THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, January 12, 1996 TAG: 9601110200
SECTION: PORTSMOUTH CURRENTS PAGE: 10 EDITION: FINAL
LENGTH: Medium: 52 lines
Due to inclement weather, Monday's public hearing was cancelled. All business from that meeting has been rescheduled to the Feb. 12 public hearing.
The City Council took the following action at its meeting Tuesday:
Ordinance to appropriate $1,793,227 from the Capital Improvements Fund for construction of an inlet and new ferry docking facility on the site of Riverfront Park at the foot of High Street.
Approved, 7-0
Motion to approve entering into an agreement with the Tidewater Transportation District Commission for construction of the proposed facility.
Approved, 7-0
Resolution approving the execution and delivery by the Portsmouth Redevelopment and Housing Authority (PRHA) of a modification agreement with respect to the 1980 Office and Commercial Facilities Revenue Bond in the amount of $875,000.
The new Kirn Building is owned by PRHA, leased to Historic Olde Towne Square Company and subleased to PRHA. Payments under the lease and sublease secure payment of the authority's bond. The bond, which is being refunded will reduce the interest rate from 8 1/4 percent to 8 percent and decrease the outstanding principal, monthly payment and the final maturity date of the bond.
Approved, 7-0
Motion to approve two resolutions extending the maturity date for outstanding bond anticipation notes to Feb. 26, 1996.
Preparations for the sale of the city's general obligation bonds is proceeding toward a late January 1996 bid acceptance date with closing on the bonds scheduled for mid-February. To achieve this schedule it is necessary to extend the outstanding bond anticipation notes that are currently outstanding and are due to mature on Jan. 15. Crestar Bank and Nations Bank have indicated a willingness to extend the maturity dates on the notes to Feb. 26. This extension will affect only the date of the maturity. All other terms and conditions will remain the same.
Approved, 7-0
Motion to conduct selective traffic enforcement operations.
The Department of Motor Vehicles (DMV) has awarded the city $10,000 for the Police Department to conduct selective traffic enforcement operations. Emphasis will be placed on speed limits, school zones and increased presence at high accident locations. No cash match is required.
Approved, 7-0 by CNB