1998-03-02 - Laserfiche WebLink

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166 Responding to a question from Mr. Toscano, Ms, Scott said that the guideline is to keep the debt service under 8%. The public hearing was opened, but as there were no speakers, the public hearing was closed. Responding to a question from Ms. Richards about the amount in the ordinance versus the amount in the capital improvement budget for Washington Park, Ms. Peacock said that it anticipates a commitment to allocate a contingency of $200,000 for next year. On motion by Ms. Daugherty, seconded by Mr. Toscano, the ordinance entitled "AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED TWENTY-FOUR MII;LION DOLLARS ($24,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, CONSISTING OF TEN MILLION DOLLARS ($10,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS TO BE ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE CITY AND NOT TO EXCEED FOURTEEN- MILLION DOLLARS ($14,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS TO BE ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM CERTAIN OUTSTANDING GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; PROVIDING FOR THE SALE OF SUCH BONDS AND DELEGATING TO THE CITY MANAGER CERTAIN POWERS WITH RESPECT TO THE ISSUANCE AND SALE OF SUCH GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS; AUTHORIZING THE APPOINTMENT OF AN ESCROW AGENT; AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT BY AND BETWEEN THE CITY AND SUCH ESCROW AGENT AND THE PURCHASE OF THE SECURITIES TO BE HELD THEREUNDER; AND AUTHORIZING THE DESIGNATION OF THE REFUNDED BONDS FOR REDEMPTION" was offered and carried over to the next meeting for consideration. ORDINANCE: CLOSING AN ALLEY AT END OF 15TH STREET, S.W. Mr. Gouldman explained that the alley closing was requested by the University to clear up a title problem and reserves a utility easement. Mr. Gouldman said that the Planning Commission recommended that the University pay the City fair market price for the alley, but there is a question about whether the City has any interest in the alley at all, and he does not recommend that a charge be made to the University. Mr. Gouldman noted that the City's policy about alley and street closings provides that payment can be sought, but the Council has only done so on one or two occasions. On motion by Ms. Daugherty, seconded by Mr, Toscano, the ordinance entitled "AN ORDINANCE CLOSING, VACATING AND DISCONTINUING AN ALLEY OFF 15TH STREET, S.W.," without the requirement for payment, was offered and carried over to the next meeting for consideration. RESOLUTION: AMENDING JAIL AUTHORITY AGREElVIENT Mr. O'Connell explained that the changes in the Jail Authority agreement have been recommended in order to get the best interest rates when the Authority issues bonds for the jail expansion. Mr. Gouldman said that the changes provide a debt sen, ice payment guarantee, change the payment dates, and provide for the possibility of another locality joining the Authority in the future. Ms. Richards noted that the Jail Authority has not discussed the amendments.