MAY 28, 1996 MINUTES
"WORLD'S LARGEST RESORT C""
CITY COUNCIL
MAYOR MEYERA E. OBERNDORF. At-Large
VICE MAYOR WILLIAM D. SESSOMS, JR., At-Large
JOHN A. BAUM, Blackwater Borough
LINWOOD O. BRANCH, III, Virginia Beach Borough
ROBERT K. DEAN, Princess Anne Borough
W. W. HARRISON, JR., Lynnhaven Borough
HAROLD HEISCHOBER, At-Large
BARBARA M. HENLEY, Pungo Borough
LOUIS R JONES, Bayside Borough
NANCY K. PARKER, At-Large
LOUISA M. STRAYHORN, Kempsville Borough
281 (fTl IJAII Bt;iWIN(,
JAMES K. SPORE, City Manager CITY COUNCIL AGENDA MUNICIPAL CENTER
LESLIE L. LILLEY, City Attorney VIRGINIA REACII VIRGINIA 231@ .1
RUTH HODGES SMITH, CMC/AAE, City Clerk @2113.1
MAY 28, 1996
1. CITY MANAGER'S BRIEFINGS - Conference Room 3:30 PM
A. CITY'S INVESTMENT POLICY
Patricia A. Phillips, Director of Finance
John T. Atkinson, City Treasurer
B. HURRICANE DEBRIS REMOVAL
Arthur R. Shaw, Public Works Operations Engineer
II. AGENDA REVIEW SESSION
A. REVIEW OF AGENDA ITEMS
B. CITY COUNCIL CONCERNS
III. INFORMAL SESSION - Conference Room - 5:30 PM
A. CALL TO ORDER - Mayor Meyera E. Oberndorf
B. ROLL CALL OF CITY COUNCIL
C. RECESS TO EXECUTIVE SESSION
IV. FORMAL SESSION - Council Chamber - 6:00 PM
A. CALL TO ORDER - Mayor Meyera E. Oberndorf
B. INVOCATION: Reverend J. Scottie Griffin
First Presbyterian Church
C. PLEDGE OF ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA
D. ELECTRONIC ROLL CALL OF CITY COUNCIL
E. CERTIFICATION OF EXECUTIVE SESSION
F. MINUTES
1. INFORMAL & FORMAL SESSIONS May 14, 1996
G. ADOPT AGENDA FOR FORMAL SESSION
H. CONSENT AGENDA
The Consent Agenda will be determined during the Agenda Review Session and
considered in the ordinary course of business by City Council to be enacted by one
motion.
1. PRESENTATION
1. AMPHITHEATER OPENING NIGHT - Bruce Hornsby Posters
A. William Reid, President, Cellar Door Productions
J. RESOLUTIONS
1. Resolution re a policy for the investment of City funds.
2. Resolution to approve issuance of the Virginia Beach
Development Authority's REFUNDING REVENUE BONDS:
Mansards Associates Project $6,250,000
K. ORDINANCES
1. Ordinance to ACCEPT and APPROPRIATE $27,200 additional grant
revenue from the State Department of Criminal Justice Services
to the FY 1995-1996 Community Corrections Operating Budget;
APPROPRIATE $5,038 from previous years' state revenue retained
in the Community Corrections Fund Balance re purchase of
microcomputers and related equipment, supplies and temporary
clerical support; and, estimated revenue to the FY 1995-1996
Community Corrections Operating Budget be increased
accordingly.
2. Ordinance to TRANSFER $33,200 from the General Fund Reserve
for Contingencies to the FY 1995-1996 Operating Budget of the
Circuit Court re increasing civil juror compensation.
3. Ordinances to authorize temporary encroachments:
a. Into a portion of the City's drainage easement at Bold
Ruler Drive and Old Dam Neck Road to Ocean Lakes
Community Association, Inc., re construction and
maintenance of a bulkhead (PRINCESS ANNE BOROUGH).
b. Into a portion of the City's drainage right-of-way to
Ronald L. and Catherine T. Moore re construction and
maintenance of a bulkhead and fill-in adgacent to 2005
Falling Sun Lane (PRINCESS ANNE BOROUGH).
Deferred March 26, 1996
4. Ordinance appointing viewers in the petition of Potters Road
Investment Group, for the closure of a portion of Potters Road
near the intersection of Wesley Drive (LYNNHAVEN BOROUGH).
5. CERTIFICATES OF PUBLIC CONVENIENCE AND NECESSITY:
All Occasion Limousine
Tom's Limo Service
Ground Transportation Specialists
6. Ordinance to authorize Tax Refunds in the amount of $5,925.14.
7. Ordinance to authorize License Refunds in the amount of
$17,616.83.
PUBLIC HEARING - PLANNING 7:00 PH
PLANNING BY CONSENT - To be determined during the,4genda Review Session.
1. Application of TARGET for a Conditional Change of Zoning
(Denied April 9, 1996) for general commercial land use (R-5D
to B-2) at the Southwest corner of Princess Anne Road and
Lynnhaven Parkway (KEMPSVILLE BOROUGH).
RECONSIDERATION: TO WITHDRAW
2. Application of EDWARD J. WALKO for a Variance to Section
4.1(b)4 of the Site Plan Ordinance re Floodplain Regulations
at 2929 Breezy Road (LYNNHAVEN BOROUGH).
Recommendation: APPROVAL
3. Application of JAMES L. HARRELL, III and C. W. HARRELL and
ASSOCIATES for a Conditional Use Permit for a gasoline service
station in conjunction with a convenience store on the North
side of Sandbridge Road, East of Entrada Drive (1756
Sandbridge Road), containing 40,075 square feet (PRINCESS ANNE
BOROUGH).
Staff Recommendation: DENIAL
Planning Recommendation: APPROVAL
4. Application of DORA L. MCLAWHORN for a Conditinnal -Use Permit
for a home for the aged at the Southwest corner of Edwin Drive
and Post Oak Drive (912 Edwin Drive), containing 12,000 square
feet (KEMPSVILLE BOROUGH).
Recommendation: APPROVAL
5. Application of FRIENDS SCHOOL for a Conditional Use Permit for
a private school at the Southeast intersection of Laskin Road
and Donna Boulevard (1537 Laskin Road), containing 7.22 acres
(LYNNHAVEN BOROUGH).
Recommendation: APPROVAL
6. Application of EXXON CORPORATION for a Conditional Use Permit
for a gas station in conjunction with a convenience store with
a food court at the Northwest corner of Atlantic Avenue and
Laskin Road (3100 Atlantic Avenue), containing 20,000 square
feet (VIRGINIA BEACH BOROUGH).
Recommendation: APPROVAL
7. Application of LTM DEVELOPMENT, L.L.C., for a Conditlnnml use
Permit for a commercial marina on the North side of Laskin
Road, 780 feet more or less East of Oriole Drive (900 Laskin
Road), containing 30,448 square feet more or less (LYNNHAVEN
BOROUGH).
Recommendation: APPROVAL
8. Application of MELVIN K. and MYRTLEE 1. HELMICK for a Change
of Zoning District Classification from R-20 Residential
District to Historic and Cultural District on the West side of
Holly Road at the intersection with 35th Street (3490 Holly
Road), containing 22,412.6056 square feet (VIRGINIA BEACH
BOROUGH).
Recommendation: DENIAL
9. Application of O and R INC., for a Change of Zoning District
Classification from R-10 Residential District to R-5D
Residential Duplex District and PD-H2 Planned Unit Developmant
Overlay on property at the Northern terminus of Woodstock
Road, containing 9.326 acres (KEMPSVILLE BOROUGH).
Recommendation: APPROVAL
10. Ordinance to AMEND and REORDAIN Section 104 of the City Zoning
Ordinance by REPEALING the separate offense provision for a
continuing zoning violation.
Recommendation: APPROVAL
M. APPOINTMENTS
COMMUNITY SERVICES BOARD
EROSION COMMISSION
N. UNFINISHED BUSINESS
O. NEW BUSINESS
1. COUNCIL-SPONSORED ITEMS:
a. Prohibition of Potbellied Pigs.
Tookie Myers, DVM
Jennifer Hodge
(Sponsored by Councilman William W. Harrison, Jr.)
2. Abstract of Votes cast in the General Election - May 7, 1996.
3. City Council appointments to Virginia Municipal League (VML)
Policy Committees for 1996.
P. ADJOURNMENT
If you are physically disabled or visually Impaired
and need assistance at this meeting,
please call the CITY CLERKIS OFFICE at 427-4303
Hearing impaired, call: TDD only 427-4305
(TDD - Telephonic Device for the Deaf)
05/24/96BAP
AGENDA\05-28-96.PLN
M I N U T E S
VIRGINIA BEACH CITY COUNCIL
Virginia Beach, virgini@
May 28, 1996
Vice Mayor William D. Sessoms, Jr. called to order the CITY MANAGER'S BRIEFINGS for the
VIRGINIA BEACH CITY COUNCIL in the Council Chamber, City Hall Building, on Tuesday, May 28,
1996, at 3:30 P.M.
Council Members Present:
John A. Baum, Linwood 0. Branch III, Robert K Dean, William W.
Harrison, Jr., Barbara M. IIenley, Nancy K Parker, rice Mayor
William D. Sessoms, Jr. and louisa M. ;trayhorti
Council Members Absent.-
Mayor Meyera I,. Oberndorf [l,N7T,RFD, 4:00 PM.]
Harold lieischober [IIL 97111 I'NFUMONIAI
Louis R Jones lf,,Ar'IERI,,I) 4:20 P.M.]
- 2 -
CITY MANAGER'S BRIEFINGS
CITY'S INVESTMENT POLICY
3:30 P.M.
ITEM # 40775
John T. Atkinson, City Treasurer, advised a movement has evolved in the governmental finance industry
strongly encouraging local governments to develop and formally adopt written investment policies. 7his
movement is being supported by such organizations as the Federal Securities and Exchange Commission,
Moody's Investors Service, Standard & Poors, the Government Finance Officers Association and the
Municipal Treasurers Association. In a recent survey conducted jointly by GFOA and MBL4, 78% of
the governments responding have adopted and follow written investment policies.
Patricia Phillips, Director of Finance, advised the purpose iv to guide the actions of individual
responsible for the investment of City funds.-
Safety
Credit Risk
Interest rate risk - Orange County
Liquidity - being able to meet cash obligations
Yield
Standards of Care
Prudence - "Prudent person " rule will serve the City's
standard.
Ethics and Conflicts of Interest - rtrginia Conflict of Interest
Act guides the activities of all local government officers and
employees.
Delegation of Authority City Treasurer will be responsible
for investment of City fiends in accordance with this policy.
Larry Davenport, Financial Analyst - Department of Finance, advised the internal control structure
shall be designed to provide reasonable assurance that these objectives are met. Ae concept of
reasonable assurance recognizes that (a) the cost of a control should not exceed the benefits likely to be
derived; ani4 lb) the evaluation of costs and benefits requires estimates and judgements by management.
Ihe internal controls shall address the following IM)ints:
Control of collusion. Collusion is a situation where two or more
employees are working in conjunction to defraud their employer.
Separation of transaction, authority from accounting and record
keeping.
Custodial safekeeping.
Avoidance of physical delivery securities.
Clear delegation of authority to subordinate staff members.
WriUen confirmation of telephone transactions for investments and
wire transfers.
Development of a wire transfer agreement with the lead bank or third
party custodian,
May 28, 1996
- 3 -
CITY MANAGER'S BRIEFINGS
CITY'S INVESTMENT POLICY
ITEM # 40775 (Continued)
All trades, when applicable, will be executed by delivery vs payment (DVP). This ensures that securites
are deposited in the appropriate safekeeping institution prior to the release of funds. Securities will be
held by a third party cm"ian as evidenced by safekeeping receipts. To help maintain integrity of the
investment program; the City Treasurer, with the Director of Finance shall establish a process for annual
independent review by an external auditor to assure compliance with this policy and its internal control
procedures.
A section in the policy involves suitable and authorized investments. Basically, this involves investments
that are authorized under the &ate Code. Investment Parameters involve how the investment program
should be diversified by securities and the maximum maturities that are appropriate for City investments.
Patricia Phillips, believes the quarterly investment report to City Council would be improved with the
ADOPTION of the Investment Policy. 7he report would include amount (both original cost and current
market value) and type of inveshnent securities held at the end of a given quarter, average weighted
yield reaked during the quarter, and an annual comparison of the realized yield with one or more
industry benchnwrks.
May 28, 1996
- 4 -
CITY MANAGER'S BRIEFINGS
HURRICANE DEBRIS REMOVAL
3:52 PM.
ITEM # 40776
Arthur Shaw, Public Works Operations Engineer, advised June First commences Hurricane season. Last
Fall, he was invited to speak at a Virginia Department of Emergency Services Seminar. In August, he
will also represent the City in Washington at the International Conference of American Public Works
Association.
The City's planning is based upon a Categoty IV Hurricane (130-155 miles per hour winds). 7he wind
that comes with the Hurricane will create drainage type flooding. Quite a bit of devastation would be
anticipated. Mr. Shaw displayed a composite of surges relative a Category I-V Hurricane. Ihe Corps of
Engineers devised a formula for calculating the amount of debris created by a Hurricane, which calculates
to approxin&ately 15-MilUon tons of debris. (Approximately I -MILIION tons of debris comprises Mount
Trashmore. Landfill H encompasses 7-MILLION tons of debris.) ,;ixty to seventy percent of the debris
can be reduced to a much smaller volume. Approximately 1,000 acres of undeveloped land would be
required to house the machinery, to store the debris and slowly destroy it. Private citlens may bring their
debris to curbside and the City would pick up same and dispose of it. FEAL4 and the Corps of Engineers
would arrive after the President and Governor Declared an Emergency. 7he City would have an
obligation to aid the residents, FEAL4 and the Corps would not arrive until approximately four days after
the incident, and then would have to rely heavily on contractors.
Ihe City has utilized their mapping and GIS computers to record data concerning what debris would be
necessary for debris removal. A map of the City color codes all of the major and secondary streets in
priority order for removal of debris. For the benefit of Virginia Power and Public Utilities, the locations
of all the HRSD Pump Stations, the City's Storm Water Pump Stations and every traffic signal in the City
has also been recorded. 77tis shall prioritize and coordinate the electrical power to the traffic signals. 7'he
City has been divided into four zones essentially following the "snow plan ' ' with which the crews are
familiar. Each zone has been assigned 100 to 120 employees. Zones I and 4 would basically be staffed
by Lan&cape Services Division, which would contribute 200 people to the debris removal effort. Zones
2 and 3 would be staffed by Public Works Employees and all of the zones would be augmented by Waste
Management Employees with their specialized "knuckle arm boom" trucks@. Fach zone is divided into
sections. 7he sections will allow the City to detail the scope of work to contractors. For the benefit of the
City's crews, books of the section maps will provide detail this @-an be utilized to assign work to their
crews or contractors.
Mr. Shaw displayed a map depicting the fueling locations. 7he schools would allow the City to have
access to all their fuel depots. 77te I'wginia Power Map grid has been chosen to be utilized as the basic
fundamental denominator. Virginia Power would remove the power from the lines, so the City crews can
safely remove the debris. After the streets are clear, then Virginia Power would reerect poles and wire.
Mr. Shaw advised with anything greater than a Category II Hurricane, the crews would be repositioned
(600 @yees) at eight sites: 7he Recreation Centers of Great Neclc, Bayside, Princess Anne and
Kempsville, the Central Library, Basement of the Judicial Center, the Landstown Waste Management
Facility on Holland Road, the Pavilion and Fire Training Center will serve as alternates.
7he City must have meticulous documentation of every cost. Theoretically 1000/o of the costs are
reimbursable. 70 to 75% is reasonable. When the BILzard of 1996 was I)FCLARED, the City after us
claim to FEMA, was successful in receiving approximately $44,000 for snow and ice removal efforts. 7he
forms have been generated for the crew chiefs' records.
7he City and its contractors would remove all of the debris on the curbside, wait ten days, clear it all
agair4 wait another ten days and clear it again. 77tis will allow the residents the opportunity to pull
debris out of their houses and their backyar4 bring it up to the curb for removal by the City machinery.
7he material will be separated at curbside with the hazardous material being picked up by a specialized
contractor. 7he recycled material will be taken to the landfill. Construction and demolition debris that
cannot be burned or chipped will be placed in a temporary storage faci@. 7he 60 to 70% of the debris
that can be chipped or mulched will be taken to a site established for this purpose. As much as feasible,
school playgrounds and parks and recreation facilities will not be utilized for temporary debris storage
and reduction sites to enable the City to return to normal, as quick4y as possible. Normal waste collection
will be reactivated as quickly as possible.
May 28, 1996
- 5 -
CITY MANAGER'S BRIEFINGS
HURRICANE DEBRIS REMOVAL
ITEM # 40776 (Continued)
After five suitable sites have been identified with the correct amount of acreage and are environmentally
acceptable. then the consultant will design the layout of each site with the location of the incinerators,
grinders and storage piles. Permits must be acquired from the State Department of Environmental
Quality and other Environmental Regulatory agencies for the incinerators.
May 28, 1996
- 6 -
CITY COUNCIL CONCERNS
4.35 P.M.
ITEM # 40777
Assistant City Attorney Vanessa Valldejuli advised an Ad Hoc Committee relative Borrow Pits/Fish Ponds
was formulated on April 2, 1996. These Committee Members included: Councilman John Baum, Arthur
Shaw (Public Works), Jerald Banagan (Tax Assessor), Charles Hassen (Department of Planning) and
herself Vanessa Validejult. 77se Committee met with the City Attorney and City Manager. A series of
Ordinances were drafted and briefings have been scheduled for the City Council Session of June Fourth.
These should address concerns of Council Members. These clearly address the situation on Colchester
Road. Ihe 90-day limit for the reduced weight on this road will expire on July Second. Ordinances will
be SCHEDULED for the City Council Session of June Eleventh. A Policy Report will be forwarded to City
Council.
Councilman Baum referenced the aerial photographs of the Sandbridge Road operation forwarded by
Ms. Lissa M. Philleo . These two 'fish ponds' were grandfathered.
Assistant City Attorney Valldejuli advised the proposed Ordinances would present the tools necessary to
address the issue of the roads on the aforementioned excavations.
The City Attorney advised speaking to the various industrial groups affected and believed the ordinances
would deal with basically the hauling of materials, from these types of sites ie. retention Ponds.
ITEM # 40778
Mayor Oberndorf referenced correspondence from Malcolm T. Coffer, Chairman of the SPSA Board of
Directors. Chairman Coffer advised of a Meeting on May 22, 1996, discussing the Budget and Tipping
Fee Schedule for Fiscal Year 1996-1997, and considered revisions to both as a result of Virginia Beach's
decision to withdraw its participation from the curbside recycling collection program, effective June 30,
1996. Upon the conclusion of their deliberations and a presentation by the Executive Director, the Board
voted to adopt a revised dpping fee schedule effective September 1, 1996, which would provide for a
$48.50 per ton tipping fee and a curbside recycling fee of 50 cents per home per month. 7he Public
Hearing will be scheduled relative this preliminary tipping fee schedule at the August Fourth Meeting.
It is anticipated same will be adopted by the Board for the remaining fiscal year. A motion was made by
NorfoLk's representative on the Board, Conley Phillips, requesting the Mayor and Council of Virginia
Beach reconsider its decision to withdraw from SPSA's curbside program and maintain the regionwide
approach to recycling. Zhis motion was approved unanimously by the Board of Directors.
Mr. Arthur Shaw advised of his attendance at the aforementioned meeting. 7here was a general
recognition of those in attendance of the reasons for Virginia Beach's decision. Mr. Shaw did not believe
the Board expected Virginia Beach to change its position even with the fee of 50 cents per home for
curbside pickup. Mr. Shaw advised the City's "igloos" will be replaced with dumpsters with large slots
to eliminate spillage.
BY CONSENSUS, the City will not change its position to withdraw from participation in SPSA's curbside
recycling.
May 28, 1996
- 7 -
AGENDA REVIEW SESSION
4.-50 P.M.
ITEM # 40779
Councilman Branch expressed concern relative whether these bonds were monitored to assure a certain
percentage were made available to low and moderate income individuals:
J.1 Resolution to approve issuance of the Virginia Beach
Development Authority's REFUNDING REVENUE BONDS:
Mansards Associates Project $6,250,000
CounciLman Harrison advised monthly reports have to be filed and the property is encumbered with a
deed restriction prohibiting them from changing the low income rental requirement. 7hey risk the loss
of their tax exempt status of their financing. It is a self-policing Situation.
ITEM # 40780
7'he City Attorney referenced.-
J. 7 Ordinance to authorize License Refunds in the amount of
$i;L,616.83. $20,032,50.
The City Clerk had advised him one of the detailed sheets in the license refund to United States Shoe
Corporation was omitted. Same was distributed to City Council.
ITEM # 40781
BY CONSENSUS, the following items shall compose the CONSENT AGENDA:
RESOLUTIONS/ORDINANCES
KI Resolution re a policy for the investment of City funds.
K2 Resolution to approve issuance of the Virginia Beach
Development Authority's REFUNDING REVENUE BONDS:
Mansards Associates Project $6,250,000
K3 Ordinance to ACCEPT and APPROPRIATE $27,200
additional grant revenue from the State Department of Criminal
Justice Services to the FY 1995-1996 Community Corrections
Operating Budget; APPROPRIATE $5,038 from previous
years' state revenue retained in the Community Corrections
Fund Balance re purchase of microcomputers and related
equipment, supplies and temporary clerical support,- and
estimated revenue to the FY 1995-1996 Community
Corrections Operating Budget be increased accordingly.
K4 Ordinance to TRANSFER $33,200 from the General Fund
Reserve for Contingencies to the FY' 1995-1996 Operating
Budget of the Circuit Court re increasing civil juror
compensation.
May 28, 1996
- 8 -
AGENDA REVIEW SESSION
ITEM# 40781 (Continued)
K3 Ordinances to authorize temporary encroachments:
a. Into a Portion of the City's drainage easement at Bold Ruler
Drive and Old Dam Neck Road to Ocean Lakes Community
Association, Inc, re construction and maintenance of a
bulkhead (PRINCESS ANNE BOROUGH.
b. Into a portion of the City's drainage right-of-way to Ronald
L. and Catherine T. Moore re construction and maintenance
of a bulkhead and fill-in adjacent to 2005 Falling Sun Lane
(PRINCESS ANNE BOROUGH).
K4 Ordinance appointing viewers in the petition of Potters Road
Investment Group, for the closure of a portion of Potters Road
near the intersection of Wesley Drive (LYNNHAVEN
BOROUGH).
K5 CERTIFICATES OF PUBLIC CONVENIENCE AND
NECESSITY.
All Occasion Limousine
Tom's Limo Service
Ground Transportation Specialists
K6 Ordinance to authorize Tax Refunds in the amount of
$5,925.14.
K7 Ordinance to authorize License Refunds in the amount of
$20,032.50.
ITEM # 40782
Pice Mayor Sessoms advised the TARGET application will be clarified further relative their
WITHDRAWAL during the Formal Session.
L.1. Application of TARGET for a Conditional Change of Zoning
(Denied April 9, 1996) for general commercial land use (R-5D
to B-2) at the Southwest corner of Princess Anne Road and
Lynnhaven Parkway (KEMPSVILLE BOROUGH).
ITEM # 40783
Councilman Dean advised the Attorney and president of the Lagomar Civic League has requested a
DEFERRAL of 30 days.
L.3 Application of JAMES L. HARRELL, III and C. W.
HARRELL and ASSOCIATES for a Conditional Use Permit
for a gasoline service station in conjunction with a convenience
store on the North side of Sandbridge Road, East of Entrada
Drive (1756 Sandbridge Road), containing 40,075 square feet
(PRINCESS ANNE BOROUGH).
The Civic League has not had an opportunity to review the new site plan.
May 28, 1996
- 9 -
AGENDA REVIEW SESSION
ITEM # 40784
Council Lady Parker referenced.-
L.4 Application of DORA L. MCLAWHORN for a Conditional Use
Permit for a home for the aged at the Southwest corner of
Edwin Drive and Post Oak Drive (912 Edwin Drive),
containing 12,000 square feet (KEMPSVILIE BOROUGH).
Robert Scott, Director of Planning, advised the intention was to utilize the @ting house ewctly in its
present form, not to place additions onto the house.
ITEM # 40785
Council Lady Parker referenced the Exxon property at the corner of General Booth and Dam Neck and
the cutting of the landscaping. The Crepe Myrtles and Junipers were cut "ankle high".
Andy Carrington representing Exxon, advised re the property at General Booth Boulevard the
landscaping is being redone as a part of another application.
ITEM # 40786
Councibnan Harrison referenced:
L.8 Application of LTM DEVELOPMENT, L.L.C., for a
Conditional Use Permit for a commercial marina on the North
side of Laskin Road, 780 feet more or less East of Oriole Drive
(900 Laskin Road), containing 30,448 square feet more or less
(LYNNHAVEN BOROUGH).
Councilman Harrison advised this application was really for recreational purposes for the tenants in the
facility, and not a commercial marina. Councilman Harrison requested a condition be added that the use
be solely for recreational purposes, not commercial use including boat sales, boat rentals and boat repair.
ITEM # 40787
Council Lady Henley expressed concern and advised the Bed and Breakfast Ordinance was revised and
included under the Historical and Cultural District and she was concerned relative the comments of the
Planning Commission members re this application concerning the City's historical plans.
L.8 Application of MELVIN K. and MYRTLEE L HELMICK for
a Change ef Zoning District Classification from R-20
Residential District to Historic and Cultural District on the
West side of Holly Road at the intersection with 35th 3treet
(3490 Holly Road), containing 22,412.6056 square feet
(VIRGINIA BEACH BOROUGH).
Robert Scott advised the applicant's desire is to have a Bed and Breakfast facility and believes to
accomplish same it would be necessary to have Historical and Cultural Zoning to pursue this use.
Council Lady Henley advised residents see a "Bed and Breakfast" as a commercial intrusion into their
area.
Council Lady Parker referenced the correspondence of Melvin K. Helmick requesting DEFERRAL.
ITEM # 40788
BY CONSENSUS, the following items shall compose the PLANNING BY CONSENT AGENDA:
L-2. Application of EDWARD J. WALKO for a Variance to Section
4.1(b)4 of the Site Plan Ordinance re Floodplain Regulations
at 2929 Breezy Road (LYNNHAVEN BOROUGH).
May 28, 1996
- 10 -
AGENDA REVIEW SESSION
ITEM # 40788 (Continued)
L3 DEFER for 30 days: Application of JAMES L. HARRELL, III
and C W. HARRELL and ASSOCIATES for a Conditional
Use Permit for a gasoline service station in conjunction with a
convenience store on the North side of Sandbridge Road, East
of Entrada Drive (1756 Sandbridge Road), containing 40,075
square feet (PRINCESS ANNE BOROUGH)
L.4 Application of DORA L. MCLAWHORN for a Conditional Use
Permit for a home for the aged at the Southwest corner of
Edwin Drive and Post Oak Drive (912 Edwin Drive),
containing 12,000 square feet (KEMPSVILLE BOROUGH).
L.5 Application of FRIENDS SCHOOL for a Conditional Use
Permit for a private school at the Southeast intersection of
Laskin Road and Donna Boulevard (1537 Laskin Road),
containing 7.22 acres (LYNNIL4YFN BOROIJ(;H).
L.6 Application of EXXON CORPORATION for a Conditional Use
Permit for a gas station in conjunction with a convenience store
with a food court at the Northwest corner of Atlantic Avenue
and Laskin Road (3100 Atlantic Avenue), containing 20,000
square feet (WRCYINLI BEACH BOROU(;Il)
LIO Ordinance to AMEND and REORDAIN Section 104 of the
City Zoning Ordinance by REPEALING the separate offense
provision for a continuing zoning violation
ITEM # 40789
Councilman Harrison referenced the Reapportionment Modification involved in District No. 5 and the
boundary that specifically affected the Inlynnview Neighborhood. The residents had requested the line
be moved to Wolfsnare Creek. The City Attorney has received Election Data Services' recommendation
that this alteration to the boundary line would not impact the numbers. The City can consider a movement
of the line to Wolfsnare Creek without impacting any other districts.
