City Council

Minutes from the Petersburg City Council Work Session meeting held on: November 15, 2016 -1– ______________________________________________________________________________ The work session of the Petersburg City Council was held on Tuesday, November 15, 2016, at the Union Train Station. Mayor Moore called the work session meeting to order at 5:30p.m. 1. WORK SESSION – 5:30 P.M. 2. ROLL CALL: Present: Council Member David R. Coleman Council Member John A. Hart, Sr. Council Member Darrin Hill Council Member Brian A. Moore Council Member Treska Wilson-Smith Vice Mayor Samuel Parham Mayor W. Howard Myers Absent: Present from City Administration: Interim City Manager Tom Tyrrell Interim Finance Director Nelsie Birch City Attorney Joseph E. Preston Clerk of Council Nykesha Jackson, CMC 3. PURPOSE: a. Financial Update. b. Discussion of a resolution for approving amendments to projects financed by the Virginia Resources Authority BACKGROUND: In consultation with the City’s financial advisor, Davenport & Company LLC (the “Financial Advisor”) and bond counsel, Sands Anderson PC (“Bond Counsel”), City staff has evaluated the current capital needs of the City and wishes to update and amend the descriptions of the 2013 Projects, the 2014 Projects and the 2015 Projects to defer or reduce expenditures on certain projects originally included as part of such Projects and to provide additional funding for other capital needs and related expenses including capitalized interest on the 2013 Bond, 2014 Bond and 2015 Bond, as appropriate, all such project costs to be funded only as permitted under Section 62.1-199 of the Code of Virginia of 1950, as amended. RECOMMENDATION: For informational purposes only. c. Discussion of the issuance, sale and award of a general obligation revenue anticipation note, series 2016. BACKGROUND: The City held a public hearing, duly noticed, on November 1, 2016 on the issuance of up to $6,500,000 general obligation bonds or notes of the City in accordance with of the Act; The City Council has determined that it is necessary and advisable and in the best interest of the City to authorize the borrowing of money in an amount not to exceed $6,500,000 in order to pay expenses expected to be incurred prior to the collection of taxes and revenues of the City for the fiscal year ending June 30, 2017, and that such amount does not exceed the anticipated revenues for such fiscal year, and to issue the City’s general obligation tax and revenue anticipation notes therefor; and  Minutes from the Petersburg City Council Work Session meeting held on: November 15, 2016 -2– ______________________________________________________________________________ RECOMMENDATION: For informational purposes only. Mr. Tyrrell stated that the City will start with a financial update from the Robert Bobb Group. Robert Bobb gave a financial update on the City. There was discussion among City Council Members and Robert Bobb Group. 4. ADJOURNMENT: City Council adjourned at 6:30 p.m. _________________________ Clerk of City Council APPROVED: _________________________ Mayor