Legislation # 11-0007 Enactment Number none
Type Resolution Effective Date none
Introduction Date 1/12/2011
Title Resolution Of The City Council Of The City Of Hampton, Virginia, Pursuant To Virginia Code Section 37.2-504.A.11 Authorizing The Hampton-Newport News Community Services Board To Incur Certain Borrowing Obligations
 
Legislation History 11-0007
DateNotice Of ActionDescription
1/12/2011 Approved items 2, 5 and 7 on the consent agenda.
1/6/2011 Received By Clerk's Office
 
View Attachments 11-0007
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Legislation Text 11-0007

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 11-0007

 

Enactment Number: -

 

Resolution Of The City Council Of The City Of Hampton, Virginia, Pursuant To Virginia Code Section 37.2-504.A.11 Authorizing The Hampton-Newport News Community Services Board To Incur Certain Borrowing Obligations

 

WHEREAS, the City of Hampton, Virginia, with the City of Newport News, Virginia (the City) established the Hampton-Newport News Community Services Board (the Board) as required by Section 37.2-500 of the Code of Virginia, 1950, as amended, and

 

WHEREAS, the Board is required to provide approximately $300,000 as the Boards share of the construction costs of an Intermediate Care Facility to be built in the City of Newport News; and

 

WHEREAS, the Board will seek a loan of $300,000 through its existing banking relationships;

 

WHEREAS , Section 37.2-504A.11 of the Code of Virginia of 1950, as amended requires the political subdivision or subdivisions that established the Board authorize loans applied for and accepted by the Board and the Board seeks the Citys authorization solely to meet that statutory requirement; and

 

WHEREAS the financing for $300,000 will constitute a loan applied for and accepted by the Board requiring such authorization; and

 

WHEREAS, the funds obtained will enable the Board to carry out governmental activities in connection with behavioral health and developmental disability services in the political subdivisions of Hampton, Virginia and Newport News, Virginia; and

 

WHEREAS, the Board and the City understand and agree that no payments will be requested by the Board from the City in connection with the repayment of the funds obtained through this financing and that the obligations under this financing will not constitute a debt or pledge of the full faith and credit of the City and will not impose any liability on the City, nor is the requested authorization a guarantee on the part of the City of the proposed financing.

 

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hampton, Virginia: that pursuant to the requirement of Section 37.2-504.A.11 of the Code of Virginia of 1950, as amended, authorization is hereby given to the Hampton-Newport News Community Services Board for the above described loan to be applied for and accepted by the Board on the terms and conditions of the documents required by the Lender to evidence and secure the loan, and such authorization shall include any and all extensions and renewals of and modifications to, the loan (other than any modification which would increase the principal amount of the loan in excess of $300,000).

 

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on January 12, 2011.

 

 

 

Signed by ____________________________ Date _________________

Molly Joseph Ward, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council