Legislation # 06-0022 Enactment Number none
Type Resolution - Budget Item Effective Date none
Introduction Date 1/11/2006
Title Resolution authorizing a procedure for providing cash flow management for private operation of the Hampton Roads Convention Center
 
Legislation History 06-0022
DateNotice Of ActionDescription
1/11/2006 Adopted on First Reading
1/5/2006 Received By Clerk's Office
 
View Attachments 06-0022
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Legislation Text 06-0022

 

City of Hampton, Virginia

Resolution - Budget Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 06-0022

 

Enactment Number: -

 

Resolution authorizing a procedure for providing cash flow management for private operation of the Hampton Roads Convention Center

 

WHEREAS, the Council of the City of Hampton by its vote on December 14, 2005, approved the procurement by the City Manager of private management services for the Hampton Roads Convention Center (HRCC); and

WHEREAS, pursuant to that authority, the City Manager has selected and entered into a contract for such private management services with SMG, a Pennsylvania general partnership deemed highly qualified to perform those services, dated January 4, 2006; and

WHEREAS, pursuant to the terms of the Citys contract with SMG, the City is obligated to make available to SMG all funds necessary to pay HRCC operating expenses, as defined by the contract; and

WHEREAS, no procedure currently exists or is authorized to make available to SMG funds necessary to perform its management services under its contract with the City; and

WHEREAS, SMG has agreed to submit to the City periodic invoices for its projected cash needs for management of the HRCC which invoices are subject to approval by the City Manager.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hampton, Virginia, that the City Manager, through the City Finance Director, is hereby authorized to establish a procedure for providing a level cash flow between SMG and the City including, but not limited to, direct transfers from funds appropriated by this Council for the operation of the HRCC and advancements from other appropriate sources to SMG for the purposes described here, and to the extent consistent with the terms of the Citys management contract with SMG.

 

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on January 11, 2006.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council