The City Attorney advised 1456 individuals would be moved from one district into the other. Information
will be distributed to City CounciL
Council Lady Henley expressed concern relative addressing other neighborhood which have the same
concerns relative boundary lines and that the maps, depicting enlargement of each districts, should be
publicized and placed in each Library.
Mayor Oberndorf requested all of the maps be placed in each of the Libraries throughout the City and
have Public Information Office place a byline in the paper advising the locations of the maps.
Councilman Harrison requested a Public Hearing and document be scheduled for June 11, 1996, re
District No. 5 (portion of former Lynnhaven Borough), moving the boundary line from Inlynnview Road
to Wolfsnare Creek as authorized by Election Data Services.
May 28, 1996
- 11 -
ITEM # 40790
Mayor Meyera E. Oberndorf called to order the INFORMAL SESSION of the VIRGINIA BEACH CITY
COUNCIL in the Council Chamber, City Hall Building, on Tuevday, May 28, 1996, at 5:35 P.M.
Council Members Present:
John A. Baum, Linwood 0. Brancl4 III, Robert K Dean, grilliam W.
Harrison, Jr, Barbara M. Henley, Louis R. Jones, Mayor Meyera E
Oberndorf Nancy K Parker, Louisa M. 5trayhorn and Vice Mayor
William D. Sessoms, Jr.
Council Members Absent:
Harold Heischober
May 28, 1996
- 12 -
ITEM # 40791
Mayor Meyera E. Oberndorf entertained a motion to permit City Council to conduct its EXECUTIYE
SESSION, pursuant to Section 2.1-344, Code of Kirginia, as amended, for the following purpose:
PERSONNEL MATTERS: Discussion or consideration of or interviews
of prospective candidates for employmena assignment, appointment,
promotion performance, demotion, salaries, disciplining, or resignation
of specific public officers, appointees, or employees pursuant to Section
2.1-344 (A) (1).
To Wit.- Appointments - Boards and Commissions.
Community Services Board
Erosion Commission
LEGAL MATTERS: Consultation with legal counsel or briefings by staff
members, consultants, or attorneys pertaining to actual or probable
litigation, or other specific legal matters requesting the provision of legal
advice by counsel pursuant to wction 2.1-344(A)(7)
To - Wi t.- Licensure of Pinnacle (convenience, Inc.
Upon motion by Vice Mayor Sessoms, seconded by Councilman Baum, City Council voted to proceed into
EXECUT@ SESSION.
Voting: 10-0
Council Members Voting Aye:
John A. Baum, Linwood 0. Branch, III, Robert K Dean, William W
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera F
Oberndorf Nancy K Parker, Price Mayor William D. Sessoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
- 13 -
FORMAL SESION
117RGINL4 BEACH CITY CO(INCIL
May 28, 1996
6:00 P.M.
Mayor Oberndorf called to order the FORMAL SESSION of the 117RGINL4 BEACH CITY COUNCIL
in the Council Chamber, City Hall Building, on 7uesday, May 28, 1996, at 6:00 P.M.
Council Members Present.-
John A. Baum, Linwood 0. BrancA III, Robert K Dean, William W.
Harrison, Jr, Barbara M. Henley, Louis R. Jones, Mayor Meyera E
Oberndorf Nancy K Parker, Vice Mayor William D. Sessoms, Jr. and
Louisa M. Strayhorn
Council Members Absent.-
Harold Heischober
INVOCATION Reverend J. Scottie Griffin
First Presbyterian Church
PLEDGE OF ALLEGIANCE TO THE FL4 G OF THE UNITED STATES OF AMERICA
Ilice Mayor Sessoms, being a Corporate Officer of Central Fidelity Bank disclosed there were no matters
on the agenda in which he has a '@ersonal interest", as defined in the Act, either individually or in his
capacity as an officer of Central FidelitY Bank. Ihe Vice Mayor regularly makes this Disclosure as he
may or may not know of the Bank's interest in any application that may come before City CounciL Vice
Mayor Sessoms' letter of January 10, 1995, is hereby made a part of the record.
May 28, 1996
- 14 -
Item IV-E.
CERTIFICATION OF
EXECUTIVE SESSION
ITEM # 40792
Upon motion by Vice Mayor Sessoms, seconded by Council Lady Strayhorn, City Council CER77FIED
THE EXECUTIVE SESSION TO BE IN ACCORDANCE WITH THE MOTION TO RECESS
Only public business matters lawfully exempted from Open Meeting
requirements by Virginia law were discussed in F-xecutive Session to
which this certification resolution applies,
AND,
Only such public business matters as were identified in the motion
convening the Executive Session were heard, discussed or considered by
Virginia Beach City CounciL
Voting: 9-0
Council Members Voting Aye:
John A. Baum, Linwood 0. Brancl; III, Robert K Dean, William W
Harrison, Jr., Louis R Jones, Mayor Meyera E Oberndorf Nancy K
Parker, Vice Mayor William D. @5essoms, fr. and Louisa M Strayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Harold Heischober and Barbara M. Henley
May 28, IM
lttoolitt'toott
CERTIFICATION OF EXECUTIVE SESSION
VIRGINIA BEACH CITY COUNCIL
WHEREAS: Ilc Virginia Beach City Council convened into EXECUTIVE SESSION,
pursuant to the affirmative vote recorded in ITEM # 40791 Page No. 12 and in accordance with
the provisions of The Virginia Freedom of Information Act; and,
WHEREAS: Section 2.1-344. of the Code of Virginia requires a certiflcation by the
governing body that such Executive Session was conducted in conformity with Virginia law.
NOW, THEREFORE, BE IT RESOLVED: That the Virginia Beach City Council
hereby certifies that, to the best of each mcmber's knowledge, (a) only public business matters
lawfully exempted from Open Meeting requirements by Virginia law were discussed in Executive
Session to which this certification resolution applies; and, (b) only such public business matters
as were identified in the motion convening this Executive Session were heard, discussed or
considered by Virginia Beach City Council.
R6th Hodges Smifh, CMC/AAE
City Clerk May 28, 1996
15 -
e
MINUTES ITEM # 40793
UPon motion by Vice Mayor Sessoms, seconded by Council Lady Strayhorn, City Council APPROVED
the Minutes of the INFORMAL AND FORMAL SESSIONS of May 14, 1996.
Voting: 9-0
Council Members Voting Aye:
John A. Baum, Linwood (J. Brancl4 III, Robert K Dean, William W.
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera E.
Oberndorf Pice Mayor William D. ';esso?w, Jr. and Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Abstaining:
Nancy K Parker
Council Members Absent.-
Harold Heischober
Council Lady Parker ABSTAINED as she was not in attendance during the City Council Session of May
14, 1996.
May 28, 1996
- 16 -
-G
ADOPT AGENDA
FOR FORMAL SESSION ITEM # 40794
By CONSENSUS, City Council ADOPTED:
AGENDA FOR THE FORMAL SESSION
May 28, 1996
17 -
INTRODUCTION
ITEM # 40795
Mayor Oberndorf introduced the following Boy Scout in attendance to earn his Communications Merit
Badge:
TROOP 375
Sponsor: Old Donation Church
Andrew Reshefsky
May 28, 1996
- 18 -
item IV-L
PRESENTATION
ITEM # 40796
The Mayor and City Council were surprised by a visit from Elvis advising of the VIVA ELVIS
FESTIVAL at the Beach May 28 - June Z 1996.
The City Clerk advised "Elvis has left the Building".
A. William Reid, President of Cellar Door Productions, presented to the Mayor, Members of City Counci4
the City Attorney, City Clerk and City Manager autographed Bruce Hornsby Posters honoring
Amphitheater Opening Night.
E. George Minns, President - NAACP, Post Office Box 4543, who had filed an objection to the scheduled
events at the Amphitheater, advised of his discussion with William Reid President of Cellar Door, and
he will meet with him at a later date. Mr. Minns believed the situation could be pleasantly resolved
May 28, 1996
- 19 -
Item TV-J.IK
CONSENT AGENDA
RESOLUTIONS/ORDINANCES ITEM # 40797
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council APPROVED in one
motion Resolutions 1, 2 and Ordinances 1, 2, 3 a. b., 4, 5, 6 and 7 of the CONSENT AGENDA.
Voting: 10-0
Council Members Voting Aye:
John A. Baum, Linwood 0. Branci4 III, Robert K Dean, William W.
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera 4,.
Oberndorf Nancy K Parker, Vice Mayor Wzlliam 1). .5essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
- 20 -
item tV-J.I.
RESOLUTIONS
ITEM # 40798
Upon motion by Vice Mayor Sessoms, seconded by Councilman Iones, City Council ADOPTED:
Resolution re a policy for the investment of City funds.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Bawn, Linwood 0. Brancl; III, Robert Y- Dean, grilliam W
Ha@on, Jr., Barbara M Henley, Louis R. Jones, Mayor Meyera E
Oberndorf Nancy K Parker, Trice Mayor William 1). @essoms, Jr. and
Louisa M. 5trayhorn
Council Members Voting Nay:
None
Council Members Absent:
Ilarold Ileischober
May 28, 1996
I A RESOLUTION TO ADOPT A
2 POLICY FOR THE INVESTMENT
3 OF CITY FUNDS
4
5 WHEREAS, recent highly-publicized financial losses have drawn increased attention
6 to the practices of local government investment programs
7 WHEREAS, these publicized losses have brought awareness to the need for local
8 governments to adopt and follow written investment policies
9 WHEREAS, the Government Finance Officers Association, the Municipal Treasurers'
10 Association, the Federal Securities and Exchange Commission and major bond rating agencies,
11 including Moody's Investors Service and Standard & Poor's have encouraged local governments
12 to adopt and follow written investment policies based upon established financial market guidelines;
13 WHEREAS, the Virginia Beach City Treasurer as custodian of the City's funds
14 pursuant to § 8.03 of the City Charter, has traditionally beer responsible for the investment of the
15 City's funds,
16 WHEREAS, while applicable provisions of the Code of Virginia have in the past
17 served as guidelines for the investment of the City's funds, the City Treasurer recognizes the need
I8 for a written policy to further guide the City's investment activities, and
19 WHEREAS. the City Treasurer and Director of Finance recommend that this policy,
20 as it may be amended from time to time, be adopted by the City Council and, thereafter, serve as
21 a guide for the City's investment activities
22 NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
23 VIRGINIA BEACH, VIRGINIA that City Council hereby adopts the attached policy, as it may be
24 amended from time to time, and directs that it be used as a guideline for the investment of the City's
25 funds.
26 Adopted by City Council of Virginia Beach, Virginia on the 28 day of
27 May , 1996.
28 APPROVED AS TO CONTENT APPROVED TO CONTENT
29 Finance Department City Treasurer
30 APPROVED AS TO LEGAL
31 SUFFICIENCY
32 Department of Law
33 F:\USERS\PLEJEUNE\LARRY\INVESTPL.RES
City Council Policy
Title Investment Policy Index Number: CP 0.00
Date of Adoption: 00/00/00 Date of Revision: 05/10/96 Page 1 of 2
1.0 Purpose and Need
The purpose of this policy is to provide a guide for the actions of individuals responsible for the investment of city funds.
In general, it is the policy of the city that its funds be invested in a manner which will provide the highest investment
returns only after the goals of maximum security/safety, meeting daily cash flow demands, and conformance with all
state and local statutes governing the investment of public funds have been met This policy is needed to ensure the
safe, orderly, and appropriate investment of city funds.
2.0 Policy
The city's investment policy is set forth in the attached document as it may be amended from time to time. This
document has been prepared based on standard finance industry guidelines and format, as established by the
Government Finance Officers Association and the Municipal Treasurers' Association
3.0 Procedure(s) to Accomplish Policy
The City Treasurer shall accomplish the objectives of this policy by investing the city's funds in accordance with the
various policy provisions as enumerated therein
4.0 Responsibility and Authority
The City Treasurer, who is the custodian of the city's monies pursuant to Section 8.03 of the Charter of the City of
Virginia Beach, shall have responsibility for the operation of the investment program. The City Treasurer shall follow
established written procedures and maintain internal controls for the operation of the investment program in a manner
consistent with this investment policy. Procedures should include references to safekeeping, delivery vs. payment,
investment accounting, repurchase agreements, wire transfer agreements, collateral/depository agreements, and
banking services contracts. No person may engage in an investment transaction except as provided under the terms
of this policy and the procedures established by the City Treasurer The City Treasurer shall be responsible for all
transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.
5.0 Definitions
Section XI of the policy includes a comprehensive "Glossary of Terms".
Title Investment Policy Index Number: CP 0.00
Date of Adoption: 00/00/00 Date of Revision 04/25/96 Page 2 of 2
5.0 Definitions
Section XI of the policy includes a comprehensive "Glossary of Terms".
6.0 Specific Requirements
This investment policy applies to the investment activities of all cash financial assets of the government of the City of
Virginia Beach, except for assets of the employee retirement system, the employee deferred compensation plan, funds
separately invested in accordance with bond resolutions or indentures (e g , debt service reserve funds, irrevocable
escrow funds established by a refunding bond issue, etc ), and funds required to be separately invested in accordance
with an escrow agreement, trust agreement, or other legally adopted contractual arrangement Funds sub@ect to this
policy are accounted for in the city's Comprehensive Annual Financial Report and include:
0 General Fund
a Special Revenue Funds
0 Capital Project Funds
0 Enterprise/Proprietary Funds
a Trust and Agency Funds
0 Debt Service Funds
d Any other fund created, unless specifically exempted by this policy or by separate action of City Council
Except as may be specifically noted herein, this investment policy applies to all transactions involving the financial
assets and related activities of all the foregoing funds.
Attachment Investment Policy
Approved as
to Content:
Drr'ect,T dmin(strator Date
Approved as
to Legal Sufficiency:
'@Att'orney Date
Reviewed by:
City Manager
APPROVED BY
CITY COUNCIL: Mayor Date
CITY OF VIRGINIA BEACH, VIRGINIA
INVESTMENT POLICY
PREAMBLE
The City Council, elected officials, appointed officers, and employees of the City
of Virginia Beach recognize their financial stewardship responsibilities to the citizens of
Virginia Beach. A critical area of this financial stewardship is the investment of the city's
cash balances, for which the City Treasurer bears primary responsibility. Recognizing
the advantages of a safe and effective investment program for the city's funds, the City
Council and City Treasurer jointly acknowledge the need for and hereafter accept this
investment policy, as it may be amended from time to time.
City of Virginia Beach, Virginia
Investment Policy
(Revised 4/25/96)
CITY OF VIRGINIA BEACH, VIRGINIA
INVESTMENT POLICY
TABLE OF CONTENTS
Page
I. Purpose ........ . I
II. Scope . @...... ..... . . I
111. Objective .... ...... .2
1. Safety.... 2
A. Credit Risk.. 2
B. Interest Rate Risk 2
2. Liquidity ....... 2
3. Yield.. ...... 3
IV. Standards of Care ........ . 3
1 , Prudence 3
2@ Ethics and Conflicts of Interest ..... 4
3 Delegation of Authority 4
V. Safekeeping, Custody, and Program Integrity ...... . 5
1 Authorized Financial Dealers and Institutions ...... . 5
2 Internal Controls ........@ 5
A. Control of collusion ........ . 6
B. Separation of transaction authority from accounting
and record keeping 6
C. Custodial safe keeping ......... 6
D. Avoidance of physical delivery securities ...... 6
E. Clear delegation of authority to subordinate staff members 6
F. Written confirmation of telephone transactions for
investments and wire transfer, 6
G. Development of a wire transfer agreement with the lead
bank or third party custodian 7
City of Virginia Beach, Virginia
Investment Policy
(Revised 4/25/96)
TABLE OF CONTENTS (continued)
PaRe
3. Delivery vs. Payment (DVP) ....... 7
4, Independent Review 7
VI. Suitable and Authorized Investments ......... 7
l Investment Types ......... 7
2 Collateralization ...... 8
3 Repurchase Agreements ...... 8
VII. Investment Parameters 9
1 Diversification ...... 9
2 Maximum Maturities 9
VIII. Reporting ........ 9
1 Methods 9
2 Performance Standards 10
3 Marking to Market 10
IX. Policy to
I Exemption 10
2 Amendments
X. GFOA Recommended Practices .........
XI. Glossary of Terms ....... 12
Appendices:
A. Virginia Security for Public Deposits Act.
B. Broker/Dealer Questionnaire and Certification.
C. Investment Guidelines for Bainkers' Acceptances.
D Investment Guidelines for Commercial Paper.
E. Government Finance Officers' Association Recommended Practices
Pertaining to Cash Management and Investment Activities.
F. Various Code of Virginia Provisions Pertaining to Investment of
Local Government Funds.
City of Virginia Beach, Virginia
Investment Policy
(Revised 4/25/96)
1. PURPOSE
The purpose of this policv is to provide a guide for the actions of individuals
responsible for the investment of city funds. In general, it is the policy of the city
that its funds be invested in a manner which "ill provide the highest investment
returns only after the goals of maximum security/safety, meeting daily cash flow
demands, and conformance with all state and local statutes governing the
investment of public funds have been met. In pursuing this objective, individuals
investing city funds are to be guided by the "pr(ideiit person rule". The prudent
person rule provides that,
'Investments shall be made with judgment and care--under circumstances
then prevailing--which persons of prudence, discretion, and intelligence
exercise in the management of their own affairs, not for speculation, but for
investment, considering the probable safety of capital as well as the probable
income to be derived.'
II. SCOPE
This investment policy applies to the investment activities of all cash financial
assets of the government of the City of Virginia Beach, except for assets of the
employee retirement system, the employee deferred compensation plan, funds
separately invested in accordance with bond resolutions or indentures (e.g., debt
service reserve funds, irrevocable escrow funds established by a refunding bond
issue, etc.), and funds required to be separately invested in accordance with an
escrow agreement, trust agreement, or other legally adopted contractual
arrangement. Funds subject to this policy are accounted for in the city's
Comprehensive Annual Financial Report and include:
m General Fund
m Special Revenue Funds
m Capital Project Funds
m Enterprise/Proprietary Funds
m Trust and Agencv Funds
m Debt Service Funds
m Any other fund created, unless specifically exempted by this policy
or by separate action of City Council.
Except as may be specifically noted herein, this investment policy applies to all
transactions involving the financial assets and related activities of all the foregoing
funds.
City of Virginia Beach, Virginia
Investment Policy Page 1
(Revised 4/25/96)
Ill. OBJECTIVE
The primary objectives, in priority, order, of the Citv's investment activities shall
be:
I Safety
Safety of principal is the foremost objective of the city's investment
program. Investments shall be undertaken in a manner that seeks to
ensure the preservation of capital in the overall portfolio. The goal is to
mitigate credit risk and interest rate risk.
A. Credit Risk
Credit risk is the loss due to the financial failure of the
security issuer or backer. Credit risk may be mitigated by:
Limiting investments to the- safest types of securities;
Pre-qualifyiiig the financial institutions, broker/dealers,
intermediaries, and advisors with which the city will do
business; and
Diversifying the investment portfolio so that potential losses
on individual securities will be minimized.
B. Interest Rate Risk
Interest rate risk is the risk that the market value of securities in the
portfolio will fall due to changes in general interest rates. Interest
rate risk may be mitigated by:
Structuring the investment portfolio so that securities mature
to meet cash requirements for ongoing operations, thereby
avoiding the need to sell securities on the open market prior
to maturity, and
By investing operating funds primarily in shorter-term
securities.
2. Liquidity
The investment portfolio shall remain sufficiently liquid to meet all
City of Virginia Beach, Virginia
Investment Policy Page 2
(Revised 4/25/96)
operating requirements that may be reasonably anticipated. This is
accomplished by structuring the portfolio so that securities mature
concurrent with cash needs to meet anticipated demands (static liquidity).
Furthermore, since all possible cash demands cannot be anticipated, the
portfolio should consist largely of se(-tiriti@s with active secondary or resale
marl<,ets (dynamic liquidity)
3. Yield
The investment portfolio shall be designed with the objective of attaining
a mar]-et rate of return throughout budgetary and economic cycles, taldng
into account the investment risi@ constraints and liquidity needs. Return
on investment is of least importance compared to the safety and liquidity
objectives described above. The core of investments are to be limited to
relatively low risk securities in anticipation of earning a fair return relative
to the risk being assumed. Securities shall not be sold prior to maturity,
with the following exceptions:
A declining credit securitv could be sold early to minimize
loss of principal
n A security swap which would improve the quality, yield, or
target duration in the portfolio, or
L,iqLiiditV needs of the poi-tfc)lic) require that an appropriately
selected s(-citi-itv b(- solci
IV. STANDARDS OF CARE
I Prudence
The standard of prudence to be used by the city's investment officials shall
be the "prudeiit person" standard and shall be applied in the context of
managing an overall portfolio. Investment officers acting in accordance
with written procedures and this investment policy and exercising due
diligence shall be relieved of personal responsibility for a specific security's
credit risk or marl-et price changes, provided negative deviations from
expectations are reported in a timely fashion and the liquidation or sale of
such securities is carriedOLIt in accordance with the terms of this policy.
As stated previously, the prudent person standard provides that,
'Investments shall be made x@thi Lidgeineiit and care, Linder circumstances
City of Virginia Beach, Virginia
Investment Policy Page 3
(Revised 4/25/96)
then prevailing, which persons of prudence, discretion, and intelligence
exercise in the management of their own affairs, not for speculation, but for
investment, considering tl)e probable safety of capital as well as the
probable income to be derived.'
2. Ethics and Conflicts of Interest
Officers and employees, including those involved in the City's investment
process, are governed by the State and Local Government Conflict of
Interests Act. Specifically, Code of Virginia §§ 2.1-639.4 (5) and (6) of the
Act provide that no officer or eiiiplovee shall:
(a) accept aiiv monev, lo@,iii, gift, favor, service, or business or
professional opporttinitv that reasonably tends to influence him in
the perforinaiic(- of ])is official duties, or
(b) accept anv business oi- professional opportunity when he Imows
there is i reasonable likelihood tli@it the opportunity is being
afforded to ijifltieti((- hiiii in tire performance of his official duties.
To ensure that persoi-ial investment or business transactions do not violate
these provisions or any other provision of the State and Local Government
Conflict of Interests Act, officers and employees must (1) familiarize
themselves \vitli this Act Fired (2) @'arefkiliv scrutinize how their personal
interests iiia,,, affect oi be :iffe(-teci 1) tti@ tiaiisict,iojis that are part of the
City's inn,estiiietit 1)1-0(ess
3. Delegation of Authority
The City Treasurer, who is the custodian of the City's monies pursuant to
§ 8.03 of the Chartei- of the Citv of Virginia Beach, shall have
responsibility for the operation of t.ht- investment program. The City
Treasurer shall follow established written procedures and maintain internal
controls for the operation of the investment program in a manner
consistent @vith this investment policy. Procedures should include
references to: safeleepiiig, deliverv vs. payment, investment accounting,
repurchase agreements, Nvire transfer agreements, collateral/depository
agreements, ind banl<iiig sei@ces contracts. No person may engage in an
ii-ivestment transaction except is pridvi(led tinder the ten-ns of this policy
and the procedures est@ii)lislied t)v the (.i (v -measurer. The City Treasurer
shall be responsible f-oi @ill traiisa(tioii,@ i,iii(lei-tal,,en and shall establish a
SVStelll Of Coll(]-()IS to IC@lli@ite the Of qlll)ordillate officials
City of Virginia Beach, Virginia
Investment Policy Page 4
(Revised 4/25/96)
V. SAFEKEEPING, CUSTODY, AND PROGRAM INTEGRITY
I Authorized Financial Institutions and Dealers
The City Treasurer will maintain a list of financial institutions and dealers
authorized to provide investment services Financial institutions shall be
"qualified public depositories" in accordance with provisions of the Virginia
Security For Public Deposits Act (Code of Virginia § 2.1-359 et seq.), as
amended (copy attached as Appendix A), and must be designated a city
depository in accordance with § 2-226 of the City Code. In addition, the
City Treasurer will also maintain a list of approved security broker/dealers
selected by creditworthiness (minimum capital requirement $ 1 0,000,000
and at least five years of operation), These may include "primary" dealers
or regional dealers that clualifv LincierSectitilit-s iii(i Exchange Commission
Rule 15C3-1 i)et capital itil(-i
All financial institutions and brol,,er/dealers wl)o desire to become qualified
bidders for investment transactions IIILIST supply the following as
appropriate:
atidited Financial statements
proof of National Association ot Securities Dealers (NASD)
certification
proof'of state registration
(completed City of Virginia Beach br(@ker/dealer questionnaire
arid (@ertificatiori of having read the city's investment policy
(Apl)(-iidi@N B)
An annual review of the financial condition arid registration of qualified
bidders will be conducted by the City Trt-aSLirei
2. Internal Controls
The City Ti-eas@irc-i is responsible tor establishing and maintaining an
intenial control structure designed Lo ensure that the assets of the city are
protected from loss, tlieft, or misuse The internal control structure shall
be designed to provide reasonable assurance that these objectives are met.
The concept of reasonable assurance rec@ognizes that (a) the cost of a
control should not exceed the benefits lil,:elv to be derived; and (b) the
City of Virginia Beach, Virginia
Investment Policy Page 5
(Revised 4/25/96)
valuation of costs and benefits requires estimates and judgements by
management. The internal controls shall address the following points:
A. Control of collusion. Collusion is a situation where two or more
employees are worliiig in conjunction to defraud their employer.
B. Separation of transaction authority from accounting and
record keeping. By separating the person who authorizes or
performs the transaction from the people who record or otherwise
account for the transaction, @A separation of duties is achieved.
C. Custodial safekeeping. Securities purchased from any bank or
dealer as %%,ell ,is ,ippropriat(@ collateral shall be placed with an
independent third i)artv lot (@isto(iial safeleeping.
D. Avoidance of physical delivery securities. Book entry securities
are much easier to transfer and account for since actual delivery of
a document never tales place, while delivered securities require
additional effort to be properl\, safeguarded against loss or
destruction 'T'he potential for ir@i@id and loss increases with
physically delivered sectit-iti(-,
E. Clear delegation of authority to subordinate staff members.
Subordinate Staff members must have a clear understanding of their
aut]-tority and tli@ii- responsibility to ;Avoid ii-nproper actions. Clear
delegation of authority also preserves the internal control structure
that is contingent on the vayiolis staff positions and their respective
responsibilities
F. Written confirmation of telephone transactions for
investments and wire transfers. Due to the potential for error
and improprieties arising from telephone transactions, all telephone
transactions slio@ild be supported L)y @vritten communications and
approved bv art appropriate officers Investment transaction
coii,iitikii)icatioi)s iiiav be transmitted via fax if on letterhead carrying
original signature and the safekeeping institution has a list of
authorized signatures 'Flic pertinent point is that there be no
iiiveii to i-v ofI)r(@-sigiie(i invest ii)(-i)t @ilil I)orizati onforitis whichcould
be t)iistise(i
City of Virginia Beach, Virginia
Investment Policy Page 6
(Revised 4125/96)
G. Development of a wire transfer agreement with the lead bank
or third party custodian. This agreement should outline the
various controls and seclirit- provisions and delineate
responsibilities of each partv tyial<lng and receiving wire transfers.
3. Delivery vs. Payment
All trades, when applicable, "ill be executed by delivery vs. payment
(DVP). This ensures that securities are deposited in the appropriate
safel,eeping institution prior to the release of funds. Securities will be held
by a third partv custodian as evidenced hv safekeeping receipts.
