She said she hopes there is a real effort made to look <br />at the City’s total indebtedness. She also asked about the bonding agencies. <br /> <br /> As there were no further speakers, the public hearing was closed. <br /> <br /> Mr. Lynch said one of the rating agencies is Mooney, and Mr. Wray said the other <br />rating agency is Standard and Poor’s. <br /> <br /> Mr. Lynch said he has also been skeptical about borrowing, but said the cost of <br />borrowing is less than the cost of the deterioration. He said all of the projects in the plan <br />are ones that future taxpayers will be taking advantage of, and the amount of the bonds is <br />well without our capacity to pay the debt on. <br /> <br /> Mr. Taliaferro said our average debt is about 50% of the average for Virginia <br />cities, and he feels that speaks well for the operation of the City. <br /> <br /> On motion by Mr. Lynch, seconded by Mr. Taliaferro, Council approved the <br />$15,500,000 bond issuance resolution by the following vote. Ayes: Dr. Brown, Ms. <br />Hamilton, Mr. Lynch, Mr. Norris, Mr. Taliaferro. Noes: None. <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA <br />: <br />The Council (the “Council”) of the City of Charlottesville, Virginia (the “City”), hereby <br />finds and determines as follows: <br /> Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the same <br />being the Public Finance Act of 1991), the City is authorized to contract debts for, <br />borrow money for and issue its negotiable bonds to pay all or any part of the cost of any <br />public improvement or undertaking for which the City is authorized by law to appropriate <br />money. <br /> In the judgment of the Council of the City, it is necessary and expedient to <br />authorize the issuance and sale of General Obligation Public Improvement Bonds of the <br />City in the principal amount of Fifteen Million Five Hundred Thousand Dollars <br />($15,500,000) for the purpose of providing funds to pay the cost of various public <br />improvement projects of and for the City. <br />a. Pursuant to the Public Finance Act of 1991, for the purpose of providing funds to pay <br />the cost of the public improvement projects of and for the City set forth in Paragraph 8, <br />there are authorized to be issued and sold Fifteen Million Five Hundred Thousand <br />Dollars ($15,500,000) principal amount of General Obligation Public Improvement <br />Bonds of the City (the “Bonds”). <br /> The Bonds shall be issued and sold in their entirety at one time, or from time to <br />time in part in series, as shall be determined by the City Manager. The Bonds may be <br />sold at the same time as other general obligation bonds are sold by the City. The Bonds <br />shall be issued in fully registered form and shall be in the denomination of $5,000 or any <br />integral multiple thereof. The Bonds of each series shall be numbered from R-1 upwards <br />in order of issuance and shall bear such series designation as shall be determined by the <br /> <br />