Legislation # 07-0416 Enactment Number none
Type Resolution - Budget Item Effective Date none
Introduction Date 7/18/2007
Title Resolution Authorizing the Advance of Up to $1,400,000 from the City’s General Fund to the City’s Capital Project Fund to Fund Strategic Property Acquisition in the Phoebus Area of the City and Declaration of Official Intent to Reimburse the General Fund from Future General Obligation Bond Proceeds
 
Legislation History 07-0416
DateNotice Of ActionDescription
7/18/2007 Approved
7/11/2007 Received By Clerk's Office
 
View Attachments 07-0416
FileTypeSizeDescription
No attachment(s) found
 
Legislation Text 07-0416

 

City of Hampton, Virginia

Resolution - Budget Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 07-0416

 

Enactment Number: -

 

Resolution Authorizing the Advance of Up to $1,400,000 from the Citys General Fund to the Citys Capital Project Fund to Fund Strategic Property Acquisition in the Phoebus Area of the City and Declaration of Official Intent to Reimburse the General Fund from Future General Obligation Bond Proceeds

 

WHEREAS, City Council of the City of Hampton Virginia, as part of the Fiscal Year 2008 Annual Capital Budget, appropriated $2,000,000 to fund strategic property acquisition through out the City.

 

WHEREAS, the funding source for that appropriation is a portion of the proceeds from a proposed general obligation bond issue, and;

 

WHEREAS, the actual issuance of the general obligation bonds has been delayed and the City wishes to acquire the Phoebus property prior to the expected issuance date of the bonds;

 

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hampton, that the City Manager be authorized to advance up to $1,400,000 from the Citys General Fund to the Citys Capital Project Fund to fund strategic property acquisition in the Phoebus Master Plan Area of the City, and;

 

BE IT FURTHER RESOLVED that the City of Hampton declares its reasonable official intent to reimburse the Citys General Fund for the funds advanced and expended to acquire strategic property in the Phoebus Master Plan Area of the City, upon issuance of the proposed general obligation bonds.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on July 18, 2007.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council