4. Independent Review
To help maintain integrity of the investment program, the City Treasurer,
with the Director of Finance, shall establish a process for annual
independent revie\v bv an external auditoi- to assure compliance with this
policy and its internal control procedur@
Vi. SUITABLE AND AUTHORIZED INVESTMENTS
I . Investment Types
Consistent with the Government l@iiian(-e Officers' Association (GFOA)
Recomn-tended Practice on State Statutes (@ot-icerning Investment Practices,
and as defiiied L)v state law where ipi)licable, t lie following investments will
be permitted I)V I his policv
U.S Government obligations, LJ.S. Government agency
obligations, and U. S. Government instrumentality
obligations, in accordance @vith § 2.1-328 of the Code of
Virginia.
Repurchase agreements, in accordance with § 2.1-328.8 of
the ('ode of Virginia.
(certificates of deposit, in accordance with § 2.1-329 and §
2.1-359 et seq. of the Cod(, of Virginia.
Savings iiid loan association deposits, in accordance with §
1 '329 ;tied § 2 1-3 51) et s( cl of the Code of Virginia.
City of Virginia Beach, Virginia
Investment Policy Page 7
(Revised 4125/96)
Prime bankers' acceptances, in accordance with § 2.1-328. of
the Code of Virginia and Appendix C (investment Guidelines
for Bankers' Acceptances) of this policy.
Prime commercial paper, in accordance with § 2.1-328.1 of
the Code of Virginia except as further restricted by Appendix
D (Investment Guidelines for Commercial Paper) of this
policy.
Investrnent-grade obligations of state and local governments
and public authorities, in accordance \vith § 2.1-328 of the
Code of Virginia.
Money marlet mutual funds whose portfolios consist only of
domestic securities, regulated by the Securities and Exchange
Coi-rimissioti and as provided for in § 2@ 1-328.9 of the Code
of Virginia.
Virginia Local Government Investment Pool as provided for
it) § 2.1-234 1 et seci of th@@ ('ode of Virginia.
Consistent with the Government Finance Officers' Association (GFOA)
Recommended Practice on LJse of F)erivatives by State and Local
Governments, extreme caution should be exercised in the use of derivative
instruments 'f'lie City 'Freasurei should carefully consider the factors
outlined in the GFOA recommended practice when contemplating any
defivative-tyl)e investment (See GFOA Recommended Practices, Appendix
E).
2. Collateralization
In accordance with Virginia law (Virginia Security for Public Deposits Act,
§ 2.1-359 et seq. of the Code of Virginia) and the GFOA Recommended
Practice on the Collateralization of Public Deposits, collaterization will be
required on two tv
@ pe of investments certificates of deposit and repurchase
agreements.
(See GFOA Recommended Practices, Appendix E)
3. Repurchase Agreements
Use and collateiiliz@itioii of rel)tir(-Iiase agreements should be consistent
with GFOA Recoii)iii(@i)cleci Pri(7t i(es ori RepLircliise Agreet-nents
(See GFOA Recommended A[)pei-idix E)
City of Virginia Beach, Virginia
Investment Policy Page 8
(Revised 4126196)
VII. INVESTMENT PARAMETERS
I . Diversification
Investments are to be diversified by security type and issuing institution in
accordance with the provisions of this policy.
2. Maximum Maturities
Generally, the City Treasurer shall limit maximum final stated Maturities
of investments covered by this poli to five years. To the extent possible,
the Treasurer will attempt to match investments with anticipated cash flow
requirements. Unless matched to a specific cash flow, the Treasurer VAII
not directly invest in securities maturing more than five (5) years from the
date of purchase, The Treasurer shall determine what the appropriate
average weighted maturity of the portfolio should be.
Reserve and escrow funds may be invested in securities exceeding five (5)
years to maturity if the maturities of such investments are made to
coincide as nearly as practicable with the expected use of funds. The
investi-nent of these types of funds shall be disclosed to the City Council
including the disclosure of appropriate time restrictions, if applicable
VIII. REPORTING
1. Methods
The City Treasurer shall prepare an investment report at least quarterly,
including a succinct i-nanagement summary that provides a clear picture of
the status of the current investment portfolio and transactions made over
the last quarter. This management summary will be prepared in a manner
which "ill indicate whether investment activities during the reporting
period have conformed to the investment policy. The report shall be
provided to the City Manager and City Council. The City Council may
require additional information oi clarification from the City Treasurer
either oi-all\, oi- in @vritiiig, 'I'lie report will include the follo@ving:
A listiiig of the aiiio(i,it and type (as defined in Section VI,
I herein) of individ@ial s(-ctirities held at the end of the
reporting period.
City of Virginia Beach, Virginia
Investment Policy Page 9
(Revised 4/25/96)
Unrealized gains or losses resulting from marl-,et price
appreciation or depreciation by listing the cost and market
value of those securities over one-year duration that are not
intended to be held until maturity,
Average weighted yield to inatufity of the investment
portfolio.
The percentage of the total portfolio which each type (as
defiiied in Section VI. hereir)) of investment represents.
2. Performance Standards
The investment portfolio will be i-nariaged in accordance with the
parameters specified ivitliiii this policy The portfolio should obtain a
market average rate of return during a niarket/economic environment of
stable interest rates. Portfolio performance should be compared to
appropriate benchmarl(s on a regular basis and at least annually in one of
the quarterly reports due to City C,)ttll(7i
3. Marking to Market
A statement of the iiiarlet value (obtained from a reputable and
independent Source) of the portfolio shall be prepared and reported to the
City Manager and City Council at least quarterly. This statement should
include the market value, bool,, value, and unrealized gain or loss on each
investment in the portfolio. 'this will ensure that the minimal amount of
review has been performed on the investment portfolio in terms of value
and subsequent price volatility. Review should be consistent with the
GFOA Recommended Practice on Marl@-to-Market Practices for State and
Local Goveriiiiiej)i Investment P(:)rtfc)lio,@ Iiid Investment Pools.
(See GFOA Recommended Practices, Appendix E)
IX. POLICY
I Exemption
Any investment held at the time of idoptioii of this policy that does not
meet die guidelines and requirements of this policy shall be exempted from
such guidelines and requirements. At illattifitv or liquidation, such monies
shall be reinvested oiilv as provided by this Policy
City of Virginia Beach, Virginia
Investment Policy Page 10
(Revised 4/25196)
2. Amendments
This policy shall be reviewed jointly by the City Treasurer and Director of
Finance on an annual basis or more frequently as necessary. Any changes
must be approved by the City Council.
X. GFOA RECOMMENDED PRACTICES
The Government Finance Officers'Association (GFOA) develops and approves
policy statements and recommended practices pertaining to cash management and
investment activities (see Appendix E). These policy statements and
recommended practices are intended to serve as guidelines for state and local
governments and other public bodies in the safe investment of public funds. To
the extent that GFOA's policy statements and recommended practices, as they
may be amended and/or adopted from time to time, do not conflict with
applicable law, the provisions of this investment policy, or the safe, orderly, and
efficient investment of the city's funds, the city rreasurer shall incorporate them
into the city's investment program
City of Virginia Beach, Virginia
Investment Policy Page 1 1
(Revised 4/25/96)
Xi. GLOSSARY OF TERMS
AGENCIES: Federal agency securities. BOND: A written, interest bearing
certificate of debt with a promise to pay
ARBITRAGE: A technique employed to on a specific date.
take advantage of price differences in
separate markets. This may be BROKER: A broker brings buyers and
accomplished by purchasing a security sellers together for a commission
in one market and immediately selling in
another market at a better price. As CERTIFICATE OF DEPOSIT (CD): A
used in the context of investing public time deposit with a specific maturity
funds, arbitrage means borrowing at low evidenced by a certificate. Large-
tax-exempt rates and investing in demonination CD's are typically
taxable instruments at higher rates. negotiable
The arbitrage rebate provisions of the
1986 tax reform act govern this type of COLLATERAL: Securities, evidence of
activity. deposit or other property which a
borrower pledges to secure repayment
ASKED: The price at which securities of a loan. Also refers to securities
are offered. pledged by a bank to secure deposits of
public ironies
BANKERS'ACCEPTANCES(BAs):
Negotiable time drafts drawn on COMMERCIAL PAPER: Business
commercial banks to finance the import, promissory notes, with a stated date of
export, shipment and storage of goods. payment, which are usually sold at a
Bankers acceptances are backed by the discount and are backed by the general
credit of the bank, which assumes credit of the company. The credit of
primary liability. The acceptance is commercial paper may be enhanced by
further collateralized by the goods in letters of credit from one or more banks.
shipment or storage. Purchase of a Commercial paper is generally for terms
bankers' acceptance requires taking of less than 270 days; longer corporate
delivery of a physical instrument. obligations are referred to as notes or
bonds and are subject to a greater
BASIS POINT: One-one hundredth of degree of regulation.
one percent. For example, one quarter
of one percent would be expressed as COMPREHENSIVE ANNUAL
"twenty-five basis points" FINANCIAL REPORT (CAFR): The
official annual report for the City of
BID: The price offered by a buyer of Virginia Beach It includes combined
securities. (When you are selling statements for each individual fund and
securities, you ask for a bid ) See Offer ac@count group prepared in conformity
vvit@i GAAF, It also includes supporting
City of Virginia Beach, Virginia
Investment Policy Page 12
(Revised 4/25/96)
schedules necessary to demonstrate DERIVATIVE: A financial instrument
compliance with finance-related legal created from or whose value depends
and contractual provisions, extensive on (is derived from) the value of one or
introductory material, and a detailed more underlying assets or indexes of
Statistical Section. asset values. The term "derivative
products" refers to instruments or
COMPENSATING BALANCE: A features such as collateralized
minimum level of deposits maintained in mortgage obligations (CMOs), interest-
one or more non-interesting bearing only (10s) and principal-only (POs),
accounts at a bank to defray the costs forwards, futures, currency and interest
of the banking services. rate swaps, options, floaters/inverse
floaters and caps/floors/collars,
COUPON: (a) The annual rate of
interest that a bond's issuer promises to DISCOUNT: The amount or percentage
pay the bondholder on the bond's face at which a security sells below par
value. (b) A certificate attached to a value. For example, if a bond with a
bond evidencing interest due on a $1 000 par value sells for $900 the
payment date. discount is $1 00 or 1 0%.
DEALER: A dealer, as opposed to a DISCOUNT SECURITIES: Non-interest
broker, acts as a principal in all bearing money market instruments that
transactions, buying and selling for his are issued at a discount and redeemed
own account. at maturity for full face value; e.g.. U.S.
Treasury Bills
DEBENTURE: A bond secured only by
the general credit of the issuer DIVERSIFICATION: Dividing investment
funds among a variety of securities
DELIVERY VERSUS PAYMENT (DVP): offering independent returns.
There are two methods of delivery of Diversification is a means of reducing
securities: delivery versus payment and risk in an investment portfolio
delivery versus receipt. Delivery versus
payment, or DVP, is delivery of D.K.: "Don't know". If the delivery of a
securities coincident with an exchange security fails because the trustee was
of money for the securities. Delivery not informed to take delivery or because
versus receipt is delivery of securities the security is delivered for a different
with an exchange of a signed receipt for amount than agreed upon, the trade is
the securities. Delivering securities '[)K'ed meaning refused.
"DVP" means that funds are not
released by the trustee until the security D.T.C.: The Depository Trust Company
is delivered either in physical form or (D TC) of New York acts as the
through DTC. reposit@)ry for all securities which are
electro@iic as opposed to physical
deliver These include all U S
City of Virginia Beach, Virginia
Investment Policy Page 13
(Revised 4125/96)
Treasury and agency issues and certain purchases include a variety of
issues of commercial paper. adjustable mortgages and second
loans, in addition to fixed-rate
FEDERAL CREDIT AGENCIES: mortgages. FNMA's securities are
Agencies of the Federal Government highly liquid and are widely accepted.
set up to supply credit to various FNMA assumes and guarantees that all
classes of institutions and individuals security holders will receive timely
e.g., S&Ls, small business firms, payment of principal and interest,
students, farmers, farm cooperatives
and exporters. FEDERAL OPEN MARKET
COMMITTEE (FOMC): Consists of
FEDERAL DEPOSIT INSURANCE seven members of the Federal Reserve
CORPORATION (FDIC): A federal Board and five of the twelve Federal
agency that insures bank deposits, Reserve Bank Presidents. The
currently up to $1 00,000 per deposit. President of the New York Federal
Reserve Bank is a permanent member,
FEDERAL FUNDS RATE: The rate of while the other Presidents serve on a
interest at which Fed funds are traded. rotating basis. The Committee
This rate is currently pegged by the periodically meets to set Federal
Federal Reserve through open-market Reserve guidelines regarding
operations purchases and sales of Government
Securities in the open market as a
FEDERAL HOME LOAN BANKS means of influencing the volume of bank
(FHLB): The institutions that regulate credit and money.
and lend to savings and loan
associations The Federal Home Loan FEDERAL RESERVE SYSTEM: The
Banks play a role analogous to that central bank of the United States
played by the Federal Reserve Banks created by Congress and consisting of a
vis-a-vis member commercial banks seven member Board of Governors in
Washington, D.C., 12 regional banks,
FEDERAL NATIONAL MORTGAGE and about 5,700 commercial banks that
ASSOCIATION (FNMA): FNMA, like are members of the system.
GNMA, was chartered under the
Federal National Mortgage Association GOVERNMENT NATIONAL
Act in 1938. FNMA is a federal MORTGAGE ASSOCIATION (GNMA or
corporation working under the auspices Ginnie Mae): Securities influencing the
of the Department of Housing and volume of bank credit guaranteed by
Urban Development (HUD). It is the GNMA and issued by mortgage
largest single provider of residential bankers commercial banks, savings
mortgage funds in the United States and loan associations, and other
Fannie Mae, as the corporation is institutions Security holder is protected
called, is a private stockholder-owned by full faith and credit of the U S
corporation. The corporation's G@,lvernriient ('3innie Mae securities are
City of Virginia Beach, Virginia
Investment Policy Page 14
(Revised 4/25/96)
backed by the FHA, VA or FMHM MONEY MARKET: The market in which
mortgages. The term "passthroughs" is short-term debt instruments (bills,
often used to describe Ginnie Maes commercial paper, bankers'
acceptances, etc.) are issued and
JUMBO CD: A certificate of deposit of traded.
at least one hundred thousand dollars.
MUNICIPAL OBLIGATION: A security
LIQUIDITY: A liquid asset is one that issued by a state or local government,
can be converted easily and rapidly into public authority, or similar entity. These
cash without a substantial loss of value. obligations are generally exempt from
In the money market, a security is said federal income tax. Taxable municipal
to be liquid if the spread between bid obligations are issued by localities or
and asked prices is narrow and authorities for non-public purpose
reasonable size transactions can be projectc,
done at those quotes.
OFFER: The price asked by a seller of
LOCAL GOVERNMENT INVESTMENT securities (When you are buying
POOL (LGIP): The aggregate of all securities, you ask for an offer.) See
funds from political subdivisions that are Asked and Bid.
placed in the custody of the State
Treasurer for investment and OPEN MARKET OPERATIONS:
reinvestment. Purchases and sales of government and
certain other securities in the open
MARKET VALUE: The price at which a market by the New York Federal
security is trading and could presumably Reserve Bank as directed by the FOMC
be purchased or sold in order to influence the volume of
money and credit in the economy
MASTER REPURCHASE Pi-irchases inject reserves into the
AGREEMENT: A written contact banking system and stimulate growth of
covering all future transactions between money and credit; sales have the
the parties to repurchase--reverse of)posiie effect Open market
repurchase agreements that establishes operatii)ns are an important and flexible
each party's rights in the transactions. Fi@dera Reserve monetary policy tool.
A master agreement will often specify,
among other things, the right of the PAR VALUE: The value of a security as
buyer-lender to liquidate the underlying expressed on its face without
securities in the event of default by the consideration of any premium, discount,
seller-borrower. or accr@.jed interest. Par value is also
known as "face amount" or "face value"
MATURITY: The date upon which the
principal or stated value of an PREMIUM: The amount by which the
investment becomes due and payable price paid 'or a security exceeds the par
v@il@ie
City of Virginia Beach, Virginia
Investment Policy Page 15
(Revised 4125/96)
PORTFOLIO: Collection of securities interest rate. A reverse repo is the
held by an investor. opposite or complement to a repurchase
agreement transaction-i.e., every repo
PRIMARY DEALERS: Government involves a reverse repo by the other
securities dealers which submit daily party to the transaction-
reports of market activity and positions
and monthly financial statements to the SAFEKEEPING: A service to customers
Federal Reserve Bank of New York and rendered by third party banks for a fee
are subject to the Fed's informal whereby securities and collateral of all
oversight. Primary dealers include types and descriptions are held by the
Securities and Exchange Commission bank for protection.
(SEC)-registered securities broker-
dealers, banks, and a few unregulated SECONDARY MARKET: A market
firms. made for the purchase and sale of
outstanding issues following their initial
PRINCIPAL: The amount paid for a sale arid distribution.
security exclusive of accrued interest SECURITIES & EXCHANGE
RATE OF RETURN: The yield COMMISSION (SEC): Agency created
obtainable on a security based on its by Congress to protect investors in
purchase price or its current market securities transactions by administering
price securities legislation.
REPURCHASE AGREEMENT (REPO): SEC RULE 15C3-1: See Uniform Net
In a repo, a holder of securities sells the Capita Rule
securities to an investor with an
agreement to repurchase them at a TIME DEPOSIT: A bank deposit
fixed price on a certain date The drawing interest at intervals and having
security "buyer" in effect lends the a restrictive level of withdrawals, e.g., a
"seller" money for the period of the savings account
agreement, and the terms of the
agreement are structured to TREASURY BILLS: A discount security
compensate him for this. Dealers use issued by the U.S. Treasury to finance
repos extensively to finance their the national debt. Most bills are issued
positions. to mature in three months, six months,
cr one vear
REVERSE REPO: In a reverse repo, an
investor owns securities, such as a TREASURY BOND: Long-term U.S
Treasury note. U.S. government agency Treasury securities having initial
bond or other security, that a bank or maturities of more than 10 years
dealer purchases under an agreement
to sell back to the investor on a TREASURY NOTES: A medium-term
specified date, at an agreed-upon interest bearing security issued by the
City of Virginia Beach, Virginia
Investment Policy Page 16
(Revised 4/25/96)
U.S. Treasury to finance the national ZERO BALANCE ACCOUNT: A
debt. demand deposit account in which no
cash balance is maintained overnight.
TREASURY OBLIGATIONS: Securities As checks drawn on the account are
representing obligations backed by the presented, the funds necessary to pay
full faith and credit of the United States. them are transferred from a master
Treasury bills are short-term obligations account at the same bank. Zero
(3 months to I year), treasury notes are balance accounts are used to control
medium-term obligations (1 to 10 float or provide account separation for
years), and treasury bonds are long- specialized purposes.
term obligations (1 0 to 30 years)
UNIFORM NET CAPITAL RULE:
Securities and Exchange Commission
requirement that member firms as well I @OSERS\PI N@.\[.AkKrINVESTPL.WPD
as non-member broker-dealers in
securities maintain a maximum ratio of
indebtedness to liquid capital of 15 to 1,
also called net capital rule and net
capitalratio. Indebtednesscoversall
money owed to a firm, including margin
loans and commitments to purchase
securities, one reason new public debt
issues are spread among members of
underwriting syndicates. Liquid capital
includes cash and assets easily
converted into cash
U.S. AGENCY SECURITIES:
Obligations issued by agencies
established by the United States
government. These obligations are
regarded as being almost as risk free as
direct treasury issues because the
federal government supervises and
regulates the issuers and is regarded as
having a moral obligation to ensure
repayment
YIELD: The rate of annual income
return on an investment, expressed as a
percentage.
City of Virginia Beach, Virginia
Investment Policy Page 17
(Revised 4/25196)
APPENDIX A
Virginia Security For Public Deposits Act
C ER 23,
VIRGINIA SECURITY FOR PUBLIC DEposiTs ACT.
Sft.
2.1-359. Declaration of legislative intent; positor's rights; payment Of 9-4
short title received fmm distribution of as,
2.1-360. Definitions. sets,
2.1-361. Public deposits Lo be secured as pro 2 1 366 Deposit of public funds in qualified
vided in this chapter. public depository mandatory.
2.1-362. Collateral ror public deposits. 2.1-367 Authority to deposit public funds.
2.1-363. Procedure for payment of lwscs 2@ 1-368 Authority to secure public deposits;
where depository is bank- acceptance of liabilities and duties
2.1-363.1. Procedure for payment of losses by public depositories.
where depository is savings be nk 2.1-369 Reports of public depositories.
or savings and loan association
2.1-364. General powers of @ea3ury Board. 2 1-370 liability of treasurers or public de-
2.1-365, Subrogation of Treasury Board to de positors
§ 2.1-359. DCCILLration of legislative intent; short title. - The General
Assembly intends by this chapter to establish a single body of law applicable to
the pledge of security as collateral for public funds on deposit W financial
instftuti6ns so that the procedure for securing public depositi may be uniform
throughout the Commonwealth.
This chapter may be cited as the Virginia Security for Public Deposits Act
2.1-359 et seq.). (1973, c. 172; 1984, C. 135
Law Review. - For survey of Virginia law
an municipal corporations for the year 1972-73,
59 Va. L. Rev 1548 (1973),
2.1-360. Definitions. - As used in this chapter, unless the context
otherwise requires:
(a) The term "public deposit'shall mean moneys of the Commonwealth or of
any county, city, town or other political subdivision thereof, including money@
of any commission, institution, committee, board or officer of the Foregoing and
a neys are deposited in
a deposit is required by
0 of ihe public depositor.
ory'shall mean any national bankinig
a association or federal savinp bank
14 company or savings and loan assmia-
t ves or holds p@blic deposits which
all include, but shall not be limited to,
the failure or ef sal of any qualified public depository to return any public
498
§ 2.1-361 ADMINISTRATION OF GOVERNMENT GENFRALLY § 2 1 362
deposit upon demand or at maturity and the issuance of an order of super-vi-
sory authority restraining such depository from making payments of deposit
liabilities or the appointment of a receiver for such depository.
(d) "7)-easury Board" shall mean the Treasury Board of the Commonwealth
created by § 2.1-178.
(e) The term "eligible collateral" shall mean securities of the character
authorized as legal investments under the laws of this Commonwealth for
public sinking funds or other public funds and securities acceptable under
United States Treasury Department regulations as collateral for the security
of treasury tax and loan accounts.
(O In the case of a bank, the term "required collater-al'of a qualified public
depository shall mean a sum equal to fifty percent of the actual @ublic deposits
held at the close of business on the last banking day in the month immediately
preceding the date of any computation of such balance, or the average balance
of all public deposits for such preceding month, whichever is greater. In the
case of a savings and loan association or savings bank, the term "required
collateral" of' a qualified ifublic depository shall mean a sum equal to 100
percent of the average de y balance for the month immediately preceding the
date of any computation of such balance of all public deposits held by such
depository but shall not be less than 100 percent of the public deposits held by
such depository at the close of business on the last banking day in such
preceding month,
(g) The terms "treasurer" and "public depositor" shall mean the State
Treasurer, a county, city, or town treasurer or director of finance or similar
officer and the custodian of any other public deposits secured pursuant to this
chapter (1973, c. 172, 1984, c. 135; 1987, (@ 718.)
l,aw Review. For su@ey of Virginia law
on niuri,cipal corporations for the year 1972-73,
sce,59 Va 1, Re, 1548 (1973)
§ 2.1-361. Public deposits to be secured as provided in this chapter.
- Upon and after January 1, 1974, all public deposits in qualified public
depositories which are required to be secured by other provisions of law or by
a Public depositor shall be secured pursuant to this chapter. (1973, c. 172.)
§ 2.1-362. Collateral for public deposits. - Every qualified public
depository shall deposit with the State Treasurer, or, with the approval of the
Treasury Board, with the Federal Reserve Bank of Richmond or any other
bank or trust company located within or without this Commonwealth, eligible
collateral equal to or in excess of the required collateral of such depository to
be held subject to the order of the Treasury Board. Eligible collateral shall be
valued as determined by the Treasury Board. Substitutions and withdrawals
of eligible collateral may be made from time to time under regulations issued
by the Treasury Board. Each qualified public depository shall, at the time of
the deposit of eligible collateral, deliver to the State Treasurer a power of
attorney authorizing him to transfer any registered securities deposited, or
any part thereof, for the purpose of paying any of the liabilities provided for in
this chapter. Notwithstanding any other provisions of law, no depository shall
bc, required to give bond or pledge securities in the manner herein provided for
the Purpose of securing deposits received or held in the trust department of the
depository and which are secured as required by § 6.1-21 or which are secured
pursuant to Title 12, § 92a of the United States Code by securities of the
classes prescribed by § 6.1-21.
No qualified public depository shall accept or retain any public deposit which
Is required to be @cured unless it has deposited eligible collateral equal to its
491,
§ 2@ I 363 (,ODF. (@F VIR(;INIA § 2.1-363 1
requir(@ci Ollat(,r@il with @ome I)rop(@r (le[)ository pursuant to this chapter
(1973, ( 172 )
§ 2.1-363. Procedure for payment of losses where depository is
bank. - When the Treasury Board is advised by any treasurer or otherwise
determines that a default or insolvency has occur-red @th regard to a qualified
public depository which is a bank, it shall as promptly as practicable make
payment to the proper treasurer of all funds subject to such default or
insolvency, pursuant to the following procedures
(a) The Treasury Board and the treasurer shall ascertain the amount of
public funds on deposit with the o.ualified public depository in default or
insolvent which are secured ursuant to this chapter, either with the coopera-
tion of tl)e Commissioner o@Financial Institutions or receiver appointed for
such depository or by any other means available, and the amount of deposit
insuran@c applicable to such deposits.
(b) The amount of such public deposits ascertained as provided in (a), net of
applicable deposit insurance, shall be assessed by the @easury Board First
against the depository in default or insolvent to the extent of the full realizable
current market value of the collateral deposited by it to secure its public
deposits @inci second, to the extent Lli@it such collateral is insufficient to satisfy
the liability of tl)e depository upon its deposits secured pursuant Lo this
chal)t(!r igainst each of the other qualified public depositories according to the
ratio which the @iverage daily balance for each month of the secured public
deposits held by the depository during the twelve calendar months immedi-
ately preceding the date of the defiult or insolvency with respect to which the
assessment is made bears to the total -xverage daily balance for each month of
all sectirf!(i public deposits held by a]] qualified public depositories which ,ire
batiks. oL@i(li- tll;ill the defaulting depository, during those twelve calendar
months
(c) by tlic'l'rt@;istiry lioir(i shall be payable on the second
busin(!.@:@ day loll,)witil, demand, @in(i in case of the failure of any qualified
public depository to pay such assessment when due, the State @easurer shall
forthwith tnke possession of the eligible collateral deposited with him or with
the Federal Rcs(@rve Bank of Richmond or other bank or trust company
pursuant to this chapter and liquidate the same to the extent necessary to pay
such qssessment and turn over such amounts received to the @easury Board.
(d) tj.pon receipt of such assessment, payments or the proceeds of the
eligible collateral liquidated to pay such assessments from the State@ensurer,
the rreisury Board sh@ill reimburse the public depositors to the extent of the
deposi tory's deposit liability to th(@ni, net f,f :Irly Ipplicable deposit insurance.
