ORD. 1986-262-239 · Ordinance

To amend and reordain Ordinance No. 76-63-104, adopted May 27, 1976, which authorized the issuance of $25,582,300 serial public improvement bonds of the City of Richmond to finance the cost of capital improvement projects, and authorized the issuance of notes of the City of Richmond in anticipation of the issuance of the bonds to defray the cost of the capital improvement projects, Ordinance No. 77-243- 222, adopted November 28, 1977, having reduced the amount of bonds authorized to be issued by $51,600 from $25,582,300 to $25,530,700 and authorized the issuance of $14,493,600 of such bonds to bear date on January 15, 1978, and $11,037,100 of such bonds to bear date on January 15, 1979, and conformed the provisions of said capital bond authorization ordinance to amendments made to the 1976-1977 Capital Budget (changes made in Capital Improvement Program), Ordinance No. 80-213-180, adopted October 13, 1980, having authorized the said $11,037,100 ($3,717,700 for Streets, $219,400 for Sewers, General, $1,600,000 for Urban Renewal, Redevelopment and Conservation, and $5,500,000 for Wastewater Treatment) of such bonds to bear date on January 15, 1981, in lieu of January 15, 1979, Ordinance No. 81-214-192, adopted November 23, 1981, having reduced the amount of bonds authorized to be issued by $3,500,000 ($5,500,000 of the general obliga­tion bonds of the City to have been issued for Wastewater Utility to be reduced to $2,000,000 with $500,000 of said $2,000,000 general obligation bonds to be issued for the Wastewater Utility and $1,500,000 of the $2,000,000 general obligation bonds to be issued for the Gas Utility) from $11,037,100 to $7,537,100, said bonds to bear date on January 15, 1983, and to conform such bond authorization to the amendment to the Constitution of Virginia (Article VII, Section 10) concerning the limitation on bonded indebtedness of cities and towns of the Commonwealth of Virginia, and as amended by Ordinance No. 82-249-236, adopted October 11, 1982, which reduced by $40,260 from $402,600 to $362,340 the estimated cost of Schools to be financed by the sale of general obligation bonds of the City, said $40,260 to be financed from the reserve fund for permanent public improve­ments; and reduced by $125,130 from $4,969,000 to $4,843,870 the estimated cost of Streets to be financed by the sale of general obligation bonds of the City, said $125,130 to be financed from the reserve fund for permanent public improvements, thereby increasing the amount for Streets by $125,130 from $242,000 to $367,130 to be financed from the reserve fund for permanent public improvements; and reduced by $168,060 from $1,900,000 to $1,731,940 the estimated cost of Sewers, General to be financed by the sale of general obligation bonds of the City, said $168,060 to be financed from the reserve fund for permanent public improvements, thereby increasing the amount for Sewers, General by $168,060 from $1,000,000 to $1,168,060 to be financed from the reserve fund for permanent public improvements; reduced by $29,990 from $299,900 to $269,910 the estimated cost of Refuse Disposal to be financed by the sale of general obligation bonds of the City, said $29,990 to be financed from the reserve fund for permanent public improvements, thereby increasing the amount for Refuse Disposal by $29,990 from $715,100 to $745,090 to be financed from the reserve fund for permanent public improvements: reduced by $32,500 from $325,000 to $292,500 the estimated cost of Institutional and Operational Buildings to be financed by the sale of general obligation bonds of the City, said $32,500 to be financed from the reserve fund for permanent public improvements, thereby increasing the amount for Institutional and Operational Buildings by $32,500 from $650,000 to $682,500 to be financed from the reserve fund for permanent public improvements: reduced by $53,080 from $530,800 to $477,720 the estimated cost of Gas Utility projects to be financed by the sale of general obligation bonds of the City, said $53,080 to be financed from the gas utility renewal fund; reduced by $695,510 from $6,955,100 to $6,259,590 the estimated cost of Water Utility projects to be financed by the sale of general obligation bonds of the City, said $695,510 to be financed from the water utility renewal fund, thereby increasing the amount for water Utility projects by $695,510 from $600,000 to $1,295,510 to be financed from the water utility renewal fund; reduced by $54,830 from $548,300 to $493,470 the estimated cost of Electric Utility projects to be financed by the sale of general obligation bonds of the City, said $54,830 to be financed from the electric utility renewal fund, thereby increasing the amount for Electric Utility projects by $54,380 from $200,000 to $254,380 to be financed from the electric utility renewal fund; reduced by $250,000 from $4,500,000 (including $1,500,000 in general obligation bonds, payment of which has been assumed by the gas utility, general obligation bonds authorized to be sold for the gas utility having heretofore been reduced by $3,500,000 from $8,000,000 to $4,500,000) to $4,250,000 the estimated cost of Wastewater Utility projects to be financed by the sale of general obligation bonds of the City of Richmond, said $250,000 to be financed from the wastewater utility renewal fund (the cost of Wastewater Utility projects to be financed from the wastewater utility fund having heretofore been increased by $3,500,000 from $3,110,000 to $6,610,000), to increase the amount for Wastewater Utility projects to be financed from the wastewater utility renewal fund by $250,000 from $6,610,000 to $6,860,000 (and to insert note that the Gas Utility be responsible for payment of $1,500,000 general obligation bonds of the City heretofore authorized to be issued by the City for the wastewater utility and to be dated January 15, 1983 - correcting prior increase in cost of projects to be financed from the waste­water utility renewal fund to $3,500,000 in lieu of $5,000,000); reduced by $1,449,360 from $22,030,700 to $20,581,340 the estimated cost of projects to be financed by the sale of general obligation bonds of the City; increased by $395,940 from $2,999,100 to $3,395,040 the estimated cost of projects to be financed from the reserve fund for perma­nent public improvements; and increased by $4,553,420 ($3,500,000 prior increase in cost of projects to be financed from the wastewater utility renewal fund, and $1,053,420 increase in cost of projects to be financed from the combined utility renewal funds) from $3,910,000 to $8,463,420 the cost of projects to be financed from the utility renewal funds (in aggregate), and by Ordinance No. 82-254-241, adopted October 25, 1982, authorizing $5,567,100 of such bonds to bear date on January 15, 1983, and $1,970,000 of such bonds to bear date on January 15, 1984, as amended by Ordinance No. 83-153-136, adopted June 27, 1983, in order to reduce by $500,000 from $4,250,000 to $3,750,000 the amount of Wastewater Utility Projects to be financed by the sale of general obligation bonds of the City, to increase by $500,000 from $6,860,000 to $7,360,000 the amount of Wastewater Utility Projects to be financed from the wastewater utility renewal fund, to reduce by $500,000 from $20,581,340 to $20,081,340 the amount of capital improvement projects to be financed by the sale of general obligation bonds of the City and to increase by $500,000 from $8,463,420 to $8,963,420 the amount of capital improvement projects to be financed from the utility renewal fund, and by Ordinance No. 86-1-15, adopted January 27, 1986, which authorized that $980,000 of such bonds bear date on January 15, 1986, and $490,000 of such bonds bear date on January 15, 1987, said $980,000 of such bonds to be payable serially in annual installments on January 15 of each of the years 1987 to 2006, inclusive of $49,000; to provide that $490,000 of such bonds bear date July 15, 1986, in lieu of January 15, 1987, and be payable in annual installments of $24,500 on July 15 of each of the years 1987 through 2006, inclusive, and that $490,000 of such bonds be issued Pursuant to the provisions of the Public Finance Act of the Commonwealth of Virginia, Chapter 5, Sections 15.1-170-through 15.1-227, inclusive of Title 15.1, Counties, Cities and Towns, of the Code of Virginia.