(1973, c t72, 1978. c 14, 1984, c 1:@)
Law Review. P'or su"ey of Virginia 11,@
on municipal corporftlions for Lhe year 1972 73
@e 59 Vn [, @ 1548 (1973)
§ 2.1-363.1. Procedure for Payment of losses where depository is
savings bank or savings and loan association. - When the @casury
Board is advised by any treasurer or otherwise determines that a default or
insolvency has occurred with regard to a qualified public depository which is a
savings bank or t iavings and loan association. it shall as promptly as
practicable make payment to the proper treasurer of all funds subject to suct,
default or insolvency, puriuant to the following procedures:
I The Treasury Board and the treasurer shall ascertain the amount Of
public fun(li on deposit with the qualified public depository in default or
insolvent which nr(@ 9(-ctired pursuant to this chapter, either with the coopers-
.500
, , , , t, I - ,\ @ f,t@hi) r;@ I I if l@Al J , ' 1 IJ66
t II) Li)( fit I @,, , @ , t I @ ,, , fI1 1 1 ;'II( I @ II III @ LI t (I( I , i i.@ ...Iv(" lil)f)ol['Le(l for
so ( I) (I (- I)Os Ito ry I) y ; I I I,
in.@ur,ince to @,,( t@l(@ ;IfTIOLint of (](,,)OSit
h
2 The @in ii)tji)( @)t ,,( 11 j...
I ofthi seclic)n iiet ,[ deposit ifisuranc(,, @hall be assessed by
th(, Treasury Board ign 1,@t the depository in (Jcfau]L or insolvent The State
easurer ghall fortil-ilt@i Lake pos.@(,.@ion of @ucli of the eligible collateral
del)(i,qited by such @vit.11 hiin. or with any other depository pursuant
to this cha;)tcr, ;is I% Lo satisfy the assessment of the Treasury Board
and shall ii(juid:tt(, th(@ @iiid turn over the proceeds ttiereoftothe@easury
Board.
3 tjpon r(,cQjl)t fr,)iii tlif @eas,ir,r of the 1)aym(@rits or proceeds of the
li(@ll (I; tell Lo 1)@iy such i.@essm(-nLb from the StaLe@easurer,
Liie 'fre,,isury 13o@ii d Iit@l)urw the public depo.@itor.@ Lo the extent of- the
(i(@po@itor Y, (J( I rii. )(,t ,f
lr,
I)o@ (-r, )f 134,al(l ['II,-
'11) ni@ik( iii(I 1)rol)(,r Lo Lli(@ full ;ind
coii1pieLL- perforrii:tri(@c of it,@ lu;ictiojis uii(J(-r this chapter.
(b) 'lb pr@ci-ii)e regulations fixing terms @ind conditions consistent witl) tf)is
cll:il)Ler under @%lllicli I)ul)li@ d(,I)osiL.,; may 1)(, rec('iv(-(i ind held.
(c) 'I'o re(juirt, cl) collateral in (@xc(n.@ of tli(@ r(-qtjjred coll@iteral
of ;illy (Iti;lllfi( (I (fi-i)o.@ito,Y, of ;illy .111(3 ;III @li( 1) (I(@I)o.@itori('@ :i@@ it rally
I)r@i,i( fit LI)(, ( ircuill,@L;tiit(--
%vioitii il)c (it @ 2 1 360 (t.) wli;tl @ecuriLtes
;[, ( ;I'd Lo fix Lli(- F)erceiiL;ige of face vtlue
or iii;irk(,L @(-curiLi(@s that c;ifi be used to secure public deposits;
((I) 'I'o qkj;ilificcl public depository to furnish sucil information
Coll( (.r [allies i(@, f I IC a@@ I( shall re(lu(..St Itl(i
[,o (1, t, , II,, @vl)(.I) .1 (@rtri@olvericy li;i.% o< ,Iri(l Lo Lake 7;kich
i,iii ;,,, I ,I: , . ?) Illll@ ;,I)I, (I, 114. (ollectiorl, coli,lironii,@,, or
11, if 11, I "I ii I;t@ilt , I I l@@ol@f,r)(y (107@i, 7 2
... ........... ........ 19'12 71
.9 V,. I II, ]'I? I
2.1 :I(i@ ogz,tioyl of 'I'reltsury liourd to (Iel)osiLor'.4 rights; Pay-
merit of .4titzis r(@( from distribution of aq.%ctq. - (Ipon payment in
full LI) ;Illy I)tll,ii( fill- '@(,@tsury Board shall be stibrogated to all of
such (lef)o@itf,r , tiL((, @ir)(I interest against Lh(! depository in default or
insolvent ;Itl(l Haiti) it, @iny distribution of its assets ratably witf, other
depositors Any rect@iv(@d from any such distribution shall be paid to the
other qualified i)ul)ij(- against which assessments were made. in
proportion to @ucti isNessrnerits, net of any proper expense of the Treasury
Board in enrorcin@: ally tich claim (197:1 c 172
O,, n@u,@,,,pal co@r.Ll-@' f.1 Lhl Y@.1 1972 7 t
@P 59 V@ 1, @- I' 4H l')7 1 @
@ 2-1 @f public funds it, qualified public dcf)onitory
@llicli I, L(, he @ecured pursuant to
@)O I
§ 2.1-367 CODE OF VIR(;INIA § 2.1-370
this chapter shall be made except in a qualified public depository. (1973, c.
172.)
§ 2.1-367. Authority to deposit public funds. - All treasurers and
public depositors are hereby authorized to deposit funds under their control in
qualified public depositories securing public deposits pursuant to this chapter.
(1973, c. 172.)
§ 2.1-368. Authority to secure public deposits; acceptance of liabili-
ties and duties by public depositories. - All institutions located in this
Commonwealth which are permitted to hold and receive public deposits are
hereby authorized to secure such deposits in accordance with this chapter.
Any institution accepting a public deposit which is required to be secured
pursuant to this chapter shall be deemed to have accepted the liabilities and
duties imposed upon it pursuant to this chapter with respect to such deposit.
(1973, c. 172.)
Law Review. - For survey of Virginia law
on municipal corporations for the year 1972-73
we 59 Va. L. Rev. 1548 (1973)
§ 2.1-369. Reports of public depositories. - Within ten days after the
end of each calendar month or when requested by the @easury Board each
qualified blic depository shall submit to the Treasury Board a written report,
under oat@ indicating the total amount of public deposits held by it at the close
of business on the last banking day in the month, and the average daily
balance for the month of all secured public deposits held by it during the
month, and a detailed schedule of pledged collateral at its current asset value
for purposes of collateral at the close of business on the last banking day in the
month as well as any other information with respect to its secured public
deposits that may be required by the Treasury Board. Each qualified public
depository shall also furnish at the same time to each public depositor for
which it holds deposits and which makes a written request therefor a schedule
of the secured public deposits to the credit of such depositor as of the close of
business on the last banking day in the month and-the total amount of all
secured public deposits held by it upon such date. (1973, c. 172; 1979, c. 154.)
§ 2.1-370. Liability of treasurers or public depositors. - When depos-
its are made in accordance with this chapter no treasurer or public depositor
shall be liable for any loss thereof resulting from the failure or default-of any
depository in the absence of negligence, malfeasance, misfeasance, or nonfea-
sance on his part or on the part or his assistants or employees. (1973, c. 172.)
Law Review. - For su@ey of VirLnnia la.
on municipal corporations for the year 1972 73
me 59 Va@ L. Rev 1548 (1973)
.502
APPENDIX B
Broker/Dealer Questionnaire and Certification
City of Virginia Beach
Broker/Dealor Questionnaire and Certification
1 Name of Firm
2. Address
(Local) (National Offices)
3@ Telephone No
(Local) (National Headquarters)
4. Primary representatvelmanager/partner-in-charge
Name Name
Title Title
Telephone No. Telephone No.
5 Are you a primary dealer in U.S. Government securifles?
( ) Yes ( )No
6. If so, for how long has your firm been a primary dealer? ears.
7, What was your firm's total volume in U.S. Government and agency securities trading last year?
Firm-wide $ Number of transactions
Your local office $ Number of transactions
B. Which instruments are offered regularly by your local desk?
T-bilis BAs (domestic)
Treasury notes/bonds BAs (foreign)
Agencies (specify) Commercial paper
Bank CDs
S&LCDS
Instrumentalities Other (specify)
Page I
Broker/Dealer Questionnaire and Certification Appendix B (continued)
9@ Identify all personnel who will be trading with or quotng securities to Virginia Beach employees.
Name Title Telephone No.
(ATTACH RESUMES OF ALL THE ABOVE PERSONS)
10. Which of the above personnel have read Virginia Beach's investment policies?
it. Please indicate which agents of your firm's local offices currently are licensed, cerfifim or
registered, and by whom.
@ent Licensed or registered by
12. Please identify your public-sector clients in our geographical area who are most comparable to our
government.
Entitv Contact Person Telei)hone No. Client since
13. Have any of your public-sector clients ever sustained a loss on a securities transaction arising from
a misunderstanding or misrepresentation of the risk characteristics of the instrument? If so,
explain.
14. Have any of your public-sector clients ever reported to your firm, its officers or employees, orally or
in writing, that they sustained a loss on a single year-a consecutive 12 month period) exceeding ten
Page 2
Broker/Dealer Questionnaire and Certification Appendix B (continued)
15. Has your firm ever been subject to a regulatory or state or federal agency investigation for alleged
improper, fraudulent, disreputable or unfair activities related to the sale of government securities or
money market instruments? Have any of your employees ever been so investigated? Explain.
16. Has a public-sector client ever claimed In writing that your firm was responsible for Investment
losses? Explain.
17. Please include samples of research reports that your firm regularly provides to public-sector
clients.
18. Please explain yournormal custody and delivery process. Who audits these fiduciary systems?
19. Please provide certified audited financial statements and other indicators regarding your firm's
capitalizauon.
20. Describe the capital line and trading limits that supportaimk the office that would conduct business
with \Arginia Beach.
21. What training would you provide to our employees and Investment officers?
22. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy guidelines?
As of this date, does your firm comply with the guidelines? Has your capital position ever fallen
short? By what factor (1.5x, 2x, etc.) does your firm presently exceed the capital adequacy
guidelines? Include certified documentation of your capttaf adequacy as measured by the Federal
Reserve standards.
Page 3
23. Do you participate in the SIPC insurance program? If not explain why not.
24. What portfolio information do you require from your clients?
25. What reports, transactions, confirmations and paper trail will we receive?
26, Enclose a complete schedule of fees and charges for various transactions.
27. How many and what percentage of your transactions failed last month? Last year?
28. Describe the precautions taken by your firm to protect the interests of the public when dealing with
governmental agencies as investors.
-CERTIFICATION-
I hereby certify that I have personally read the investment policies and objectives of the City of Virginia
Beach and have implemented reasonable procedures and a system of controls designed to preclude
imprudent investment activities arising out of transactions conducted between our firm and \Arginia Beach.
All sales personnel will be routinely informed of the city's investment objectives, horizon, outlook, @ies,
and risk constraints whenever we are so advised. We will nofity you immediately by telephone and In writing
in the event of a material adverse change in our financial condition. We pledge to exercise due diligence In
informing you of all foreseeable risks associated with financial transactions conducted with our firm. I attest
to the accuracy of our responses to this questionnaire.
Signed:
Date:
(Countersigned by company president or person in charge of government securities operafions.)
Pagp. 4
APPENDIX C
Investment Guidelines for Bankers'
Acceptances
City of Virginia Beach
Investment Guidelines for Bankers' Acceptances
The following terms and conditions shall apply to investment in banl-ers' acceptance:
I Prime bankers' acceptances must be issued by domestic banks with a minimum
long term debt rating of "AA" or foreign banl-s with a "AAA" long term debt
rating by a majority of the rating services that have rated the issuer. The short
term debt rating must be at least "AI" or equivalent by all of the rating services
that rate the issuer (minimum of two ratings must be available).
2. Prime bankers' acceptances shall not exceed fifty percent (50%) of the total
investment portfolio's book value on the date of acquisition. The amount
invested in any one commercial bank pursuant to this paragraph cannot exceed
fifteen percent (15%) of the book value of the portfolio on the date of
acquisition or $15,000,000, whichever is less
3. Prime banlers' acceptances must be eligible for purchase by the Federal
Reserve System as required by TCA 9-4-602(a)(1). A prime bankers'
acceptance must have an original maturity of not more than two hundred
seventy (270) days to be eligible for purchase and it i-nust:
a. Arise out of'tlieCLirretit shipment ot goo(i,@ between countries or within
the United States, or
b. Arise out of storage within the United States of goods under contract of
sale or expected to move into the channel of trade within a reasonable
time and that are secured throughout their life by a warehouse receipt or
similar document conveying title to the underlying goods.
City of Virginia Beach, Virginia
Investment Policy
(Revised 4/25/96)
APPENDIX D
Investment Guidelines for Commercial Paper
City of Virginia Beach
Investment Guidelines for Commercial Paper
The follovang terms and conditions shall apply to investment in commercial paper:
I Prime commercial paper must have a maturity that does not exceed two
hundred seventy (270) days.
2- Acquisition will be monitored to assure that no more than five percent (5%) of
the portfolio book value at the date of acquisition, or $15,000,000, whichever
is less, shall be invested in prime commercial paper of a single issuing
corporation. The total holdings of an issuer's paper should not represent more
than 5% of the issuing corporation's total outstanding commercial paper.
3 Purchases of prime commercial paper shall not exceed thirty-five percent (35%)
of the portfolio book value at the date of acquisition.
4 Purchases must be limited to corporations that meet the following criteria:
a. If the corporation has senior long term debt, it must have a minimum
rating of "A" or equivalent and a short term debt minimum rating of
'Prime I" or "A- I" or equivalent as provided by a majority of the rating
services that rate the issuer. If there is no long term debt rating of the
issuer, the short term debt rating must be "Prime I" or "A-1" or
equivalent bv all of the rating services that rate the issuer. Under all
circumstances, a minimum of two short i ei in debt ratings must be
available
b. The commercial paper rating must be based on the merits of the issuer
or guarantee/agreement of a non-bank corporation, and not be bacied
by a letter of credit or insurance from a third party.
C. Financial information should be obtained for reference on all
corporations issuing commercial paper owned bv the City of Virginia
Beach.
4. Issues may be acquired from authorized bi-oler/dealers or directly from an
eligible issuer.
5. Prime commercial paper of depository institutions or of a holding company
thereof shall not be held as part of the city's investment portfolio. Investments
in banks should be as a depositor rather than as a creditor. Other finance
company commercial paper is eligible for investment pursuant to the credit
guidelines previously described.
City of V ia
lnve nt olicy
(Revised 4/25196)
APPENDIX E
Government Finance Officers' Association
Recommended Practices Pertaining
to Cash Management and Investment
Activities
Government Finance Officers Association
Recommended Practices Pertaining to
Cash Management and Investment
Activities
(as of July 1, 1995)
1 Governmental Relationships with Securities Dealers (I 986)
2. Repurchase Agreements ( 1 9 8 6)
3. Collateralization of Public Deposits (I 987 and 1993)
4. Use of Various Types of Mutual Funds by Public Cash Managers (I 987)
5. Federal Regulation of Investment Advisers (I 992)
6. State Statutes Concerning Investment Practices (1992)
7. Use of Derivatives by State and Local Governments (I 994)
8. Market Risk (Volatility) Ratings (1995)
9. Reverse Repurchase Agreements, Leveraging, and Prudent Investment Practices
for Cash Management (I 995)
10. Mark-to-Marlet Practices for State and Local Government Investment
Portfolios and Investment Pools (I 995)
11. Master Trust and Custodial Bank Security Lending Programs (I 995)
12. Use and Application of Voluntary Agreements and Guidelines (I 995)
City of rginia Beach, Virginia
Investment Policy
(Revised 4/25/96)
GOVERNMENT FINANCE OFFICERS ASSOCIATTON
Policy Statement and Recommended Practice
CTovernmental Relationships with Securities Dealers (1986)
Goverrunental investors are expected to protect public funds from losses arising from
default and to ensure that securities are purchased and sold at the best price available in the
competitive marketplace. Special care is therefore required in selecting depositories and securities
dealers for purposes of investment transactions. The GFOA reconunends that:
1. Depositories, custodians, and dealers be selected or qualified through competitive
procedures, including requests for proposals for banking services.
2, Securities dealers conducting transactions with governments] entities be required to comply
with the Federal Reserve Bank of New York'@ capital adequacy guidelines as a condition
of doing business. Before investing public funds, governmental investors should obtain
compliance certifications from the dealer and an ii)dependent auditors
3. Governmental investors secure acknowledgment from their depositories and dealers that
they have received written copies of their investment policies, portfolio risk constraints, and
investment trading requirements
4 Goverwnental investors be aware of reasonably foreseeable risks of market price loss,
illiquidity, noranarketability, or default of investment instruments before they purchase
them Additionally, securities dealers have @t responsibility to disclose unreasonable risks.
5 Governmental investment officials seek competitive prices and yield quotations on
investment securities prior to executing tran-,actioii.@
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Policy Statement and Recommended Practice
Repurchase Agreements
Repurchase agreements (repos) are the sale by a bank or dealer of a govenuacat
security with the sim@itanCOU5 aprcement to repurchase the security on a later date. Rcpos
arc commonly used by public entities to secure money market rates of interest.
T'hc Government Finance Officers Association (GFOA) affirms that repurchase
agreements are an intcerai part of an investment propram of state and locai-eoven=ents.
FunhcrTnorc. public finance officers are encouraged to develop policies and procedures to
insure the saterv of such investments.
Governmental entities and investment officers should exercise special c3uuon in
selecting parties with whom they will conduct repurchase transactions. and be able to
identify the parties actina as principals to the transaction.
Proper collateralization practices are necessary to protect the public funds invested
in repurchase agreements. Risk is sigrLificanEiv reduced by delivery of underlying securities
through physical delivery t)r safekeeping \vith the purchascr's custodian. Over-
collatcralization. commonly called "liaircuts." or marking-to-markcl practices should be
mandatory procedures.
To protect public funds.-thc GFOA will work with securities dealers. banks. and their
respective associations. Lo promote improved repurchase avrcemcni procedures throulzh
masicr rcpurcnasc al!rcemcnts that protect purchasers interests. universal standards for
delivery procedures. and written risk disclosures.
GFOA rcconuncnds vencrat use of mastcr repurchase agreements. subject to
appropriate teeal and tcchni@cal r@cw. Governments using the -prototv
pe agreement
developed by the Public Securities Association should include appropriate supplemcnt2i
provisions regarding delivery, substitution, margin maintenance. marizin amounts. selicr
representations and governing law.
Despite contractual agreements to the contrary, receivers, bankruptcy courts and
federal aeencies have interfered with the liquidation of repurchase agreement collateral.
Therefore, the GFOA encourages Congress to eliminate statutory and regulatory obstacles
to perfected securiry interests and liquidation of repurchase collateral in the event of
default.
Adopted June 3, 1986
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Recommended Practice
Collateralization of Public Deposits
Saferv of public funds should be the foremost objective in m 9 public
CoUaterai'=tion of public deposits throuch pledeing of appropriate securities is the ouivwav
to fuuv gurantee the safetv of such depOSI'ES.
Additionailv. public entities should implement program- of prudent risk control.
Such proeraim could include a formal depository risk policy. credit anaivsis;fnd use of fully
secured investments.
Statcwide coilatcraiization E)roerams have vcncrailv proved to be cost effective and
beneficial for both the public scctor and its depositories. In the absence of an effective
statcwide collateral proi!ranl local officials should establish and implement collaterah=tion
procedures.
Adopted: June 2. 1987
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Policy Statement and Recommended Practice
Collateralization of Public Deposits
Ile Financial Institutions Reform. Recovery, and Enforcement Act of 1989
(FMR@) imposes certain limitations on collateral aercemenes between financial
institutions and public entities to provide adequate collateral for public entities to secure
sizeable public unit deposits- Recent judicial opinions indicate that, under certain
circumstances. the Federal Deposit Insurance Corporation (FDIC) would thus be able to
avoid a perfected securirv interest and leave the public depositor with only, the.right to share
with other creditors in the rzir distribution of the LsseLs of a failed institution.
FRRREA provides that a LiC.DOSitor s securir -v agreement which tends to di@sh or
defeat the inecrest of the FDIC in an asset acquired bv it as receiver of an insured
depository shall not bc valid against the FDIC u[Ucss the alrccmcni (1) is in writinp, (2) was
executed bv the depository institution and any person clainu'ng adverse interest thereunder.
contemporaneously with the acquisition of the asset bv the depository institution. (3) was
approved by the board of directors of the depository or its loan comrrutice and (4) has been.
continuously, from the time of its execution. an official record of the depository institution.
In addition. FIRRE.,K also appears to offer no other right to a public entity when a
sccuritv agreement is deemed unenforceable other than as a r distributes of the
assets of the failed financial institution.
T'he (juvcrnmcni Finance Officers Association (GFOA) urees state and local
government depositors to take all Dossible actions to compiv with the FIRRE.-K requirements
in order to ensure that their sccuritv interests in collateral pledeed to secure deposits arc
enforceable 2s!ainst the receiver ot a failed financial institution.
GFOA stronizly urees that federal statutory and regulatory limitations which restrict
the sovereign abilitv of public entities to protect collateralized funds be removed.
Adopted: %4av 4. 1993
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Recommended Practice
Use of Various Types of Mutual Funds by Public Cash Managers
Government cash minnocrs can sometimes benefit from investing public funds
throuizh rceulated mutual funds. Portfolio diversification. liquidirv and professional
manaizement are desirable features of these investment vehicles. Investors using mutual
f-Lmds should studv the fund's prospectus and statement of additional information to
determine
the iniezritv and experience of the investment company.
,ales ices and operating CXDCNSCS.
fundamental portfolio policies. and
portfolio composition-
Government cash manap-ers should use special care when investing in bond mutual
funds. %Iutual funds investing exclusively in short- and intermcdiate-term instruments maY
be appropriate investments in some j urisdictions. However. mutual funds investing in long-
term securities should be avoided bv investors of short-term funds. Market price risks could
impair the saictv of assets. which is the foremost objective of public cash managers.
the Government Finance Officers Association has endorsed the use of monev market
mutual funds bv public casn manapers throueh the association s model investment legislation
for state and local vovernmcnts. -niis statement is intended to clarifv and stjoplcmcnt the
Goverrunent Finance Officers /\ssociation's model legislation.
Adopted: June 2. 1987
GOVERNMENT FINANCE OFFICERS ASSOCLATION
Policy Statement and Recommenced Practice
Federal Regulaiton of Investment Advisers
Some state and local &!overriments have augmented their investment programs by
retairiins! investment advisers to perform various portfolio servi .ces ranging from advicc-onl'v
consultation to fwlv discretionary manaizement- in manv cases.
the results of these
engagements have been favorable. but there have also been . cases of reported investment
losses resulting from government units transacting business with certain investment
advisers. Urdike the hii-zhly re@ated bank trust and mutual fund sectors. federal rcgiLLatory
inspection of independent investment advisers is presently infrequent and relatively
superiicial
T'he (-;uvcrnmcn( Finance Officers Association (GFOA) has consistcneiv recom-
mcnded that state and local Povcrnments exercise caution in their selection oi investment
advisers and implement an on-going risk control management program. The Association
urges governmental cntitt .es considering or retai@ng independent investment advisers to
carctwiv review the credentials. procedures. and controls of firms offering investment
advisory -i@ccs. Recommended precautionary measures include delivery versus payment.
third-parrv ctlstodv arranizemcnis. prohibitions against self-dcalini-zl audits. iimciv
reconciliations. and other appropriate internal control m@ures.
GFOA supports federal legislation amcndin(z the Investment Advisers Act of 1940
to provide the additional resources and authority required bv the Securities and F--chanac
Conunission to pertorm more t .rcciucne inspections and more thorough oversight of advisers
who conduct transactions invoivinl, governmental funds. GFOA turthcr rcconuncnds that
%uch lel!isiation include CXDRCSS SUltabifitv ana bonuinl, requirements for investment advisers.
Adopted: June 23. 1992
GOVERNMENT FINANCE OFFICERS ASSOCIATTON
Recommended Practice
State Statutes Concerning Investment Practices
.Manv state and local _governments have improved their cash management and
investment practices in order to increase the rate of return on invested public @ds. Some
state and local laws and practices inhibit the abilities of state and local governments to
benefit from safe and high-vieldinp investment instruments,
The Government Finance Officers Association encourages state legislatures to
remove artificial restrictions upon the efficient investment of public funds bv:
1. .kmendini! state statutes relulatini! local eoverrimcni investment aulhontv to
permit prudent investment ot public funds in prime monev market instruments
and investment securities. such as: U.S. GoverrunenE obligations. U.S.
Government aecncv obligations. U.S, GuvernmenE iristrumentalirv obligations.
Canadian government obligations (payable in local currencv repurchase
agreements. certificates of deposit. savings and loan association deposies.
prime bankers acceptances. prime commercial paper. investment-grade
obligations of state. provincial and local governments and public authorities.
and money market mutual funds regulated by the Securities and Exchange
Commission and whose portfolios consist oniv of domestic securities.
Authorizins! and encouraging the efficient. professional investment of public
funds in statcwiu Ic investment pools to take advanla,2c of portfolio
diversification and liquiliirv. In addition to statc-administercd investment
pools. states snould effcceiveiv promote investment pools throuvh joint powers
statutes and other intereovernmcntal a2recmcni" Iceislation.
Adopted: June @l. 1992
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Recommended Practice
Use of Derivatives by State and Local Governments
A derivative is a financial iristnimene created from or whose value depends on (is
derived from) the value of one or more underlying assets or indexes of asset values. The
term "derivative product5" refcrs to instruments or features such as couatera&ed mortgage
obligations (CMOs), intcrest-onlv (10s) a-ad principai-oniv (POs), forwards, ftinires, currency
and interest rate swaps, options. hoaters/invcrse floaters.'and caps/floors/collars. State and
local govcn=ents are potential users of derivatives in their roles as debt, cash. and pension
fund m=a2crs.
T'hc Government Finance Officers Association (GFOA) urges Poverrunent @ce
officcrs to exercise extreme caution in the use of dcrivaEiVC instruments and to consider their
use oniv when thcv have developed a sufficient understanding of the products and the
expertise to manage thcrrl Because new derivative products are increasingly complel state
and local governments considering derivatives should use thcse instruments oniv if they can
evaluate the following factors. among others. to determine the appropriateness of derivative
use for their jurisdiction:
1. Government entities must observe the objectives of sound assct and liability
management policies that ensure safetv, liquidity. and yicld. Because of the risks
involved. the ore of derivatives bv governmcne entities should receive p@cular
scrutinv. Certain derivative products mav not be appropriate for all government
investors. Characteristics of such products can include:
high price volatilirv,.
illiquid markets.
products that are not market-tested-.
highly leveraged products:
products rcquirinp a hi2h dczrce of sophistication to manage,. and
products that arc difficult 10value.
Z. Government entities should understand that state and local laws mav not specifically
address the use of derivatives. T'hcrcforc. =aivsi's should include an C Lion of
considcrauorls. such as:
The constitutional and statutory allEhorirv of the goverrunental enuty to
execute derivative contracts.
The potential for violating constitutional or statutory provisions limiting the
entirv7s authority to incur debt resulting from the transaction.
The application of the Government entitv's procurement statutes to derivative
transactions.
3. GoverTuncnt entities should be aware of the risks incurred as a result of use of
derivatives. These include. in addition to lceal risk. counterparrv credit risk. custodial
risk. market ri@ settlement risk and operating risk,
4. Gover=cnt entities should establish internal controls for each tv
. pe of derivative in
use to ensure that these risks are adequately managed. F-,campics include:
'ne cntirv should provide a written statement of purpose and objectives for
derivative use.
Written procedures should be established that provide for periodic monitoring-!
t)f derivative instrumcnes.
Managcrs should have sufficient expertise and technical resources to oversee
derivative prograrm. Periodic training should be provided.
Rccor(jkccpins! systems should be sufficiently dc@icd to allow governing
bodies, auditors. and examiners to detcrrmnc if the program is functioning in
accordance with established objectives,
Manas!crs should report rceutariv on the use of derivatives to their goveminp
body. and appropriate disclosure should be made in official statements and
t)thcr disclosure documents.
Reportini! on derivative use should be in accordance with generally accepted
accounting principles. Because use of these instruments is a complex matter-
early discussion with public accountants is essential. Specialized reporting
may be required.
5. Government entities should be aware if the broker or dealer with Whom thev are
d@a is merely acting as an acent or intermediary in a derivative transaction or is
taking a propn Ictarv position. Any possible conflic't of interest should be @n into
cotfsideration before enteriniz into a transaction.
6. Goverrunent entities should be aware that there may be little or no pricing
information or st=dardizaeion for some derivatives. Competitive price comparisons
are recommended before enterine into a transaction.
7. Government entities should exercise caution in their selection of brokers. dealers or
investment manaecrs and ensure that these aizents are knowledgeable about.
understand. and provide disclosure regarding the use of derivatives. including benefits
and risks. The entiry should secure written acknowledgement from the broker or
dealer that thev have received. read. and understood the entity's debt and invesunent
.policies. including whether derivatives are currcntiv authorized under the entir/s
investment policv. and that the broker, dealer or investment mingger has ascertained
that the recommended product is suitable for the goverrunent entitv
S. Govcrnzncnt entities arc responsible for ensuring this same level of safeguards when
derivative transactions are conducted bv a third parrv actinsz on b@half of the
governmental entitv.
Adopted: June 7.1994
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Recommended Practice
v
Market Risk (Volatility) Ratings
Gover=cnEs have lonq relied on credit ratinc!s as an independent analytical source to gauge
the credit risk of an investment option- However. credit risk analysis alone is not sufficient to
safeauard auainst the assumption of other risk components. including market. interest rate. and
liquidity risks.
The Ciovernment Finance Officers Association (GFOA) encourages investors to auement
information they receive from brokers. dealers or advisors %vith indet)cndent research when
conductinl due dililencc of potential investments. Information sources include historical tradinl,
ranl,cs. trend and volume data. brokeracc firm research. cash flow and present value analysis. and
credit ratines and research.
Through the sccuriti=ion and structuring process. AAA rated securities and funds also may
carry extreme market and other risks that arc xvhollv unaddressed by credit ratines, Rating agencies
now provide market risk r3tinLs that evaluate the %volatility of the security under a wide range of'
potential interest rate and mortc!agc prepayment scenarios.
Risk components. such as interest rate. prepayment- credit. spread and liquidity. and cuffencv
risks arc analyzed to assess how aegrcssivclv the fund uses derivatives and leveraging. and what
risks their use presents to fund manalers and investors in the fund. Results indicate the decree of
ix)tcnital %-amiability in the prospcctix-c fund performance. I listorical pcrtidrmance and volatility of
fund returns relative to appropriate benchmarks also arc e%,alUaLcd.
.Market risk ratinls when also applied to individual collateralized mortoagc oblientions
(CaMOs) provide a useful benchmark to Lovcnuncni entities as they establish Luidclincs lbr ptudcnt
'derivative investments.
manalcment of
GFOA cncourat!cs investment in only those funds that seek market risk ratings from rating
agencies to provide comprehensive disclosure of risks to public investors. \Ithouah volatility
ratines currently are not mandatory. public investors may wish to consider limiting their investments
to C&MOs and funds that have received favorable volatility ratings from a nation2liv recognized
rating! at!cncv.
Adopted: June 13. 1995
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Recommended Practice
Reverse Repurchase Agreements, Leveraging,
and Prudent Investment Practices for Cash Management
Losses of' public funds have occurted as the result of' the inappropriate use of reverse
repurchase iE!reemenLs (reverse repos) in leveracina portfolios to increase investment rem= and
as a result of other unsound investment practices.
In a reverse repo- an investor owns securities. such as a Treasurv note. U.S. govenunent
al,cncv bond or other securicv. that a bank or dealer purchases under an aercemene to sell back to the
investor on a SDCCiiicd date- at an ac!reed-upon interest raec
[Zcvcrse rcpos Lencrull.v have tnvo basic uses: first. rc%,ersc rcpos mav be one %vav to avoid
liquidatint! a portfolio to MCCE unexpected or immediate cash flow requirements. This
!otraightfor%vard use ol'thc instruments is accepted bv most public finance officers as a legitimate
cash mm=emene practice.
T'he second. potentially more controversial. use ol'thc reverse repo is (o enhance portfolio
throuch the purchase of securities 1-inanccd throuah repurchase transactions. The cash
obtained can then be invested in another hic!hcr-vicidinc instrument. T'he conservative and prudcnt
approach to this use of reverse rcpos involves short-term contracts in which the term of the reverse
repo is matched with the maturitv of the reinvestment
l@evcrsc repo proceeds L-encrall.v should not be jn%,csted in securities whose matuntv does
not match the term of the re%-crsc repo. I:or example- borrowing short to lend long.! can produce
losses in adverse markets. 1-urthcr. the possibility exists that other factors can Lo %vrong, such as
@ult bv the dealer or adverse market chanlcs that erode the value ol'thc undcrivinlt securities.
rhc @;c ot'rc%,crsc repos should be considered oniv bv entities that have the expertise and
resources required to succcss@I]v cnc!at!c in the technique, \dditionaliv state smtutcs may prohibit
or discourage the use ot'rc%,crse rcpos. The (-iuvemment Finance Officers Anmi2tion (GFOA)
advises Lovcrruncnt officials who encase in reverse repos to verify whether such Uses of reverse
rcpos arc lc@iv sanctioned.
Other concerns that have been raised about such investment practices include pumhwint!
tics on mart!in (bv borrowine hmds from a countcrparry), selling securities short (by borrowing
the sceurttv from a third partv and scitine in anticipation ot'higher interest rates 1. purchasing lone-
teffn bonds %vith short-ten-n t-unds. and tradina futures contracts without an exact offsetting cash
market position. GFOA discourac!cs public officials from enc!aging in such invesemcnt Pracuces.
GOVERNMENT FINANCE OFFICERS ASSOCIATTON
Recommended Practice
Mark-to-market Practices for State and Local Government Investment Portfolios
and Investment Pools
As the investment portfolios of- state and local Governments are subjected to increased
scrutinv. it is essential that reporting standards be enhanced so that investors. governing bodies and
the public remain informed of the current market value ot'the portfolio.
State and local Government officials responsible lor investment portfolio reporting should
determine the market Value ot'all securities in the pont'olio on at least a quarterly basis. Tlicsc values
Nliould be obtained trom a reputable and independent source and disclosed to the coveming bodv
%)r other oversight bodv at least quaricriv in a %vnticn report. It is recommended that the report
include the market value. book value and unrealized gain or loss of the securities in the portfolio.
,Manv state and local L!ovemTnent officials are allowed to invest in various state and local
govenuncnt investment pools available in their state or Tcvion. Pool administrators should. on at
least a monthiv basis. determine the market value of all sccurieics in the pool and report this
information to all pool participants on at least a quarterly basis. Tlicsc values should be obtained
1'rom a reputable and independent source. This information should be included in the report to the
-,-oveminL bodv prepared on at least a quancrlv basis.
\doptcd: Iunc 13. 1995
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Recommended Practice
Master Trust and Custodial Bank Security Lending Programs
The fcndine ot'securities helps to maintain an orderiv market while providing incremental
income to the participant. Brokcr/dcalers borrow primarily to cover fails (the non-delivery of a
security expected to be delivered on a date certain) and short sales (the sale of a secuziry not
presently owned by the seller in order to take advantage ot- an expected lower market price) and to
execute arbttraec @actions- Their preferred partners in these transactions arc tho master trust and
custodial banks since their hu(!c portfolios basically otter 'onc-seop shoppina.-'
:ks pan of their trust and custody management services. banks. like other money manai!ers.
s)tfcr to lend securities owned bv institutional clients to brokers in cxchanac for collateral. The
collateral. which is usually cash. is reinvested at a rare hipher than the rebate rate paid to the broker.
The resultant, proceeds arc subsequently split bct%veen the lendina agent and the client.
A security lendinc transaction is similar to a reverse repurchase transaction 2nd subject to
many ot'thc same risks. kvhilc the indemnifications oifcrcd may varv, the lendina agreement may
provide that broker credit risk. broker dct@ult risk. and collateral maintenance arc risks undertaken
by the lendinl agent. The decree of risk assumed by the lendini! agent cencraliv is reflected in the
split of proceeds. LcndinL al!cnt credit risk. lendinc! alcni default risk and collateral reinvestment
risks arc undcrmk-cn by the institutional client-
Liquidity requirements arc oticn accepted bx, and uuarantecd by the lendinl, alcnt upon one
Jay % notice. as substitution ot the tendinl, client in larlc lendinl prolrams is casil.v accomplished
and essentially riskless. llrolrams that require the client to undertake responsibility tidr manaoing
the li4uiditv present Lrcatcr risks and require that the client place limits on the amount ot'thc
poritidlio which may be put on loan. Flic term ot'the securities on loans and the reinvestment ol'the
proceeds must be c arel'ullv cseablished by the client and strictly manalcd.
Unsound collateral reinvestment practices can result in some master trust and custodial
banks incumns! losses on behalf' of' their institutional security lending program customers-
Additionally. rapidly chancing interest rates. lendine short and investing lona. investing in
speculative derivatives. and pavine a fixed rebate rate %vhilc investing in floating rebate rate
@tics under adverse market conditions are examples of situations that can produce investment
losses.
Master Trust and Custodial Bank Security Lending Programs
%Vhilc investment StrZLtCeieS that include sccuritv IcndinLi programs a not i dv
when cmploved judiciously %vith ap' m nheren risky
propnatc precautions and controls. the Govermnent Finance
Officers Association i GFOA) urc!cs Lovernment officials to e.,(ercisc extreme caution in their use of
securitv lendine prourams. Ilrior to pani
cipatin-e in a securitv Icndin2 proaram. finance officers
should carefully evaluate
%vhcthcr sccuniv lendini! is lec!ailv permissible under state statute and the
jurisdiction's %vnttcn investment poiicv,
the terms ot'the lendine agreements.
the indemnitication provisions.
the reinvestment cuidclines and icrms oi the lendina. includint! the ma@tv of loans
as well as the securities purchased.
the liquidity provisions and risks.
the credit risks to be undertaken. and
the resources required to monitor compliance %vith the agreement.
Adopted: June 13. 1995
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Recommended Practice
Use and Application of Voluntary Agreements and Guidelines
The Government Finance Officers Association (GFOA), workiniz with other state and local
public interest groups and the President's Workint! Group on Financial Markets. has committed to
(1) promote the use of model investment euidclinesi (2) provide educational materials: (3) conduct
trainint! proc!rams: (4) share information and relevant guidelines developed bv federal rcgtllators:
and (5) identifv possible rcuulatorv or oversight issues.
Representatives ot'all sectors of the investment conunuiiitv arc undcrmkine voluntary efforts
to clafit'N, the relationship oi par-tics to investment transactions. Examples ot'such undertakings bv
the brokcridcalcr indUSErV arc the Derivatives Policv (iroup Volun@ Ovcrsiaht Framework and the
Principles and Practices ti)r %Vholesaic Financial Market Transactions. Ecampies of'such initiatives
on the investor side are the GFOA Sample BrokeriDcalcr Agreement and sample investment
policies and lcc!islation.
Public investors should consider carc@llv the manv avrcements and guidelines in use which
mav affect a public entitv's richts and responsibilities in a given transaction. Some of these
documents contain [elal assumptions that mii!ht affect the %,aliditv of a transaction. Others would
require certain statements to be in %vrttini! in order to be effective. :klthoulh the enforceability ot'
such L!utdclincs is uncertain. state and local Povcrnmcni investors should be a%vare of .their existence
.ind the possibility that their countcrpariics mav be opcratine under these or similar Luidclincs.
(IFOA recommends ttiati
I tioverruncntat investors be aware of the federal. state and local laws that govem investment
contracts and alrccmcnts. as wcl I as statutes and reculations affecting suitability obligations
of broker/dcalers. which require that a brokcr/dealer should oniv recommend a product after
that brokeridcalcr has tak-cn steps to determine that it is suimbic for the customer
2. Govefftmenmi investors use the GFOA-developed Broker/Dealer Request for Information.
Sample At-,rccment for Secunties Service and (Optional) Statement ot'Work in dealing with
brokers and dealers. modified as necessary, %vhich have been formulated spcciricaliv by and
for state and local government investors:
Governmental investors use the GFOA-developcd Sample Aprecment for Investment
Advisorv Services %vhcn contracting for investment advisers: and
Use and Application of Voluntary Agreements and Guidelines
Gover=enml investors Protect their existing smtutory and mgulawry rights by ensuring tU
such rights are not inadvereenItiv waived through the use of "boiler-plate" language in
contMCES with counterpareics.
Adopted-. June 13. 1995
APPENDIX F
Various Code of Virginia Provisions
Pertaining to Investment of Local
Government Funds
CHAPTER 18
INVESTMENT OF PUBLIC FUNDS.
see
2.1-327. Legal investments for p,ll,l.c ,inking 2.1-328@8, [t@v,@-%LmcnL of funds in overnight.
funds L,.m and open rep@tha3e &gm,
2.1-328. Legal investments for other Public menl%
funds. 2.1-328.9. Investment of certain public mon-
2.1-328.1. Investment of funds of Common- eys in money market funds.
wealth. political subdivisions. and 2 1-328.10 investment of funds in corporate
public bodies in 'pnme quality' notes.
commercial paper 2@1-328.11 Investment of funds in obligations
2.1-328.2. (Not set out.] or foreign sovereign govem-ents-
2.1-328.3. Investments by local governments
2-.1-328.4. investment of funds by State '@ea 2,1.328@ 12 Investments by transportation
surer in bankers' acceptances; co
guidelines 2 1-328.13 Investment of funds in asset-
2.1-328.5. Investment n certifcal" repre- backed securities.
senting ownership of treasury 2.1-329. Depositofpublicfundsnotaninvest-
bond principal at matu-LY or its m@nt; authorized deposits.
coupons for accrued pe.odn 2 1-329.01 Collateral and safekeeping ar-
2.1-328.6. @urities lending rangemenls.
2.1-328.7. Investment of funds by State @eg- 2 1.329.1 Liability of Lmasurem or public d@
surer in first lien d@ds of trust on posilors.
residential Property
2.1-327. Legal investments for public sinking funds. - The COM,
monwealth, all public officers, mu@cipal corporations, other political subdivi-
sions and all other public bodies of the Commonwealth may invest any sinking
funds belonging to them or within their control in the following securities:
462
§ 2 1 328 ADMINISTRATION OF GOVERNMENT GENERALLY
1 Obligations of the (,OMMonwealtli Bonds, notes and other evidences of
indebtedness of tii(@ Commonwealth, and securities unconditionally guarELn-
t by the Commonwealth
teed as to the payment of principal and intereg er obliga-
Bonds, notes and Oth
2. Obligations of the United States, etc d as to the
tions of the United States, and securities unconditionally guarantee
payment of principal and interest by the United States, or any agency thereof.
The evidences of indebtedness enumerated by this subdivision may be held
directly, or in the form of repurchase agreements collateralized by such debt
pen-end or closed-e.nd manage-
securities, or in the form of securities of any o under the
ment type investment corn any or investment trustore stereo
rtr
Investment Company Act o@1949, provided that the p O,,o of such invest-
ment company or investment trust is limited to such evidences of indebted-
ness.
3. Obligations of Virginia counties, cities. et,. - Bonds, notes and other
s of indebtedness of any county, city, town. district, authority or other
evidence . provided,
public body of the Commonwealth upon which there is no default,
that such bonds, notes and other evidences of indebtedness of any county, city,
town, district, akitliority or other public body are either direct legal obligations
of, or those unconditionally guaranteed as to the payment of principal and
interest by the county, city, town, district, authority or ottier ublic body in
question'and revenue bonds issued by agencies a - thorities orthe Common-
wealth or its political subdivisions upon which
4. Obligations of International Bank for Rec( clopment,
Asian Development Bank and African Developrr and other
obligations issti(@d, guaranteed or assumed b@ Bank for
Reconstruction in(I Development, bonds and oti d uaran-
teed or assumed by the Asian Development a@5 other
obligations issue(], i,tiaranteed or assumed by the African Deve ment Bank.
5 S;ivitig qccotirits or time deposits. Savingi accounts or ti
any bank or saviyii,,s @in(i loan association within this Commonw
such bink or savings and loan association is approved for the d
funds of the C<)nimoi)wcalth or other political subdivision there,
§ 2-297 l@)56, c 181 1958, c 102, 1966, c f377 1970, c 7@); 1974. c. 288, 1986,
c 270. i9g8, cc 52(i,'WI4 )
ltvic@ I (@, ,,@,@ey @f V@r@,n ... l@,,
o. (,,p.r,,t ...... ; f,), it,(, y,n, 197., 'It@
6'Z V,. 1. @ @ 1 4 1 9 7 6)
2.1-:@28- investments foi- other K)tiblic funds. - A. The (,om-
nionwe;iltli. @ill public officers, municipal corporations, other political sub(livi-
siotis ;iii(I ;it[ otli(!r public bodies of the Commonwealth may invest any and all
MOI)CYS k)elongitig to them or within tl)eir control, other than sinking fund.,i, in
the followings
1. Ohlii,,,itions of the (Commonwealth stocks, bonds, notes, and other
evideiices-of indebtedness of the Commonwealth of Virginia, and those uncon-
ditiofi,,illy gukrant(@(i as to the payment of principal and interest by the
Commonwealth of Virginia,
2 Obligations of LI)c United States. etc - Stocks, bonds, treasury notes and
other evidences of indebtedness of the United States, including @e guaranteed
portion of any loan guaranteed by the Small Business A@Tinistration, an
agency of the United States government. and those unconditionally guaran-
teed as to the payment of principal and intere@ tea; bonds of
the Distnct of Columbia, bonds and notes of al Mortgage
A-,,s(>6ation and ti)(, Federal Home loan Bat res or oti!e-r
similar obligations of federal land banks, fde it banks, or
banks of cool)eriitLV(", issued purg@if@nt tc, act.9 of Congress: al obligations
l@)3
§ 2.1.328 COdE OF VIRGINIA § 2.1-328
issued by the Uru@d States Postal Service when the principal and interest
thereon is guaranteed by the government of the United'States. The evidences
of indebtedness enumerated by this paragraph may be held directly or in the
form of securities of any open-end or closed-end management type investment
stered under the Investment Company Actor
company or investment trust regi t company or investment
1940, provided that the portfolio of such investmen
trust is limited to such evidences of indebtedness. a and other evidences of
3. Obligations of other states. - Stocks, bonds, note
indebtedness of any state of the United States upon which there is no default
and upon which there has been no default for more than ninety days; provided,
that within the twenty fiscal years next preceding the making of such
investment, such state has not been in default for more than ninety days in the
payment of any part of principal or interest of iriy debt authorized by the
legislature of such state to be contracted.
4. Obligations of Virginia counties, cities, etc Stocks, bonds, notes and
other evidences of indebtedness of any county, city, town, district, authority or
other public body in the Commonwealth of Virginia tip(@n which there is no
default; providea, that if the principal and interest be payable from revenues
or tolls and the project has not been completed, or if completed, hns not
established an operating record of net carnii)gs available for payment of
principal and interest equal to estii-nated requirements for that purpose
according to the terms of the issue, the standards of judgment and care
required in § 2C)-4r) 1, wit@iout reference to this section. shall apply.
In any case in which an authority, having an established record of net
earnings av@iiliit)l(- for piyrnt!nt of principal in(i interest CqLjti to estimated
requirements for tii@,it purpose according to Lli(! terms of the issue, issues
additional evidences of indebtedness for the 1)tirl)os(@ of;icqtiiringorconstruct-
ing additional facilities of tire same general cl),,Ar,,Acter that it is then operating,
such additional (,vi(leiic(@v) of indebtedness be governed fully by the
provisions of this section without limit@itiot)
5 Obligations ol cities, counties, etc . of otti(,r states Legally authorized
stocks, bonds, notes and other evi(l(-,nc(!s of of any city, county,
town or district -L;iLuit(!(l in @iny one of t@ie st@iL(@s of the United States upon
which there is no default and u on which there has been no default for more
than ninety days; provided, tgat (i) within the twenty fiscal years next
preceding the makinp of such investment. such City, county town or district ha@
not been in default or more than ninety days in th rt at
principal or interest of any stock, bond. note or other ness
issuccf by it.(ii) slici) city, county, town or district sea] uous
existence (@r it least twenty years, (in) such city. co t has
a population. as shown by the federal census next ng of
such investment, of not less than 25,000 inh@tt)itan ends,
notes or other evidences of indebtecin@,@ ii) which so( c are
the direct legal ok)lig@itions of the city, county, town or ame;
(v) the city, County, town or district has power to lev c real
property therein for the payment of such obligations with4 of rate
or amount; and (vi) the net indebtedness of such city, cot t istrict
li ncludin_R the issue in which such investment is made), r ng the
amount or its bonds issued for self-sustaining public utilities, c exceed
ten percent of the value of the taxable property in such city, county town or
(iistilct, to be ascertained by the valuation of such property therei for the
assessment of taxes next preceding the making of such investment.
6. Obligations of International Bank, Asian Development Bank and African
Development Bank -- Ilori(is tnd otli(-r ol)lik,-it,ion.4 issued, guaranteed or
assumed hv the ltit(!rn@itional Bank f(ir i@(@on@triction ;in(i Development, by
the Asian bev(,.Iol)Ti)(!nt Bank or by Lli(@ Afri( ;i,, 1),@v(--Iol)ment Bank
§ 2.1-328.1 ADMINISTRATION OF GOVERNMENT GENERALLY § 2.1-328.1
T)iis section shall not apply Lo retirement funds and deferred compensation
plans to be invested pureiuant to §§ 51 1-124 30 through 51.1-124.35 or
§ 51 1-601,
B Investments made prior to July 1, 1991, pursuant to § 51.1-601 are
hereby ratified and deemed valid to the extent that such investments were
made in conformity with the standards set forth in Chapter 6 ofhtle 51.1.
(Code 1950, § 2-298. 1956, c 184, 1966, c 67"@ 1980, c 596; 1988, c. 834, 1991,
c 379. 1992. c 810 )
§ 2.1-328.1- Investment of funds of Commonwealth, political subdi-
visions, and public bodies in 'prime quality' commercial paper. -
A I'lit@ (:oninioniv(-;t]Lh, all public officers, municipal corporations, other
p,)Iiti(;i) and all i)tlier public bodies of bee Commonwealtli may
iiiv(-,Nt ;in(i belonging Lo L))Cni or within t)icir control other than
sinkiii@@ funds ill' i ic qualily'commercial paper, with a maturity of270 days
or )I i@suirii@ corporations organized under the laws of the United States,
or of @iiiy stit(@ tl)(-reof including paper is-sued by banks and bank holding
comi),iiii(,.@ quality" shall be as rated by at least two of the following:
Moo(ly'.@ ltivE,stor,@ @(,ryice, Inc , within its N(,6/Moody's rating of prime 1. by
St.irici:il(i k- l'ool @, Inc . within its rating ofA 1, by @itcli 16vcstor's Sc@ices,
Inc , within ,is Facing of I,' 1. by Duffand Phelps, Inc , wit@n its rating of D-1,
or by tli(-ir corl)or;ktc successors, provided that it, the time of any such
investment
I Tire isskitili@ corporation, ol- its fuarantoi, has @i net worth ofat least fifty
million dollars. ;in(]
2 ii(-t iii(oiii(! ofliie issuirip corporation, or its Jqjaritntor, has averaged
million dollars per year for'@lic previous five years. and
:3 All t@xistijif@ ,(@riior bonded indebtedness of the issuer, or its guarantor, is
rated "A' or better or the equivalent rating by at least two of the following:
MOO(IY'.@ lilv"tor.@ Service, Inc . Standard & Poor's. Inc,. Fitch Investor's
Service@;, I r)c . or Duff arid Pli(!Ips, Inc.
Not inor(! tli@ii) thirty five percent OfLlic total funds available for investment
m;iy I)(- it)V(-@t('(i @ii commercial paper, and not more than five percent of the
total funds ;kv;ttl 1),(@ for investment may be irivest(@(I in commercial paper of
any one isstjiril: corporation
fi @@tibsection A f tl,,,4 ,ccio,,, tire Commonwealth. ran-
nicil)iki other political subdivisions and public bodies of the
Coniriionwe;i]Lfl fii;iy invest any and all moneys belonging to them or within
their control, except for sinking funds, in commercial paper other than 'prime
quality" commercial paper as defined in this section 6rovided that:
1. Prior written approval is obtained from the governing board, committee
or other entity that detc@ines investment policy. The Treasury Board shall be
the governing body for the Commonwealth, and
.2.1A wntten internal credit revi@w justifying the creditworthiness of the
Issuing corporation) is prepared in a(lvance and made part of the purchase file.
(1973, c 232. 11)74. 4@ 295. 1976 c 665: 1986. ( 170 1987 c 73; 1988, c. 834;
1992. c 769
an I!)7@, 7f,
62 Va l@ @@ 14'@'
§ 2.1-328.2 CODE OF VIRGINIA § 2.1-328.7
§ 2.1-328.2: Not set out
Editor', note. This ,tat@.g w general sort permanent application. this oft@
investment of public funds )f F..,fe. @@@Ly. Lion, @h,ch is limited in its purpose and scope,
@as enacted by Acts 1980, c 50 1. furtherance @ not set out hem, but attention is called Lo it
of the general policy of the Commission w by this reference
include . the Code only r(,@@iona h.@ing
§ 2.1-328.3. Investments by local governments. -- Notwithstanding
any provisions of law to the contrary, all public ofecers, municipal corporations,
other political subdivisions and all other public bodies of the Commonwealth
may invest any and all moneys belonging to them or within their control other
than sinking funds in 1)@ink(,rs' acceptances (198i ( 18 1988, c 834@)
I'I,e number of this a(-(
by ti,e Virginia Code (@o@ ..... 1,,!; ..... 1)@,-
in it,, 1981 act hn@,,ii: @' @ i2H 2
§ 2.1-328.4. Inve-qtziient of funds by State Treasurer in bankers'
acceptances; guidelines. Notwithstanding any provision of law to the
contrary, the StiLe 1'reasurei m@iy invest unexpended or excess moneys in any
fund or account of which 1)(, Iiii.@ custody and control, other than sinking funds,
in bankers' acceptance
The Treasury Board sl)@ill gtitti(@lin(@ ,d(.-, wt,,cf, s,ct, nvestments
shall be made (1982, ( I I 0
§ 2.1-328-5. Investment in certificates representing ownership of
treasury bond principal at ninttirity or its coupons for accrued peri-
ods. - Notwithstanding any provision of law to the contrary, the Common-
wealth, all public officers, municipal corporations, other political subdivisions
and all otl)er public bodies of the (ominonwealth may invest any and all
motacys belonging to Ll)(@ri) or within their control, in certificates representing
-Ownership of either tr(,@istii-y k)or)(I principal at maturity or its coupons for
accrued @,eriods Tli(@ Llri(i(@rlyir)@@ tjtiite(i States Treasury bonds or coupons
shall be rl(l by ;i LI)it(i 1);ir(y of 0),@ sell(,r of guch certificates.
c 117. l@)85. ( l(iHH, ( 8:@4 @
§ 2.1 328.6. S(-ctiritit@4 NoLwitli.4tariding any provision of law
to the contrary, the oryirii(@tiw(,;ilti), 1111 [)Liblic officers, municipal corporations,
political subdivisions arid @il I public bodies of the Commonwealth may engage
in securities lending from tl)e portfolio of investments of which they have
custody and control, other than sinking funds. The Treasury Board shall
develop guidelines with which such securities lending shall fully comply. Such
guidelines shall ensure that the state treasury is at all times fully collateral-
ized by the borrowing institution ( 1983. c 268,)
The n@ber of this section @.. ass@ged
by the Virginia Code Commission, the
in the 1983 act h"ing been ?@ 1 329
§ 2.1-328.7. Investment of funds by State Treasurer in first lien
deeds of t@at on residential property. - Notwithstanding any provision
of lnw to the contrary. fit(, State @eagurer may invest unexpended or excess
moneys, it) tiny ftjii(l.@ (,, of which he has custody and control, other
than sinkitig funds. ii) li r@t I,(-ri of L@,gt on residential property. ( 1984, C.
374
45(i
2.1-328.8 ADMINISTRATION OF GOVERNMENT GENERALLY § 2.1-328.12
§ 2.1-328.8. Investment of funds in overnight, term and open repur.
chase agreements. - Notwithstanding any provision of law to the contrary,
the Commonwealth, all public officers, municipal corporations, other politi@
subdivisions and all other public bodies of the Commonwealth, may invest any
and all moneys belonging to them or within their control in overnight, term
and open repurchase agreements which are collateralized with securities that
are approved for direct investment ( 1985, c 352. 1988, c 834.)
§ 2.1-328.9. Investment or certain public moneys in money market
funds. - Notwithstanding any provision of law to the contrary, the Common-
wealth, all public officers, municipal corporations, other political subdivisions
and all other public bodies of tl)e Commonwealth may invest any and all
moneys belonging to them or witl)in their control, other than sinking funds
which are governed by the provisions of § 2.1-327, in one or more open-end
investment funds, provided that the funds are registered under the Securities
Act (§ 13.1-501 et seq.) of the Commonwealth of Virginia or the Pederal
Investment Co. Act of 1940, and that the investment of such funds by political
subdivisions is restricted to investments otlier@se permitted by law as set
forth in this chapter (1986, c 170, 1988, , 8,34 @
§ 2.1-328.10. Investment of funds in corporate notes. -
A. Notwithstanding any provision of law to the contrary, the Commonwealth,
all public officers, municipal corporations, other political subdivisions and all
other public bodies of the Commonwealth may invest any and all moneys
belonging to them or within their control, other than sinking funds, in high
quality corporate notes with a rating of at least As by Moody's Investors
Service, Inc., and a rating of at least AA by Stifidard and Poors, Inc., ind a
maturity of no more than five years.
B. Notwithstanding any provision of law to the contrary, any qualified
pu I)] ic entityofthe ConiiiioTiw(@@l I t I i, as(Iefiiied in this section,mayinvest any
and a]] moneys t)clotigiiij, Lo it or within its control, other tl)an sinking funds,
in high quality corpor;it(@ iiot(@.@ %vitti i (lur@itioll of no more than five years and
a rating of at least A by two r@itiiig @igencies, one of which must be either
Moody's Investors Scrvi(-(@, In(- , or St@ijidiird and Poors, Inc. As used in this
section, "qualified public t-ittity" is (refined as any state agency or institution of
the Commonwealth, having an internal or external public funds manager with
professional investment management capabilities (1987, c. 187; 1988, c. 834;
1994, c. 145.)
The 1994 amendment @,,,crted Lhe
tion A designation and add,d ub.,,ct,.@ 11
§ 2.1-328.11. Investment of funds in obligations of foreign sover
governments. -- Notwithstanding any provision of law Lo the contr
State Treasurer may invest unexpended or excess moneys in any
account over which he his custody' and control, other than' sinking funds, in
fully hedged debt obligations of sovereign governments and companies that are
fully guaranteed by such sovereign governments, with a ating of at least AAA
by Moody's investors Servic(@, Inc , and a rating of at least AAA by Standard
find PGors, Inc , and a maturity of no more than five years.
Not more than ten percent of tti(- total funds of the Commonwealth available
for investment may be invested in the, manner described in this section- (1988,
c. 461.)
§ 2.1-328.12. Investments by transportation commissions. - @ans-
POrtation commissions which provi(i(, rail servic(@ may invest in if required as
4 57
§ 2.1-328.13 CODE OF VIRGINIA § 2.1-329.01
a condition Lo ot)Lniiiing insurilllc(., )r purchase inqii riince
provided by, for(-Igll Lnguranct! (onil)aiii(-.4 wlii(l) ifigkjr(! itiilroti(i ol)eritLi(irls.
(1988, c 834 )
The n@ber of this section as ass.g@e,il
by the Virginia (,@ode Commission, the n,,mb,,
in the 1988 a,t having been 2 1-328 11
§ 2.1-328.13. Investment of funds in asset-backed securities. - Not-
vathstanding any provision of law to the contrary, any qualified public entity
of the Commonwealth, as defined in this section, may invest any and all
moneys belonging to it or within its control, other than sinking funds, in
asset backed securities wit)) a duration of no more than five years and a rating
of no less than AAA by two rating agencies, one of which must be either
Mood Y'@ lr)v@tot,@ Se@ic(,,, Inc , or Standard ;itid I)oors, Inc As used in this
section, 'qti(jlifit,(l j)iiblic ,rztity" is dcfiji(@d ;i@ fiii), state agency or institution of
having III internal or exl(@riial public funds manager with
prof@-.@ion;il iiiv,@triierit manageni(@iit cipai)iliti(@s (1994, c 145
§ 2-1-329. [)(!posit of public funds not an investment; authorized
deposits. -- 'Pile deposit of public sinking funds and other funds in interest-
bearing Lime deposits and certificates of deposit of national banks located
within this Commonwealth and of state-cl)artcred banks and of savings
institutions which are tinder Comriionwealt)) supervision, and of federal
itistitulions lociit(!d in this Commonwealth and organized under the laws orlhe
United Stat(!.s ai)d under federal supervision sl)all not be considered invest-
mcnt of sucl) funds for the purposes of this chapter. Deposit of such funds in
demand and time deposits and in certificates of deposits or national banks
located within this Commonwealth and of state-ch'artered banks is hereby
autl)oriz(@(3, provi(l(@d that such deposits are secured as provided by law, and
ftirtli(!r @)iovi(l(,(] that no su(@li deposit shall t)(@ for ;illy ofle perio(i in
( 1-iv(, yt-;ir4 1)(@I)oqiL Of Such funds in %.iviiii,s @iccotint.%, and certificates
of savings institutions wilicl) ;)re ujid(!r (,,Ojylmol@@e@litil supervision. ;in(] of
f(-der@il Institutions IoClt(@(i in this Conimoiiwe@iltii and organized under the
laws of t)i(@ ( Jriit(@(i and under federal stipervisior, is I)Crcby authorized.
Such final not t!xcecd the @imouril insured by Llic Federal Deposit
(@orl)(iriitiori or other federal insurii)cc wgcncy. unless such deposits
ill excess of Li)(@ ;irnolint insured be fully colc@teralized by eligible
Colliit,-r;il ;is (it-fin(!d in § 2.1-360 ((@), by (;overnrt)crit National Morti,,iige
Association I'@w@.@-througli Ccrtificites. by Federal National MortLage Associa-
tion Cuaratitee(i 13;iss-tl)rougli Certificates, by Federal liome Loan Mortgage
CorporaLion Participation Certificates or sec6red as provided by the Virginia
Security for Public Deposits Act (§ 2,1-359 et seq.). No such deposit shall be
made for any one period in excess of five years. (Code 1950. § 2-299; 1958. C.
24 1964, c 367 1966, c@ 677 1974, c 288, 1978, c 53. 1982. c. 679; 1984. c 374;
19@8. , 118. I,)")O. c 3 )
§ 2.1-329.01. Collateral and safekeeping arrangements. - Effective
October 1, 1988, securities purchased pursuant Lo the provisions of this
chapter shall t)(- field by the public official, municipal corporation or other
political subdivision or public body or its custodial agent who may not
otherwise be a counterparty to the investment transaction. Securities held on
tl)e books of tli(@ cti@tod;al agent by a custodial a2ent shall be held in the name
of L@i(- municipal corporation, political %tib(iivi-%,@@n or other public body subject
to tire public bc)dy'.4 order of withdrawal 'I'lle responsibilities of the Public
offici@il municipal corporation, Political other public body hall
§ 2.1-329.1 ADMINISTRATION OF GOVERNMENT GENERALLY § 2.1-335.1
be evidenced by it wntlcn alrecinenl wtucti sliall provide for delivery of tiji
securities by the custodial agent in Ltic event of default by a counterparty to the
investment transaction. The provisions of tWo section do not apply to invg4t,
ments with a maturity of less than thirty-one calendar days.
As used in this section. 'counicr-party" is defined as the issuer or seller of a
security, an agent purchasing a security on behalf of a public official, mwiicioid
er public body or the party responsible
a repurchase agreement.
to the @easurer of V
ued by the @easurv Boiird @i
cc with the provisioas of the Unifor Im
@cle 1.1 (§ 55-268.1 et seq.) of
2.1-329.1. L,iability of treasi@ers or public depositors. - When
investments are made in iiccordaiic(@ wit)i this cliaplcr, no treasurer or public
depositor sliall I)(- liable for .3ii), loss tl)crcfrom in tl)e absence of negligence,
malfeasance. )t jiorif(,,i-,aiice on ))is p@kzl (,t on the part of @s
assistants or eil)l)loy(-(,@ ( 107(), ( 135
459
ARTICLE 7
Investments of Public Funds
i 2.1-234. I. Short title. - This article may t>c cited as the 'Investment of
Public Funds and Local Government Investment PoolACL-(1980. C. 538.)
§ 2.1-234.2. Findings and purpose. - A. The General Assembly finds
that the public interest is served by maximum and prudent investment of
public funds so that the need for taxes and other public revenues is decreased
commensurately with the earnings on such investments. In sclccting amonl;
avenues of investment. the highest rate of return. consistent with safety and
liquidity, shall be the objective
8 The purpose of this article N Lo s(@ctirc the maximum public benefit from
the deposit and investment of public funds. and, in furtherance of such
purp(ises
426
§ 2.1-234.3 ADMINISTRRATION OF GOVERNMENT GENERALLY § 2.1-234.7
1 To establish and maintain 11 continuing statewide policy for the deposit
and investment of public funds
2, To establish a state-administered Pool for the n,estment of local govern-
mentfunds and
3. To authorize treasurers or any other person collecting, disbursing, or
-otherwise handling public funds to invest such public funds either under the
state polic37 or through the local government investment pool created by the
article.
C. The General Assembly finds that the objectives of this article will best be
obtained throufh improved money management, emphasizing the primary
requirements a safety and liquidity and recognizing the different investment
objectives of operating and permanent funds (1980, c 538.)
§ 2.1-234.3. Definitions. -- As used in this article
1. "Local oITL@ial handling public funds" or "o/7icial" means any person or
entity described in the opening paragraph of § 2.1 327.
2. "Depository institution" means any commercial bank or trust company,
savings and loan association, or building and loan association insured by an
agency or instrumentality of the United States government. (1980, c. 538.)
§ 2.1-234.4. Investment authority. - Subiect to the procedures set forth
in this article, any local ofl'icial handling public-funds may invest and reinvest
any money subject to his control and jurisdictiot) in the local government
investment pool established by § 2,1 234 8 (1980, ( 538; 1988, c. 834.)
§ 2.1-234-5. (,ol[iiteral conditions. l,oc@il officials handling public
funds in this Coftijyioriweilti) may not require fy-oni @i depository institution any
plcdge of collaL(@r@il for @@icti off-icial's deposit,,, it) such institution which is in
excess of the r(@(itlireiii(,iiLs of tire Virginia Security for Public Deposits Act
(§ 2.1-359 et s(,(l ) or § 2 1 329@ (1980. c 538 )
§ 2.1-234.6. Int(!r-ftind pooling for investment purposes. - Local offi-
cials liinclliiig funds are hereby authorized and encouraged to effect
temporary traii.@it-r@ ;iriioiil,, sep,,irate funds for tire purpose ofp(yoling amounts
available for ifiv('@ this I)OOlitir m@iy be )cconit)li-%@ied through interfund
advances ;iyi(I other :tl)j)jol)riqLc means consistent with recognized principles of
governmental ;ICCOkIlIt'lig provided that
1. Moneys air, for the investment period required;
2. Tire iiivc-sciii(!tit full(] can repay the advance by the time needed;
3. The transictior).% are fully and promptly recorded and
4. The interest carried is credited to the loaning or Idvancingjurisdiction.
(1980, c. 538, 1981 c @)Hi )
§ 2.1-234.7. Powers of Treasury Board. A@ 'riie Treasury Board shall
have power@
1. To make and tions necessary and proper for the
efficient administra ernment investment pool hereinafter
created, including b
a. Specification .o which may be deposited in the pool
and minimum peno eposits shall be retained in the pool;
b. Creation of a reserve for losses;
c. Payment of administrative expenses from the earnings ofthe pool;
d. Distribution of the earnings in excess of such expenses, or allocation of
losses, to the several participants in a manner which equitably reflects the
differing amounted of respective investment, ,id the differing periods of
time for which ;Irllo[Jl)tS Were ill tire CLi.@IO(IV o@ he pool; and
4 2'7
§ 2.1-234.8 CODE OF VIRGINIA @ 2.1-234.8
(- ;ill(t wiL]i(it@i,,.ii )I fult(j.@
2 lo develop gklici(@IlTICS for Li)(! I)rot(@( ti(iii )( Lll(! pool in the event of default
in the payment of principal or ir)tcresLoroLli(!r income ofany invcstmentofthe
investment pool, such guidelines to include fit(' following procedures:
a. Instituting the proper proceedings to (collect the matured principal or
interest or other income,
b. Accepting for exchange purposes refunding bonds or other evidences Of
indebtedness at appropriate interest rates,
c. Making compromises, adjustments, or disposition of matured principal or
interest or other income as considered advisable for the purpose of protecting
the moneys invested,
d. Making Compromises or -I(IjllstmerlL@; 11 Lo rotor(, payments of principal
or ijiter(@st or oti)(@r incoiii(, toy tli(, purpose of protecting
the money@ ijiv(,@t(,(i
3 'I'o forintjl:,((, to, 11)(, r(,)ii@,(,.@tinent of funds in the
investjiiej)t pool ;air] it),, ;izid disposition
ofiiivestn)(@rits of tli(@ ii)v@tii)c@iit 1)o@)i
B 'rhe '@e;i@ury 13o;ir(J may (lelegat.(@ tile @A(iiiiinistritive aspects of operat-
iiig under this artic)(@ Lo tile Statc, 'I're;i@kir(@r @kil)ject to the regulations and
guidelines 1)roiiiuig@iL(,d by Lli(@ Board
C. Such relations and guidelines may lie promulgated without complying
witl) the Administrative Process Act (§ 9-6.14 1 ct seq,) provided that input is
solicited from local ofriciil@ li@iiidiiiig public funds. Such input requires only
that notice and ill )I)I)Orttitilty Lo @tjl)riiit written comnients be given
1) ]@o;ir(I iii@t@ (if2t(!rtiiiri(, Lii(@ first deposits into tile
lilv"tiliCI)t pool @k'lll 1)(' (:or)@i(](!ritig tire physical capability of the
office of tile SL;lt(@ to ii(iiiiitiist,(,@,T @.u(-Ii I)o<)l (1980, c 538 )
§ 2.1-234.8. l,k)(!iil government investment pool. - A. A local govern-
nictiLiiive.stin(!ilLl)o,)l gregatc of all ftiiidq
fro in Ioc;i I ofli I ;I I @ I I :I it( II I are,, I)it 1) II(, t k I I I( I@ that [)I;ic(@(i II tile custody of the
St@lit, I for llkv( @ill(i r (,I llv(@%tilielit @l!i I)rflvi(l(-'(l ll(!r(@ill
y li(l;it (I Or It,'@ the local gov(!rtitii(@nt
pool )II of 1.1
@;,@ I)altlclj)@itirii,, local onici@ils to
tiorl@' ;Iti(i ))I ollikill'; ('(1 by LI)(! 'I'r(,Ii.@ury llo:if (I
(,' 'I'll(- li,);tr(i or its (leieg@itc sli@ill Invest moneys in fit(, local
gov(@rniiieril pool witl) the degree of judgment and care, kind(!r
circumstances their 1)rev;tiliiii@, wind, persons of prtjdence, discretion. ind
intelligence in fill- rii;iri;lg('11,t,tit. of their own ;iffiirs, not for specula-
tion, but f(ir itiv@,tni(@tit, coti.@i(it,ritig the probable safety oftlicir capital as well
as the prohibit! income tc) 1)(! derived. Specifically, the types of authorized
inv"Linents for pool assets %hall 1)(, limitc('] to those set forth for local officials
in Chapter 18 (§ 2 1 -:i27 (@t qe(i ) of this title.
D. Asc;)arate account f(ir each participant in the fund shall be keptto record
individual transactions ,in(] Lf)Lals ofall investments belonging to each partici-
pant. A monthly report showing the changes in investments made during the
preceding month shall be furnished to each participant having a beneficial
interest in the inv"ttnent pool. Details of any Investment transaction shall be
furnished to any participant kipon request
E The T'reasury Board or it.@i (telegat(! shall administer and handle such
acct)kjrits in the same manner @t@ bond and sinking fund trust accounts
F Tile principal ,ir)d i(-ct@ed in(@on)e, ;Ai)d iriy art thereof, ofeach and every
account miintiiri(@f] for :, 1)@iri I, it) lor@irgovc!rnment inve.,itment Pool
shall I)(' @kjl)j('ct to 1)@'Y"I( rit ;'[ @ill@ t,@ll,- I,,,n, Pool upon request, subject to
applicable :Ifl(i shall be remitted
or credit(,(] to I);trti. i[);if)t @ I )(' l@t @tl:it!(
@4 2)
§ 2.1-234.9 ADMINISTRATION OF GOVERNMENT GENERALLY § 2.1-234.9:3
0- Except as provided in this S(!Ction, all instruments of title of all invest-
ments of the investment pool shall remain in the custody of the State
Treasurer. The State Treasurer may deposit with one or more fiscal agents or
banks, those instruments of title he considers advisable, to be held in
safekeeping by the agents or banks for collection of the principal and interest
or other income, or of the proceeds of sale. The State Treasurer shall collect the
principal and interest or other income from investments of the investment
pool, the instruments of title to which are in his custody, when due and
payable. (1980, c. 538; 1984, c 320, 1988, c 834@)
§ 2.1-234.9. Article controlling over inconsistent laws; powers
supplemental. - Insofar as the provisions of this article are inconsistent
with the provisions of any other law, the provisions of this article shall be
controlling and the powers conferred by this article shnll be in addition and
supplemental to the powers conferred by any other law. (1980, c. 538.)
4 29
- 21 -
Item IV-J2.
RESOLUTIONS
ITEM # 40799
Upon motion by Vice Mayor Sessoms, seconded by Councilman Iones, City Council ADOPTED:
Resolution to approve issuance of the Virginia Beach Development
Authority's REFUNDING REVENUE BONDS:
Mansards Associates Project $6,250,000
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Brancl4 III, Robert K Dean, William W.
Harrison, Jr., Barbara M Henley, Louis R. Jones, Mayor Meyera E
Oberndorf Nancy K Parker, Vice Mayor William I). @essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Harold Heischober
May 28, 1996
VIRGMU
BEACH Development Authority
One Columbux Center, Suite 300
Virginia Beach, VA 23462
(804) 4"-4567
FAX (804) 4"-9894
Kenneth F. Palmer, Cha@n
Robin D. Ray, Vice-Chairman
F. Dudley Fulton, Treasurer
Kenneth D. Barefoot, Secretary
W. Brantley Basaight III
David A. King, Jr.
Thomas J. Lyons, Jr.
May 22, 1996
The Honorable Meyera E. Oberndorf, Mayor
Members of City Council
Municipal Center
Virginia Beach, VA 23456
Re: Mansards Associates, a Virginia limited partnership
Multi Family Rental Housing Mortgage Revenue Bonds
Series 1995A and 1996B
We submit the following in connection with a project for Mansards Associates, a Virginia
limited partnership to be located at 1501 Kindly Court in Virginia Beach, Virginia.
(1) Evidence of publication of the notice of hearing is attached as Exhibits A, and a
summary of the statements made at the public hearing is attached as Exhibit B. The City of
Virginia Beach Development Authority's (the "Authority") resolution recommending Council's
approval is attached as Exhibit C.
(2) The Disclosure Statement is attached as Exhibit D.
(3) The statement of the Authority's reasons for its approval as a benefit for the City of
Virginia Beach and its recommendation that City Council approve the issuance of the bonds for
the Project is attached as Exhibit E.
(4) The Fiscal Impact Statement is attached as Exhibit F.
(5) Attached as Exhibit G is a summary setting forth the type of issue, describing the
Project, whether the issue is a new or refunding issue, and setting forth the public purpose to
be served by the issuance.
(6) Attached as Exhibit H is a letter from the appropriate City department commenting
on the Project.
Very truly yours,
Kenneth F. Palmer
Chairman
KFP/GLF/rab
Enclosures
RESOLUTION APPROVING THE
ISSUANCE OF REFUNDING REVENUE BONDS
(Mansards Associates Project)
WHEREAS, the City of Virginia Beach Development Authority (the "Authority")
has considered the request of Mansards Associates, a Virginia limited partnership (the
"Borrower"), to the Portsmouth Redevelopment and Housing Authority (the "Issuee') for
the issuance of the Issuer's first mortgage revenue refunding bonds in an amount not to
exceed $6,250,000 (the "Bonds") to refinance the outstanding balance of the Issuer's
$7,306,572 Refunding Notes (Mansards Associates Project) Series 1983 (the "1983
Notes"), the proceeds of which were used to finance the acquisition of a multifamily rental
housing project known as "Mansards Apartments" located between Northampton
Boulevard and Shell Road in the City of Virginia Beach (the "Project"), and has held a
public hearing thereon on May 21, 1996;
WHEREAS, the Authority has recommended that the City Council (the
"Council") of the City of Virginia Beach, Virginia (the "City"), approve the refunding of
the 1983 Notes and the issuance of the Bonds by the Issuer to comply with § 147(f)(2) of
the Internal Revenue Code of 1986, as amended, and Treasury Regulations issued
thereunder; and
WHEREAS, a copy of the fiscal impact statement, the Authority's resolution
recommending approval of the Bonds by the Council, and a record of the public hearing
held thereon has been filed with the Clerk of the Council,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
VIRGINIA BEACH, VIRGINIA:
1. The Council approves the refiinding of the 1983 Notes and further approves
the issuance of the Bonds by the Issuer for the benefit of the Borrower to the extent of
and as required by § 147 (f)(2) of the Internal Revenue Code of 1986, as amended, to
permit the Issuer to assist in the refunding of the 1983 Notes.
2. The approval of the issuance of the Bonds, as required by § 147 (f)(2) of the
Internal Revenue Code of 1986, as amended, does not constitute an endorsement of the
Bonds or the creditworthiness of the Borrower, and the Bonds shall provide that neither
the Conunonwealth of Virginia, the City, the City of Portsmouth, the Authority nor the
Issuer shall be obligated to pay the Bonds or interest thereon or other costs incident
thereto except from the revenues and moneys pledged therefor, and neither the faith or
credit nor the taxing power of the Conunonweaith of Virginia, the City, the City of
Portsmouth, the Authority or the Issuer shall be pledged thereto.
3. This resolution shall take effect immediately upon its adoption.
Adopted by the Council of the City of Virginia Beach, Virginia, on May 28, 1996.
A TRUE COPY: TESTE:
City Clerk
EXHIBIT A
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EXHIBIT A
NOTICE OF PUBLIC HEARING BY VIRGINIA BEACH DEVELOPMENT
AUTHORITY ON PROPOSED REVENUE REFUNDING BOND ISSUANCE
FOR MANSARDS ASSOCIATES
Notice is hereby given that the City of Virginia Beach
Development Authority (the "Authority") , will hold a public hearing
on the application and plan of financing of Mansards Associates, a
Virginia limited partnership (the "Company"), c/o Great Atlantic
Management Company, Inc., 2 Eaton Street, Hampton, Virginia 23669,
for the issuance by the Portsmouth Redevelopment and Housing
Authority (the "Housing Authority") , pursuant to the Virginia
Housing Authority Act, Chapter 1, Title 36, Code of Virginia of
1950, as amended, of its revenue bonds in an aggregate amount not
to exceed $6,500,000 (the "Bonds") to assist the Company in
refinancing the acquisition by the Company of the Mansards
Apartments, a 240-unit multi-family rental housing project located
at 1501 Kindly Court, between Shell Road and Northampton Boulevard,
in Virginia Beach, Virginia, by refunding the outstanding balance
of the Housing Authority's Housing Revenue Notes (Mansards
Associates Project) , Series 1983. The public hearing, which may be
continued or adjourned, will be held at 8:30 a.m. on May 21, 1996,
at the Authority's office, 1 Columbus Center, Suite 300, Virginia
Beach, Virginia. The Bonds will not pledge the credit or the
taxing power of any political subdivision of the Commonwealth of
Virginia, including the City of Virginia Beach, the City of
Portsmouth, Virginia, the Housing Authority or the Authority, but
will be payable solely from revenues received from the Company and
pledged therefor. Any person interested in the issuance of the
Bonds or the refinancing may appear and be heard. A copy of the
Company's application may be inspected at the Authority's office at
1 Columbus Center, Suite 300, Virginia Beach, Virginia 23464.
VIRGINIA BEACH DEVELOPMENT AUTHORITY
5/22/96 AFFIDAVIT WAS NOT AVALIABLE FROM THE NEWSPAPER AS OF THIS DATE
IT WILL BE DELIVERED ONCE RECEIVED BY THE CITY ATTORNEY.
Published in the Virginian-Pilot newspaper on May 7 and May 14, 1996
EXHIBIT A
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EXHIBIT B
CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY
RECORD OF PUBLIC HEARING
(Mansards Associates Project)
The Chairman of the City of Virginia Beach Development Authority (the "Authority")
announced the commencement of a public hearing on the request of Mansards Asociates, a
Virginia limited partnership (the "Borrower"), and that a notice of the hearing was published once
a week for two consecutive weeks in a newspapter having general circulatin in the City of
Virginia Beach, Virginia, the first publicaiton being not less than 14 days prior to the hearing and
the second publication being not more than 21 days prior to the hearing. The Chairmand indicated
that a copy of the notice and a certificate of publication of such notice have been filed with the
records of the City Council of the City of Virginia Beach.
The following individuals appeeared and addressed the Authority:
Mr. Charles P. Shimer appeared on behalf of the Borrower. Mr. Shimer gave a brief
description of the Project (below defined). He explained that the proposed issuance of bonds (the
"Bonds"), as a refunding of the outstanding amount of the Portsmouth Redevelopment and
Housing Authority's (the "Issuer") Housing Revenue Notes, (Mansards Associated Project),
Series 1983, the proceeds of which were used to finance the acquisition of a 240 unit multifamily
rental housing project known as "Mansards Apartments" located at the intersection of
Northampton Boulevard and Shell Road in the City of Virginia Beach (the "Project"). He related
that public approval was given prior to the issuance of the original financing in 1983 and that,
subject to receipt of the requested public approval, the Issuer has authorized issuance of the
Bonds. This approval is being requested at this time as technically required by the Internal
Revenue Code in connection with issuance of the Bonds because the weighted average life of the
bonds is being extended. The original benefits of the Project - the provision of safe, attractive
and sanitary housing for low to moderate income families within the City of Virginia Beach - will
continue under the refinancing. The refinancing will extend the restriction placed upon the
property when the initial financing was entered into in 1983, thereby assuring the City of Virginia
Beach that the benefits of the income restrictions applicable to these apartments will continue.
No other persons appeared to address the Authority, and the Chairman closed the public
hearing.
The Authority hereby recommends that the City Council of the City of Virginia Beach,
Virginia approve th issuance of the proposed financing and hereby transmits the Fiscal Impact
Statement to the City Council of the City of Virginia Beach and asks that this recommendation be
received at its next regular or special meeting at which this matter can be properly placed on the
Councils's Agenda for hearing.
2
EXHIBIT C
RESOLUTION OF THE
CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY
(Mansards Associates Project)
WHEREAS, there has been presented to the City of Virginia Beach Development
Authority (the "Authority") by and on behalf of Mansards Associates, a Virginia limited
partnership (the "Borrower"), its plans to refinance the outstanding balance of the
Portsmouth Redevelopment and Housing Authofity's (the "Issue[") $7,306,572 Housing
Revenue Notes (Mansards Associates Project) Series 1983 (the "1983 Notes"), the
proceeds of which were used to finance the acquisition of a multifamily rental housing
project known as "Mansards Apartments" located between Northampton Boulevard and
Shell Road, in the City of Virginia Beach, Virginia (the "Project");
WHEREAS, the Borrower has described to the Authority the benefits which the
Project will continue to bring to the City of Virginia Beach, Virginia (the "City"), and its
environs through the provision of housing, 20% of which is for occupancy by individuals
of low or moderate income, and has requested the Issuer to agree to issue its first
mortgage revenue refunding bonds pursuant to the Virginia Housing Authorities Law
Chapter 1, Title 36 of the Code of Virginia of 1950, as amended (the "Act"), in a principal
amount not to exceed $6,250,000 (the "Bonds") to refund the 1983 Notes; and
WHEREAS, the Authority has caused a notice of public hearing to be published
in a newspaper of general circulation in the City and in the City of Portsmouth, Virginia,
and has this date held a public hearing, all in accordance with the provisions of § 147
(f)(2) of the Internal Revenue Code of 1986, as amended, Treasury Regulations issued
thereunder and § 15 1-1378. 1, Code of Virginia of 1950, as amended, and other applicable
laws of the Commonwealth of Virginia,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF VIRGINIA
BEACH DEVELOPMENT AUTHORITY:
1. After considering the Borrower's request to the Issuer for revenue bond
financing in a public hearing held on May 21, 1996 pursuant to proper notice, all as
provided in § 147 (f)(2) of the Internal Revenue Code of 1986, as amended, Treasury
Regulations issued thereunder, and the applicable laws of the Commonwealth of Virginia,
the Authority finds and determines that the issuance of the Bonds to refund the 1983
Notes, the proceeds of which were used to finance the acquisition of the Project by the
Borrower and providing housing opportunities for citizens of low or moderate income,
will be of benefit to the City
2. The Authority recommends that the City Council of the City (the "Council")
approve the issuance of the Bonds by the Issuer and directs the Chairman of the Authority
to transmit the Fiscal Impact Statement and a copy of this resolution to the City Council
of the City.
3. The proper representative of the Authority is hereby authorized and directed to
transmit this recommendation to the members of the Council of the City at its next regular
or special meeting at which this matter can be property placed on the Council's agenda for
heafing.
Adopted this 21st day of May, 1996
CITY OF VIRGINIA BEACH
D@ AUTHORITY
F- @
B Y
C airman
EXHIBIT D
DISCLOSURE STATEIN[ENT
Data-. May 13, 1996
Appflcamla No*s): Mansards Associates, a Virginia limited partnership
An Nwri (y im ow@
Type of AppUcation:
@: Prom To
@doaa Use Permli
S@
uwy6lcnvadam
Other ltefull4ing Bond Issue
'ne fouo@ b to be compided by or for the Applicant
1. If the iMUcut la a CORPORATION, list Lll the officers of the C"Nt@n:
2. If &d qpU= Is a PARTNR;LSHIP, FIRM or *LW Uninco Orl@@ In &U mmben at
In die crr%"I?2don:
SEE ATTACHED
The !oUowb4 h to be ooippleted by or for &e Owner (ir@p" o,
If dw mm Is A COITPORATION. list il @ offlcm a( the Co@-
2- If the @ Is a PARTNERSHIP. @ or other U@r%W Org list all mmben at
p@n in %ha orgm"loa:
EXHIBIT E
PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY
RENTAL HOUSING MORTGAGE REVENUE BONDS,
SERIES 1995A AND 1996B
(MANSARDS ASSOCIATES PROJECT)
The Authority recommends approval the captioned financing. Public approval was given pfiOT
to the issuance of the original financing in 1983 which financed the acquisition by Mansards
Associates of the Mansards Apartments (the "Project"). The approval is being renewed at this
time as technically required by the Internal Revenue Code because the weighted average life of
the bonds is being extended. The original benefits of this Project - the provision of safe,
attractive and sanitary housing for low to moderate income families within the City of Virginia
Beach - continues to be the basis for recommendation. The refinancing will preserve and extend
the restrictions placed upon the property when the initial bond financing was entered into in
1983, thereby assuring the City of Virginia Beach that the benefits of the income restrictions
applicable to these apartments will continue.
EXHIBIT F
FISCAL IMPACT STATEMENT
FOR PROPOSED INDUSTRIAL REVENUE BOND FINANCING
DATE:
TO: THE CITY COUNCIL OF VIRGINIA BEACH, VIRGINIA
PROJECT NAME:
TYPE OF FACILITY:
1. Maximum amount of financing sought $ 6,250,000
2. Estimated taxable value of t@he
facility's real property to be
constructed in the municipality $ 7,225,252
3. Estimated real property tax per
year using present tax rates $ 85,836
4. Estimated personal property tax
per year using present tax rates $ 1,000
5. Estimated merchants' capital
(business license) tax per
year using present tax rates $
6. Estimated dollar value per year
of goods and services that will
be purchased locally $ 577,020
7. Estimated number of regular
employees on year round basis 6
8. Average annual salary per employee $ 18,754
The information contained in this Statement is based
solely on facts and estimates provided by the Applicant, and
the Authority has made no independent investigation with
respect thereto.
CITY OF VIRGINIA BEACH
DEVE PMENT AUTHORIT@
7 r-
By
C airman
EXHIBIT G
SUMMARY SHEET
CITY OF VIRGINIA BEACII DEVELOPMENT AUTHORITY
INDUSTRIAL DEVELOPMENT REVENUE BOND
I- PROJECT NAME: Mansards Apartments
2. LOCATION: Between Northampton Boulevard and
Shell Road
3. DESCRIPTION OF PROJECT: multi-family, residential rental facility
4- AMOUNT OF BOND ISSUE: approximately $6,250,000
5. PRINCIPALS: see attached list of renters
6. ZONING CLASSIFICATION:
a. Present zoning
classification of the
Property multi-family residential (A-18)
b. Is rezoning proposed? Yes No X
C. If SO, to what zoning
classification? N/A
EXHIBIT H
City of Virginia Beach
INTER-OFFICE CORRESPONDENCE
DATE: May 17, 1996
TO: Kenneth Palmer, Chairman
Virginia Beach Development
FROM: Andrew M. Friedman, Direct
Department of Housing and
SUBJECT: Portsmouth Redevelopment and Housing Authority Rental Housing
Mortgage Revenue Bonds, Series 1995A and 1996B
The noted project, Mansards Apartments, located on Northhampton Boulevard,
Virginia Beach, must, as a requirement of the original funding, rent twenty percent
(20%) of its units to individuals of low and moderate income, meeting certain
requirements.
To the extent that the project is being managed in accordance with these
requirements, it is fulfilling the original purpose of providing this funding.
In addition, since the refinancing extends these requirements, it will provide additional
benefits. Therefore, I recommend that the refunding be approved.
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- 22
*Itein IV-K].
ORDINANCES
ITEM # 40800
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED:
Ordinance to ACCEPT and APPROPRIATE $27,200 additional grant
revenue from the State Deparonent of Criminal Justice Services to the FY
1995-1996 Community Corrections Operating Budget; APPROPRIATE
$5,038 from previous years' state revenue retained in the Community
Corrections Fund Balance re purchase of microcomputers and related
equipment, supplies and temporary clerical support,- and, estimated
revenue to the FY 1995-1996 Community Corrections Operating Budget
be increased accordingly.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Branch, III, Robert K. Dean, William W.
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera E.
Oberndorf Nancy K- Parker, rice Mayor William 1). 5essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
1 AN ORDINANCE TO ACCEPT AND APPROPRIATE $27,200 IN
2 ADDITIONAL GRANT REVENUES FROM THE STATE DEPARTMENT OF
3 CRIMINAL JUSTICE SERVICES AND TO APPROPRIATE $5,038 FROM
4 PREVIOUS YEARS' STATE REVENUE RETAINED IN THE COMMUNITY
5 CORRECTIONS FUND BALANCE TO PURCHASE MICROCOMPUTERS AND
6 RELATED EQUIPMENT, SUPPLIES, AND TEMPORARY CLERICAL
7 SUPPORT
8 WHEREAS, the Office of Community Corrections currently
9 maintains a manual record system of offenders assigned to the
10 program which is difficult to monitor and labor intensive to
11 maintain;
12 WHEREAS, the State Department of Criminal Justice
13 Services (DCJS) has provided the community corrections office with
14 an additional $27,200 in supplemental grant funding to purchase
15 microcomputer equipment; and
16 WHEREAS, the Department of Criminal Justice Services has
17 authorized the use of $5,038 retained in the Community Corrections
18 Fund Balance from previous years' state grant program funds to
19 purchase microcomputer supplies and temporary clerical support to
20 assist in converting the manual files to the computers.
21 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
22 CITY OF VIRGINIA BEACH, VIRGINIA:
23 That a grant in the amount of $27,200 is hereby accepted
24 from the State Department of Criminal Justice Services and
25 appropriated to the FY 95-96 Community Corrections Operating Budget
26 to purchase microcomputers and related equipment, supplies, and
27 temporary clerical support;
28 BE IT FURTHER ORDAINED:
29 That $5,038 of retained funds in the Community
30 Corrections Fund Balance is hereby appropriated to the FY 95-96
31 Community Corrections Operating Budget; and
32 BE IT FURTHER ORDAINED:
33 That estimated revenues to the FY 95-96 Community
34 Corrections operating Budget are hereby increased by $27,200 in
3 5 additional revenues from the Commonwealth and by $5,038 from the
36 Community Corrections Undesignated Fund Balance.
37 Adopted by the Council of the City of Virginia Beach,
38 Virginia, on the 28 day of May 1996.
39 CA-6325
40 ORDIN\NONCODE\CJS.ORD
41 R-1
42 PREPARED: 5/21/96
APPROVED AS TO CONTENT
M@agement Scmi@
APPROVED AS TO LEGAL
SUFFICEENC@
Departmenhf Law
- 23 -
Item IV-K2.
ORDINANCES
ITEM # 40801
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED:
Ordinance to TRANSFER $33,200 from the General Fund Reserve for
Contingencies to the FY 1995-1996 Operating Budget of the Circuit
Court re increasing civil juror compensation.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Branct% III, Robert K Dean, William W.
Harrison, Jr., Barbara M Henley, Louis R. Jones, Mayor Meyera E.
Oberntiorf Nancy K Parker, Vice Mayor William D. ';essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
1 AN ORDINANCE TO TRANSFER APPROPRIATIONS OF $33,200 FROM THE
2 GENERAL FUND RESERVE FOR CONTINGENCIES TO THE CIRCUIT COURT
3 TO FUND INCREASING CIVIL JUROR SALARY EXPENSES
4 WHEREAS, the Circuit Court has experienced an increase in the number of civil jury trials being held during
5 FY 1995-96;
6 WHEREAS, it is the City's responsibility to provide funding for civil juror compensation at $30.00 per day
7 according to sections 14.1-195.1 and 14.1-195.2 of the Code of Virginia.
8 WHEREAS, the Circuit Court projects civil juror salary expenses will reach $128,520 including expenses of
9 die Special Grand Jury ($3,270) which will exceed Current appropriations by $33,200;
10 WHEREAS, the Circuit Court requests that funds in the amount of $33,200 be transferred from the General
11 Fund Reserve for Contingencies to the Circuit Court's FY 1995-96 operating budget to fund the increasing costs of civil
12 juror compensation;
1 3 NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH,
1 4 VIRGINIA, that funds in the amount of $33,200 be transferred from the General Fund Reserve for Contingencies to the
1 5 FY 1995-96 Operating Budget of the Circuit Court to fund the increasing osts of civil juror compensation.
1 6 This ordinance shall be effective from the date of its adoption
1 7 Adopted by the Council of the City of Virginia Beach, Virginia on the Twenty-eighth day of
18 May , 1996.
19 APPROVED AS TO CONTEN'F AL@PROVEI) AS'I'O I.ECYAI, STJFFICIENCY ANI) I;ORM
20
21 F)EPARTME-NT OF MANA(I@ I'SERVI(.'F,,S (@l'i Y A I I ()IZNL@ Y
22 budget\95-96\cinjury.ord vol. 53 May I S, 1996 gh
- 24 -
a.
ORDINANCES ITEM # 40802
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED:
Ordinance to authorize temporary encroachment into a portion of the
City's drainage easement at Bold Ruler Drive and Old Dam Neck Road
to Ocean Lakes Community Association, Inc, re construction and
maintenance of a bulkhead (PRINCESS ANNE BOROUGH),
The following conditions shall be required:
1. The owner agrees to remove the encroachment when notified by
the City, at no expense to the City.
2. The Owner agrees to keep and hold the City free and harmless
of any liability as a result of the encroachment.
3. The owner agrees to maintain said encroachment se) as not to
become unsightly or a hazard
4. All outfall pipes in the area must be tied through the bulkhead
wall as per the Virginia Department of Transportation Road
and Bridge Standard Specifications.
5. At all times, clear access must be maintained over the pipe line
systems that convey City waters for future maintenance.
Voting: 10-0 (By Consent)
Council Afembers Voting Aye:
John A. Baum, Linwood 0. Branci4 III, Robert K Deam William W
Harrison, Jr, Barbara M Henley, Louis P, Jones, Mayor Meyera F
Oberndorf Nancy K Parker, rice Mayor William D. ;essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Harold Heischober
May 28, 1996
- 24 -
fle,m rV-K3.a.
ORDINANCES ITEM # 40802
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED:
Ordinance to authorize temporary encroachment into a portion of the
City's drainage easement at Bold Ruler Drive and Old Dam Neck Road
to Ocean Lakes Community Association, Inc., re construction and
maintenance of a bulkhead (PRINCESS AARNE BOROUGH).
Ihe following conditions shall be required:
1. The owner agrees to remove the encroachment when notified by
the City, at no ewnse to the City.
2. The Owner agrees to keep and hold the City free and harmless
of any liability as a result of the encroachment.
3. The owner agrees to maintain said encroachment so as not to
become unsightly or a hazard.
4. All outfall pipes in the area must be tied through the bulkhead
wall as per the Virginia Department of Transportation Road
and Bridge Standard Specifzcations.
5. At all times, clear access must be maintained over the pipe line
systems that convey City waters for future maintenance.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Bawn, Linwood 0. Branc,% III, Robert Y- Dean, William W.
Harrison, Jr., Barbara M. Henley, Louis P, Jones, Mayor Meyera E.
Oberndorf Nancy K Parker, Vice Mayor William D. Sessoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
1 AN ORDINANCE TO AUTHORIZE
2 A TEMPORARY ENCROACHMENT
3 INTO A PORTION OF THE
4 CITY'S DRAINAGE EASEMENT
5 AT BOLD RULER DRIVE AND
6 OLD DAM NECK ROAD TO
7 OCEAN LAKES COMMUNITY
8 ASSOCIATION, INC., ITS
9 HEIRS, ASSIGNS AND
10 SUCCESSORS IN TITLE
11 BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA
12 BEACH, VIRGINIA:
13 That pursuant to the authority and to the extent thereof
14 contained in Section 15.1-893, Code of Virginia, 1950, as amended,
15 Ocean Lakes Community Association, Inc. . its heirs, assigns and
16 successors in title is authorized to construct and maintain a
17 temporary encroachment into the City drainage easement at Bold
18 Ruler Drive and Old Dam Neck Road.
19 That the temporary encroachment herein authorized is for
20 the purpose of constructing and maintaining a bulkhead and that
21 said encroachment shall be constructed and maintained in accordance
22 with the City of Virginia Beach Public Works Department's
23 specifications as to size, alignment and location, and further that
24 such temporary encroachment is more particularly described as
25 follows:
26 An area of encroachment into a
27 portion of the City's drainage
28 easement, on the certain plat
29 entitled: "PLAT SHOWING PROPOSED
30 ENCROACHMENT ON PARCEL T,
31 RESUBDIVISION OF LOTS 1,2,3,4 AND 5,
32 BLOCK T, OCEAN LAKES, PHASE THREE,
33 SECTION ONE-B ON PROPERTY OF OCEAN
34 LAKES HOMEOWNER'S ASSOCIATION (D.B.
35 3550, P. 357) PRINCESS ANNE BOROUGH
36 VIRGINIA BEACH, VIRGINIA SCALE:
37 1"=60' DECEMBER 8, 1995 JOHN E.
38 SIRINE AND ASSOCIATES, LTD
39 SURVEYORS-ENGINEERS-PLANNERS
40 VIRGINIA BEACH, VIRGINIA," a copy of
41 which is on file in the Department
42 of Public Works and to which
43 reference is made for a more
44 particular description.
45 PROVIDED, HOWEVER, that the temporary encroachment herein
46 authorized shall terminate upon notice ny the City of Virginia
47 Beach to any officer of Ocean Lakes Community Association, Inc.,
48 its heirs, assigns and successors in title and that within thirty
49 (30) days after such notice is given, said encroachment shall be
50 removed from the City's drainage easement and that Ocean Lakes
51 Community Association, Inc., its heirs, assigns and successors in
52 title shall bear all costs and expenses of such removal.
53 AND, PROVIDED FURTHER, that it is expressly understood
54 and agreed that Ocean Lakes Community Association, Inc. , its heirs,
55 assigns and successors in title shall indemnify and hold harmless
56 the City of Virginia Beach, its agents and employees from and
57 against all claims, damages, losses and expenses including
58 reasonable attorney's fees in case it shall be necessary to file or
59 defend an action arising out of the location or existence of such
60 encroachment.
61 AND, PROVIDED FURTHER, that the party of the second part
62 agrees to maintain said encroachment so as not to become unsightly
63 or a hazard.
64 AND, PROVIDED FURTHER, that this ordinance shall not be
65 in effect until such time that Ocean Lakes community Association,
66 Inc. executes an agreement with the City of Virginia Beach
67 encompassing the aforementioned provisions.
68 Adopted by the Council of the City of Virginia Beach,
69 Virginia, on the 28 day of May, 1996.
70 EWB/tga
71 02/29/96
72 F:\..\BRITT\OCEANLAK.ORD
P411-C
APPROVED P-.S
@EGAL SL@FFI('@i@-i
2
THIS AGREEMENT, made this 15th day of February,
1996, by and between the CITY OF VIRGINIA BEACH, VIRGINIA, a
municipal corporation, GRANTOR, party of the first part, and
OCEAN LAKES COMMUNITY ASSOCIATION, INC., a Virginia corporation,
ITS HEIRS, ASSIGNS AND SUCCESSORS IN TITLE, GRANTEE, party of the
second part.
W I T N E S S E T H:
That, WHEREAS, it is proposed by the party of the
second part to construct and maintain a bulkhead in the City of
Virginia Beach; and
WHEREAS, in constructing and maintaining such bulkhead,
it is necessary that the said party of the second part encroach
into a portion of an existing City drainage easement; and said
party of the second part has requested that the party of the
first part grant a temporary encroachment to facilitate such
bulkhead within a portion of the City's drainage easement.
NOW, THEREFORE, for and in consideration of the
premises and of the benefits accruing or to accrue to the party
of the second part and for the further consideration of one
Dollar ($1.00), in hand paid, to the said party of the first
part, receipt of which is hereby acknowledged, the party of the
first part doth grant to the party of the second part a temporary
encroachment to use a portion of the City's drainage easement for
the purpose of constructing and maintaining such bulkhead.
It is expressly understood and agreed that such
temporary encroachment will be constructed and maintained in
accordance with the laws of the Commonwealth of Virginia and the
City of Virginia Beach, and in accordance with the City of
Virginia Beach Public Works Department's specifications and
approval as to size, alignment and location and is more
particularly described as follows, to wit:
An area of encroachment into a portion of
the City's variable width drainage easement
as shown on that certain plat entitled:
"PLAT SHOWING PROPOSED ENCROACHMENT ON
PARCEL T, RESUBDIVISION OF LOTS 1,2,3,4 AND
5, BLOCK T, OCEAN LAKES, PHASE THREE,
SECTION ONE-B ON PROPERTY OF OCEAN LAKES
HOMEOWNERIS ASSOCIATION (D.B. 3550, P.357)
PRINCESS ANNE BOROUGH VIRGINIA BEACH,
VIRGINIA SCALE: 1"=60' DECEMBER 8, 1995 JOHN
E. SIRINE AND ASSOCIATES, LTD SURVEYORS -
ENGINEERS PLANNERS VIRGINIA BEACH,
VIRGINIA" a copy of which is attached hereto
as Exhibit "All and to which reference is
made for a more particular description.
It is further expressly understood and agreed that the
temporary encroachment herein authorized shall terminate upon
notice by the City of Virginia Beach to the party of the second
part, and that within thirty (30) days after such notice is
given, such temporary encroachment shall be removed from the
City's drainage easement by the party of the second part; and
that the party of the second part shall bear all costs and
expenses of such removal.
It is further expressly understood and agreed that the
party of the second part shall indemnify and hold harmless the
City of Virginia Beach, its agents and employees, from and
against all claims, damages, losses and expenses including
reasonable attorney's fees in case it shall be necessary to file
or defend an action arising out of the location or existence of
such temporary encroachment.
It is further expressly understood and agreed that
nothing herein contained shall be construed to enlarge such
permission and authority to permit the maintenance or
construction of any encroachment other than that specified herein
and to the limited extent specified herein, nor to permit the
maintenance and construction of any encroachment by anyone other
than the party of the second part.
It is further expressly understood and agreed that the
party of the second part agrees to maintain said encroachment so
as not to become unsightly or a hazard.
It is further expressly understood and agreed that the
party of the second part must obtain a permit from the
Development Services Center prior to commencing any construction
within the City's right-of-way.
It is further expressly understood and agreed that
prior to issuance of a right of way permit, the party of the
second part must post a Performance Bond and show proof of public
liability insurance of a minimum of Five Hundred Thousand Dollars
($500,000.00).
It is further expressly understood and agreed that all
outfall pipes in the area must be tied through the bulkhead wall
as per the Virginia Department of Transportation Road and Bridge
Standard Specifications.
It is further expressly understood and agreed that, at
all times, clear access must be maintained over the pipe line
systems that convey City waters for future maintenance.
3
It is further expressly understood and agreed that the
party of the first part, upon revocation of such authority and
permission so granted, may remove any such encroachment and
charge the cost thereof to the party of the second part, and
collect the cost in any manner provided by law for the collection
of local or state taxes; may require the party of the second part
to remove such temporary encroachments and pending such removal,
the party of the first part may charge the party of the second
part compensation for the use of such portion of the City's
right-of-way encroached upon the equivalent of what would be the
real property tax upon the land so occupied if it were owned by
the party of the second part; and if such removal shall not be
made within the time ordered hereinabove by this Agreement, the
City shall impose a penalty in the sum of One Hundred Dollars
($100.00) per day for each and every day that such encroachment
is allowed to continue thereafter, and shall collect such
compensation and penalties in any manner provided by law for the
collection of local or state taxes
IN WITNESS WHEREOF, Ocean Lakes Community Association,
Inc. has caused this Agreement to be executed by Brett Pselly,
Association Manager, who possesses due authority to bind said
association. Further, that the City of Virginia Beach has caused
this Agreement to be executed in its name and on its behalf by
its City Manager and its seal be hereunto affixed and attested by
its City Clerk.
4
CITY OF VIRGINIA BEACH
By
City Manager/Authorized
Designee of the City Manager
(SEAL)
ATTEST:
City Clerk
OCEAN LAKES COMMUNITY
/IPPR,OVED A@'3 TO ASSOCIATION, INC., a Virginia
-
corporation
Brett Pselly
Association Manager
STATE OF VIRGINIA
CITY OF VIRGINIA BEACH, to-wit:
I, a Notary
Public in and for the City and State aforesaid, do hereby certify
that I CITY MANAGER/AUTHORIZED DESIGNEE OF
THE CITY MANAGER, whose name is signed to the foregoing Agreement
bearing date on the day of 1 19_, has
acknowledged the same before me in my City and State aforesaid.
GIVEN under my hand this ___ day of
19-.
Notary Public
my Commission Expires:
STATE OF VIRGINIA
CITY OF VIRGINIA BEACH, to-wit:
5
I , , a Notary Public
in and for the City and State aforesaid, do hereby certify that
RUTH HODGES SMITH, City Clerk for the CITY OF VIRGINIA BEACH,
whose name is signed to the foregoing Agreement bearing date on
the day of I 19 -, has acknowledged the
same before me in my City and State aforesaid.
GIVEN under my hand this day of
19-.
Notary Public
my Commission Expires:
STATE OF VIRGINIA
CITY OF VIRGINIA BEACH, to-wit:
a Notary Public
in and for the City and State aforesaid, do hereby certify that
Brett Pselly, Association manager on behalf of Ocean Lakes
Community Association, Inc., whose name is signed to the
foregoing writing, bearing date the '@@4" day of
A@ IIAA,K I 19'@L,, has acknowledged the same before
me in my City and State aforesaid.
Given under my hand this -4ii day of
Notary Public
My Commission Expires:
6
(M-8-188, P.52) F-REMAINING PORYION OF
STE 20
(M.S. 65. P.27)
OLD DAM
(VAR I @s@O
(D.S. 2475, 9
71
7-23. 02
0
ci
I(I-00 C4
z
O' R.C.P. (L
CONC (D
IP-
Iz
ir T-207.43
APPROXIM)
0 EDGE OF I 16 MAINTENANCE
m EASEMENY
(M.S. IS& P.52)
'L P D OULKH se
AREA OF PROPOSE(
qt ENCROACHMENT
22.530 SC).FL
VARTABL.E VAOTH
DRAINAGE EASEMENT
(M.S. 188. P.52) @APPROXIMATE
'LAKE' TOP OF BANK
COMMON AREA 57
@A
I."O ACRES OC
@VISCWI OF LOTS 1.2.3,4 AND BLOCK PIADC@ 6@Ot4t@
OCEAN LAKES, PHASE THREE SE @
SEC11ON ONE-B 60)
(D.B. 2587. P.IMWISOI)
GF4N 241"1-9843
PLAT SHOWNG
PROPOSED ENCROACHMENT ON PARCEL T.
RESLJBDI%ASION OF LOTS 1.2.3.4 AND 5. BLOCK T, OCEAN LAKES. PHASE THREE. SECTION ONE-8
ON PROPERTY OF
LAKES HOMEOWNER'S ASSOCIAIION
(D.B. 3550, P.357)
PRINCESS ANNE BOROUGH VIRGINIA BEACH. VIRGINIA
SCALF-, I'-Ool DECEMBER 8.1995
JOHN E. SRINE AND ASSOCIATES. LM
STJRVEYORS a ENGINEERS 9 PLANNERS
MRGINIA BEACH. VIRC4NIA
0 30 60 90 120 FEET
GRAPHIC SCALE
15'
PROPOSED
ENCROACHMEN
22f530 SQ. FT.
LAKE
(COMMON AREA)
ENCROACHMENT LOCATION MAP
BOLD RULER DRIVE AND
OLD DAM NECK ROAD
SCALE: 1" 200
- 25 -
Item IV-K3.b.
ORDI]VANCES
ITEM # 40803
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED:
Ordinance to authorize temporary encroachment Into a portion of the
City's drainage right-of-way to Ronald L. and Catherine T. Moore re
construction and maintenance of a bulkhead and fill-in adjacent to 2005
Falling Sun Lane (PRINCESS ANNE BOROUGH).
The following conditions shall be required:
1. The owner agrees to remove the encroachment when notified by
the City, at no expense to the City.
2. The owner agrees to keep and hold the City free and harmless
of any liability as a result of the encroachment.
3. The owner agrees to maintain said encroachment so as not to
become unsightly or a hazard.
4. The owner must obtain a permit from the Development Services
Center prior to commencing any construction within the right
of way.
5. Prior to issuance of a right of way permit, the owner must post
a Performance Bond and show proof of public liability
insurance of a minimum of $500,000.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Branck III, Robert K Dean, William W
Harrison, Jr, Barbara M Henley, Louis R Jones, Mayor Meyera E.
Oberndorf Nancy K Parker, Vice Mayor William 1). Sessotm, Jr. and
Louisa M. Sirayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
I AN ORDINANCE TO AUTHORIZE
2 A TEMPORARY ENCROACHMENT
3 INTO A PORTION OF THE
4 CITY'S DRAINAGE
5 RIGHT-OF-WAY TO RONALD L.
6 MOORE AND CATHERINE T.
7 MOORE, THEIR HEIRS,
8 ASSIGNS AND SUCCESSORS IN
9 TITLE
10 BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA
11 BEACH, VIRGINIA:
12 That pursuant to the authority and to the extent thereof
13 contained in Section 15.1-893, Code of Virginia, 1950, as amended,
14 Ronald L. Moore and Catherine T. Moore, their heirs, assigns and
15 successors in title are authorized to construct and maintain a
16 temporary encroachment into the drainage right of way.
17 That the temporary encroachment herein authorized is for
is the purpose of constructing and maintaining a bulkhead and that
19 said encroachment shall be constructed and maintained in accordance
20 with the City of Virginia Beach Public Works Department's
21 specifications as to size, alignment and location, and further that
22 such temporary encroachment is more particularly described as
23 follows:
24 An area of encroachment into a
25 portion of the City's drainage right
26 of way, on the certain plat
27 entitled: "PROPOSED BULKHEAD AND
28 FILL IN: RETENTION POND AT: VIRGINIA
29 BEACH, VA, APPLICATION BY: R. MOORE
30 DATE: SEPTEMBER 24, 1995," a copy of
31 which is on file in the Department
32 of Public Works and to which
33 reference is made for a more
34 particular description.
@3 5 PROVIDED, HOWEVER, that the temporary encroachment herein
:3 6 authorized shall terminate upon notice by the City of Virginia
:37 Beach to Mr. and Mrs. Moore, their heirs, assigns and successors in
@38 title and that within thirty (30) days after such notice is given,
39 said encroachment shall be removed from the City's drainage
40 right-of-way and that Mr. and Mrs. Moore, their heirs, assigns and
41 successors in title shall bear all costs and expenses of such
42 removal.
43 AND, PROVIDED FURTHER, that it is expressly understood
44 and agreed that Mr. and Mrs. Moore, their heirs, assigns and
45 successors in title shall indemnify and hold harmless the City of
46 Virginia Beach, its agents and employees from and against all
47 claims, damages, losses and expenses including reasonable
48 attorney's fees in case it shall be necessary to file or defend an
49 action arising out of the location or existence of such
50 encroachment.
51 AND, PROVIDED FURTHER, that the party of the second part
52 agrees to maintain said encroachment so as not to become unsightly
53 or a hazard.
54 AND, PROVIDED FURTHER, that this ordinance shall not be
55 in effect until such time that Ronald L. Moore and Catherine T.
56 Moore execute an agreement with the City of Virginia Beach
57 encompassing the aforementioned provisions.
58 Adopted by the Council of the city of Virginia Beach,
59 Virginia, on the 28 day of May 1996.
60 LDH/tga
61 02/23/96
62 F:\..\HAYES\MOORE.ORD
APPRO'v@,
APPROVED AS TO
LEGI@L @',UF-Fi(,'IENCY
L
2
THIS AGREEMENT, made this 2nd day of February,
1996, by and between the CITY OF VIRGINIA BEACH, VIRGINIA, a
municipal corporation, GRANTOR, party of the first part, and
RONALD L. MOORE and CATHERINE T. MOORE, husband and wife, THEIR
HEIRS, ASSIGNS AND SUCCESSORS IN TITLE, GRANTEE, party of the
second part.
W T N E S S E T H:
That, WHEREAS, it is proposed by the party of the
second part to construct and maintain a bulkhead in the City of
Virginia Beach; and
WHEREAS, in constructing and maintaining such bulkhead,
it is necessary that the said party of the second part encroach
into a portion of an existing City drainage right-of-way as shown
in Map Book 2554, page 2021; and said party of the second part
has requested that the party of the first part grant a temporary
encroachment to facilitate such bulkhead within a portion of the
City's drainage right-of-way.
NOW, THEREFORE, for and in consideration of the
premises and of the benefits accruing or to accrue to the party
of the second part and for the further consideration of one
Dollar ($1.00) , in hand paid, to the said party of the first
part, receipt of which is hereby acknowledged, the party of the
first part doth grant to the party of the second part a temporary
encroachment to use a portion of the City's drainage right-of-way
for the purpose of constructing and maintaining such bulkhead.
It is expressly understood and agreed that such
temporary encroachment will be constructed and maintained in
accordance with the laws of the Commonwealth of Virginia and the
City of Virginia Beach, and in accordance with the city of
Virginia Beach Public Works Department's specifications and
approval as to size, alignment and location and is more
particularly described as follows, to wit:
An area of encroachment into a portion of
the City's drainage right-of-way known as
"CITY OF VIRGINIA BEACH DRAINAGE RIGHT-OF-
WAY 4.5 ACRES GPIN 2414-44-7699-0000" shown
on that certain plat entitled: "PROPOSED
BULKHEAD AND FILL IN: RETENTION POND AT:
VIRGINIA BEACH, VA, APPLICATION BY: R. MOORE
DATE: SEPTEMBER 24, 1995," a copy of which
is attached hereto as Exhibit "A" and to
which reference is made for a more
particular description.
It is further expressly understood and agreed that the
temporary encroachment herein authorized shall terminate upon
notice by the City of Virginia Beach to the party of the second
part, and that within thirty (30) days after such notice is
given, such temporary encroachment shall be removed from the
city's drainage right-of-way by the party of the second part; and
that the party of the second part shall bear all costs and
expenses of such removal.
It is further expressly understood and agreed that the
party of the second part shall indemnify and hold harmless the
City of Virginia Beach, its agents and employees, from and
against all claims, damages, losses and expenses including
reasonable attorney's fees in case it shall be necessary to file
or defend an action arising out of the location or existence of
such temporary encroachment.
2
It is further expressly understood and agreed that
nothing herein contained shall be construed to enlarge such
permission and authority to permit the maintenance or
construction of any encroachment other than that specified herein
and to the limited extent specified herein, nor to permit the
maintenance and construction of any encroachment by anyone other
than the party of the second part
It is further expressly understood and agreed that the
party of the second part agrees to maintain said encroachment so
as not to become unsightly or a hazard.
It is further expressly understood and agreed that the
party of the second part must obtain a permit from the
Development Services Center prior to commencing any construction
within the City's right-of-way.
It is further expressly understood and agreed that
prior to issuance of a right of way permit, the party of the
second part must post a Performance Bond and show proof of public
liability insurance of a minimum of Five Hundred Thousand Dollars
($500,000.00).
It is further expressly understood and agreed that the
party of the first part, upon revocation of such authority and
permission so granted, may remove any such encroachment and
charge the cost thereof to the party of the second part, and
collect the cost in any manner provided by law for the collection
of local or state taxes; may require the party of the second part
to remove such temporary encroachment; and pending such removal,
3
the party of the first part may charge the party of the second
part compensation for the use of such portion of the City's
right-of-way encroached upon the equivalent of what would be the
real property tax upon the land so occupied if it were owned by
the party of the second part; and if such removal shall not be
made within the time ordered hereinabove by this Agreement, the
City shall impose a penalty in the sum of One Hundred Dollars
($100.00) per day for each and every day that such encroachment
is allowed to continue thereafter, and shall collect such
compensation and penalties in any manner provided by law for the
collection of local or state taxes
IN WITNESS WHEREOF, Ronald L. Moore and Catherine T.
Moore, the said party of the second part has caused this
Agreement to be executed by his signature and seal duly affixed.
Further, that the City of Virginia Beach has caused this
Agreement to be executed ii-, its name and on its behalf by its
City Manager and its seal be hereunto affixed and attested by its
City Clerk.
,@'ITY OF VIRGINIA BEACH
By
City Manager/Authorized
Designee of the City Manager
(SEAL)
ATTEST:
City Clerk
4
R Moore
Catherine T. Moore
STATE OF VIRGINIA
CITY OF VIRGINIA BEACH, to-wit:
I , - I a Notary
Public in and for the City and State aforesaid, do hereby certify
that I CITY MANAGER/AUTHORIZED DESIGNEE OF
THE CITY MANAGER, whose name is signed to the foregoing Agreement
bearing date on the - day of _ 1 19_, has
acknowledged the same before me in my City and State aforesaid.
GIVEN under my hand this day of
19-.
Notary Public
My Commission Expires:
STATE OF VIRGINIA
CITY OF VIRGINIA BEACH, to-wit:
I, a Notary Public
in and for the City and State aforesaid, do hereby certify that
RUTH HODGES SMITH, City Clerk for the CITY OF VIRGINIA BEACH,
whose name is signed to the foregoing Agreement bearing date on
the day of 19 _, has acknowledged the
same before me in my City and State aforesaid.
GIVEN under my hand this day of
19-.
5
Notary Public
My Commission Expires:
STATE OF VIRGINIA
CITY OF VIRGINIA BEACH, to-wit:
1, -t &/ I a Notary Public
in and for the City and State aforesaid, do hereby certify that
RONALD L. MOORE and CATHERINE T. MOORE, whose names are signed to
the foregoing writing, bearing date the ,Q @ day of
itt'll @ 1 1994,, have acknowledged the same before
me in my City and State aforesaid.
Given under my hand this day of
@t-VI 19@ .
No ary P
my Commission Expires: 30 /ql/8
6
EXHIBIT "A"
4
KKES w
kST
SITE
TOWN
4 It
N
TH EE
o, KS
3 MORGAN WAY c
SIGMA7
orth Bay
are
PUNGO
LOCATION MAP
CITY OF VIRGINIA BEACH
DRAINAGE RIGHT-OF-WAY
4-5 ACRES
GPIN 2414-44-7699-0000
RETENTION POND
PROPOSED
BULKHEAD
SECTION A-A
7'RETURNWALL
EACH END (TYP) -A
APPROX. 0 OF
BAW & O.H.W-
APPROX- TOP OF
BAW
Pit
LA PIN(F)
PROPOSED ENCROACHME
(HATCHED AREA)- TOTAL
AREA 1.725 SF@
1.5 STY. FRM.
2005
(2)
PIN(F) 75' PIN(F)
FALLING SUN LANE
(50')
PURPOSE: EROSION CONTROL PROPOSED BULKHEAD FIL7
DATUM: O.H.W. 0.00
ADJACENT PROPERTY OWNERS PLAN VIEW IN: RETENTION POND
1. JAMES 0. ROGERS AT; VIRGINIA BEACH- VA
2001 FALLING SUN LANE SCALE I- - 30 APPLICATION BY: R. MOORE
2. SCOTT T. MICHELS SHEET: I OF 4
2009 FALLING SUN LANE 0 30' 60 DATE: SEPTEM13ER 24- 1995
SITE SPECIFICS:
LEGAL DESCRIPTION: LOT 763. RED MILL FARM SECTION THIRTEEN
REF: D.B. 2554 PG- 2021-23
GPIN: 2414-54-1446-0000
ZONING: PD-H2
SEOUENCE OF EVENTS:
1. SECURE ALL REOUIRED PERMITS- FEDERAL. STATE AND LOCAL
2, DELIVER MATERIALS TO SITE.
3. CONSTRUCT BULKHEAD VIA BACKHOE, ERECT E-S.C. FENCE AT CAP.
BACKFILL. ESTABLISH FINISHED GRADE AND SEED PER SCHEDULE BELOW.
4 DISPOSE OF ALL CONSTRUCTION DEBRIS IN A LAWFUL MANNER.
5- RESTORE ALL IMPACTED AREAS TO PRECONSTRUCTION CONDITION AS
PER TURFGRASS SCHEDULE BELOW.
TURFGRASS PLANTING
SPECIFICATIONS
TYPE TIME TO SEED RA TE
KENTUCKY-31 9/16 - 4130 8 LBS./IOOO SF
NARROW LEAF
FESCLIES 9/16 - 4130 6 LOS./IOOO SF
BERMLA)A 5/1 - 9A5 2 LBS.AOOOSF
PURPOSE: EROSION CONTROL PROPOSED BULKHEAD & FIL7
DATUM: O.H.W. 0-00
ADJACENT PROPERTY OWNERS IN: RETENTION POND
1. JAMES 0. ROGERS AT; VIRGINIA BEACH. VA
2001 FALLING SUN LANE DATA SHEET APPLICATION BY: R. MOORE
2. SCOTT T. MICHELS SHEE T: 2 OF 4
2009 FALLING SUN LANE DATE: SEPTEMBER 24- 1995
REV:
-BULKHEAD SECTION A-A
TEMP. E.S.C. FENCE
INSTALL PRIOR TO BACKFILLING
PROPOSED GRADE
EXIST GRADE
2- x 6- CAP
DS 5.3' O/C
(2) 2- x 8-
WALER
0. H. W. TERCLOTH 8- x 5'
DEADMAN
B UPLAND FILL
2- x 10- x 8' SHEET PILE
TONGUE-AND-GROOVE
45' PENETRATION AVERAGE
CORNER DETAIL-
WALER (TYP)
N@- SHEET PILE (TYP)
CORNER TIE ROD
MATERIALS SPECS:
ALL WOOD C.C.A. 2.5 PCF (SALT TREATED) REGULAR TIE ROD
PURPOSE: EROSION CONTROL PROPOSED BULKHEAD & FL7L
DATUM: O.H.W. 0.00
ADJACENT PROPERTY OWNERS IN: RETENTION POND
1. JAMES 0. ROGERS W AT; VIRGINIA BEACH. VA
2001 FALLING SUN LANE SECTION VIE APPLICATION BY: R. MOORE
2. SCOTT T. MICHELS SHEET: 3 OF 4
2009 FALLING SUN LANE DATE: SEPTEMBER 24. 1995
-2-3i
Co 3
40
woontown
OAK
3 @N "I WAY
PURPOSE: EROSION CONTROL PROPOSED BULKHEAD FL7L
DATUM: O.H.W. 0.00
ADJACENT PROPERTY OWNERS VICINITY MAP IN: RETENTION POND
1. JAMES 0. ROGERS AT; VIRGINIA BEACH- VA
2001 FALLING SUN LANE SCALE I- - 2000' APPLICATION BY: R. MOORE
2. SCOTT T. MICHELS SHEET: 4 OF 4
2009 FALLING SUN LANE 0 --.2000' 4000' DATE: SEPTEMBER 24. 1995
- 26 -
4
ORDINANCES ITEM # 40804
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED.-
Ordinance appointing viewers in the petition of Potters Road Investment
Group, for the closure of a portion of Potters Road near the intersection
of Wesley Drive (LYNNHAVEN BOROUGH).
The Viewers are:
David M. Grochmal Director of General Services
Robert J. Scott Director of Planning
Ralph A. Smith Director of Public Work
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Branch, III, Robert K- Dean, Wzlliam W
Harrison, Jr., Barbara M Henley, Louis R. Jones, Mayor Meyera E.
Oberndorf Nancy K Parker, Vice Mayor William D. @essoms, Jr. and
Louisa M. 5trayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Harold Heischober
May 28, 1996
ORDINANCE APPOINTING VIEWERS
WHEREAS, your Petitioner, POTTERS ROAD INVESTMENT GROUP, has given due
and proper notice, in accordance with the statutes for such cases made and provided that they will
on the 28th day of May, 1996, apply to the City Council of the City of Virginia Beach, Virginia. for
the appointment of Viewers to view the hereinafter described property and report in writing to the
Council whether, in the opinion of said Viewers, what, and if any, inconvenience would result from
the discontinuance of such portion of the hereinafter described street, and has filed such application
with said Council.
NOW, THEREFORE, be it ORDAINED by the Cuncil of the City of Virginia Beach,
Virginia:
THAT Robert J, Scott , David M Grochmal
and Ralph A. Smith are hereby appointed to view the hereinafter
described property and report in writing to the Council as soon as possible, whether, in their opinion,
any, and if any, what inconvenience would result in the discontinuing and vacating of the portion
of that certain street of variable width located in the City of Virginia Beach, Virginia and more
particularly described as follows:
ALL THAT CERTAIN lot, piece, or parcel of land, lying, situate and being in the
City of Virginia Beach, Virginia, the boundaries of which are shown by cross-
hatching on the survey attached hereto as Schedule "A" entitled, "EXHIBIT TO
APPLICATION FOR STREET CLOSURE OF A PORTION OF POTTERS
ROAD", said exhibit being on file with the Citt of Virginia Beach planning
department and more fully described as follows:
BEGINNING at a point in the southeast corner of the area to be closed, the following
course, S 80' 11' 53" W a distance of 83.20 feet to a point, thence along a curve to
the right having a radius of 211.33' an arc of 50.48 feet and a chord bearing of S 87*
02' 27" W to a point, thence a reverse curve to the left with a radius of 211.33' an arc
of 50.48 feet and a chord bearing of S 87* 02' 27" W to a point, thence S 80' 11' 53"
W a distance of 100.00 feet to a point, thence along a curve to the right a radius of'
20.00' an arc of 31.42 feet with a chord bearing of N 54' 48' 07" W to a point,
thence N 09' 48' 07" W a distance of 9.18 feet to a point, thence southerly along a
curve to the left with a radius of 20.00' an arc of 34.25 feet and a chord bearing of S
58' 52' 02" E to a point, thence N 72' 04' 02" E a distance of 91.04 feet to a point,
thence S 49' 57' 07" E @t distance of 14. 1 5 feet to a point, thence N 72' 04' 02" E a
distance of 55.33 feet to a point, thence N 85' 54' 32" E a distance of 50.25 feet to
a point, thence N 77* 20' 09" E a distance of 94.47 feet to a point, thence S 20* 21'
23" W a distance of 35.84 feet to the point of beginning, which plat is attached
hereto.
At that time, anyone affected may appear and present his views
After the report of the Viewers is received, at the next regular meeting of the City Council, or as
soon thereafter as the matter may be placed on the agenda, the undersigned will petition the City
Council to vacate, close and discontinue that portion of Potters Road in the City of Virginia
Beach, as described above.
Adopted by the Council of the City of Virginia Beach, Virginia, on this 28 day of May,
1996.
ORDINANCE NO.
IN THE MATTER OF CLOSING, VACATING AND DISCONTINUING A PORTION OF
THAT CERTAIN STREET KNOWN AS POTTERS ROAD, AS SHOWN UPON THAT
CERTAIN PLAT ENTITLED "EXHIBIT TO APPLICATION FOR STREET CLOSURE OF A
PORTION OF POTTERS ROAD INVESTMENT GROUP" . WHICH PLAT IS ATTACHED
HERETO.
WHEREAS, it appearing by affidavit that proper notice has been given by Potters Road
Investment Group that it would make application to the City Council of the City of Virginia
Beach, Virginia, on , 1996, to have a portion of the hereinafter described street
discontinued, closed, and vacated; and
WHEREAS, it is the judgment of the Council that said portion of said street be
discontinued, closed, and vacated.
NOW, THEREFORE.
SECTION I
BE IT ORDAINED by the Council of the City of Virginia Beach, Virginia, that the
hereinafter described portion of Potters Road to be discontinued, closed, and vacated:
ALL THAT CERTAIN lot, piece, or parcel of land, lying, situate and being
in the City of Virginia Beach, Virginia, the boundaries of which are shown by cross-
hatching on the survey attached hereto as Schedule "A" entitled, "EXHIBIT TO
APPLICATION FOR STREEI' CLOSURE OF A PORTION OF POTTERS
ROAD", said exhibit being on file with the City of Virginia Beach planning
department and more fully described as follows:
I
BEGINNING at a point in the southeast comer of the area to be closed, the following
course, S 80' 11' 53" W a distance of 83.20 feet to a point, thence along a curve to
the right having a radius of 211.33' an arc of 50.48 feet and a chord bearing of S 87'
02' 27" W to a point, thence a reverse curve to the left with a radius of 211.33' an arc
of 50.48 feet and a chord bearing of S 87' 02' 27" W to a point, thence S 80' 11' 53"
W a distance of 100.00 feet to a point, thence along a Curve to the right a radius Of
20.00' an arc of 31.42 feet with a chord bearing of' N 54' 48' 07" W to a point,
thence N 09' 48' 07" W a distance of 9.18 feet to a point, thence southerly along a
curve to the left with a radius of 20.00' an arc of 34.25 feet and a chord bearing of S
58' 52' 02" E to a point, thence N 72' 04' 02" E a distance of 91.04 feet to a point,
thence S 49' 57' 07" E a distance of 14.15 feet to a point, thence N 72' 04' 02" E a
distance of 55.33 feet to a point. thence N 85' 54' 32" E a distance of 50.25 feet to
a point, thence N 77' 20' 09" E a distance of 94.47 feet to a point, thence S 20' 21'
23" W a distance of 35.84 feet to the point of beginning, which plat is attached
hereto.
SECTION II
A certified copy of this Ordinance shall be filed in the Clerk's Office of the Circuit Court of
the City of Virginia Beach, Virginia and indexed in the name of the City of Virginia Beach as
Grantor and Potters Road Investment Group as Grantee
GPIN:-
Adopted by the Council of the City of Virginia Beach, Virginia, on this _ day of 1
1996.
EXHIBIT "A"
ALL THAT CERTAIN lot, piece, or parcel of land, lying, situate and being in the
City of Virginia Beach, Virginia, the boundaries of which are shown by cross-
hatching on the survey attached hereto as Schedule "A" entitled, "EXHIBIT TO
APPLICATION FOR STREET CLOSURE OF A PORTION OF POTTERS
ROAD", said exhibit being on file with the City of Virginia Beach planning
department and more fully described as follows:
BEGINNING at a point in the southeast comer of the area to be closed, the following
course, S 80' 1 I' 53" W a distance of 83.20 feet to a point, thence along a curve to
the right having a radius of 211.33'an arc of 50.48 feet and a chord bearing of S 87'
02' 27" W to a point, thence a reverse curve to the left with a radius of 211.33' an arc
of 50.48 feet and a chord bearing of S 87' 02'27" W to a point, thence S 80' 1 I' 53"
W a distance of I 00.00 feet to a point, thence along a curve to the right a radius of
20.00' an arc of 31.42 feet with a chord bearing of N 54' 48' 07" W to a point,
thence N 09' 48' 07" W a distance of 9.18 feet to a point, thence southerly along a
curve to the left with a radius of 20.00' an arc of 34.25 feet and a chord bearing of S
58' 52' 02" E to a point, thence N 72' 04' 02" E a distance of 91.04 feet to a point,
thence S 49' 57' 07" E a distance of 14.15 feet to a point, thence N 72' 04' 02" E a
distance of 55.33 feet to a point, thence N 85' 54' 32" E a distance of 50.25 feet to
a point, thence N 77' 20' 09" E a distance of 94.47 feet to a point, thence S 20' 2 I'
23" W a distance of 35.84 feet to the point of beginning
NOTICE
PLEASE TAKE NOTICE that at the meeting of the City Council of the City of Virginia
Beach, Virginia to be held on Tuesday, the 28th day of May 1996 at 6:00 p.m., in the City
Council Chambers, City Hall, Municipal Center, Virginia Beach, Virginia 23456, the
undersigned will petition the Council for the appointment of Viewers to view the hereinafter
described portion of that certain street known as Potters Road ind report to the City Council
whether in the opinion of the Viewers, what, if any, inconvenience would result from the
vacating, closing and discontinuance of the portion of same. The said portion of Potters Road and
Wesley Drive being closed is described as follows:
ALL THAT CERTAIN lot, piece, or parcel of land, lying, situate and being in the
City of Virginia Beach, Virginia, the boundaries of which are shown by cross-
hatching on the survey attached hereto as Schedule "A" entitled, "EXHIBIT TO
APPLICATION FOR STREET CLOSURE OF A PORTION OF POTTERS
ROAD", said exhibit being on File with the City of Virginia Beach planning
department and more fully described as follows:
BEGINNING at a point in the southeast corner of the ,ir@t to he closed, the following
course, S 80 11' 53" W a distance of 83.20 feet to a point. thence along a curve to
the right having a radius of 21 1.33' Fair arc of 50.49 feet @itid a chord bearing of S 87'
02' 27" W to a point, thence a reverse curve to the fell with a radius of 21 1.33' air arc
of 50.48 feet and a chord bearing of S 870 02' 27" W to -t point, thence S 80' I I' 53"
W a distance of I 00.00 feet to i point, thence along i curve to the right a radius of'
20.00' an arc of 31.42 feet with @t chord bearing of N 54' 48' 07" W to a point,
thence N 09' 48' 07" W @t distance of 9. 1 8 feet to a point, thence southerly along ;I
curve to the left with -,i radius of'2().00' air are of 34.25 feet and t chord bearing of' S
58' 52' 02" E to a point, (liei)ce N 72' 04' 02" I-,- @i distance of'91.04 feet to a point,
thence S 49' 57' 07" l@', @i dist@ii)cc of 14.15 feet to t point, thence N 72' 04' 02" l@
distance of'55.33 feet to a Point, thence N 95" 54' 32" l@ a distance of 50.25 feet to
a point, thence N 77' 20' 09" 1; a distance of 94.47 feel to a point, thence S 20' 2 I'
23" W a distance of .35 84 feet to the point of beginning-,
At that time, any affection person may appear and he heard
At the next regular meeting of (lie City Council after the report of the Viewers is received,
or as soon thereafter as the matter iiiiy be placed on the Council agenda, the undersigned will
Petition the City Council to vacate, close and discontinue that portion of Potters Road in the City
of Virginia Beach, Virginia as described above
POI'TE] ENI'GROUP
13y:
IN THE MATTER OF CLOSING, VACATING AND DISCONTINUING A PORTION OF
THAT CERTAIN STREET KNOWN AS POTTERS ROAD AS SHOWN UPON THAT
CERTAIN PLAT ENTITLED "EXHIBIT TO APPLICATION FOR STREET CLOSURE OF A
PORTION OF POTTERS ROAD", WHICH PLAT IS ATTACHED HERETO.
PETITION
TO: THE MAYOR AND THE MEMBERS OF THE COUNCIL OF THE CITY OF VIRGINIA
BEACH, VIRGINIA
Your Petitioner, Potters Road Investment Group, respectfully represents as follows:
1. That pursuant to the provisions of Section 15.1-364 of the 1950 Code of Virginia, as
amended, the Petitioner applies lor the vacating, closing, and discontinuance of a certain portion of
Potters Road which is more specifically described as follows:
ALL THAT CERTAIN lot, piece, or parcel of land, lying, situate and being in the
City of Virginia Beach, Virginia, the boundaries of which are shown by cross-
hatching on the survey attached hereto as Schedule "A" entitled, "EXHIBIT TO
APPLICATION FOR STREET CLOSURE OF A PORTION OF POTTERS
ROAD", said exhibit being on file with the City of Virginia Beach planning
department and more fully described as follows:
BEGINNING at a point in the southeast comer of the area to be closed, the following
course, S 80' 11' 53" W a distance of 83.20 feet to a point, thence along a curve to
the right having a radius of 211.33' an arc of 50.48 feet and a chord bearing of S 87'
02' 27" W to a point, thence a reverse curve to the left with a radius of 211.33' an arc
of 50.48 feet and a chord bearing of S 87' 02' 27" W to a point, thence S 80' 1 I' 53"
W a distance of I 00.00 feet to a point, thence along @t curve to the right a radius of
20.00' an arc of 31.42 feet with a chord bearing ot' N 54' 48' 07" W to a point,
thence N 09' 48' 07" W t distance of 9.18 feet to a point, thence southerly along a
curve to the left with a radius of 20.00' an arc of "4.25 feet and a chord bearing of S
58' 52' 02" E to a point. thence N 72" 04' 02" l@, a distance of 91.04 feet to a point,
thence S 49' 57' 07" E a distance of 14.15 feet to a point, thence N 72' 04' 02" E a
distance of 55.')3 feet to i point. thence N 85' 54' 32" 1-@, a distance of 50.25 feet to
a point, thence N 77' '-O' 09" F. a distance of 94 47 t cet to a point, thence S 20' 2 I'
2')" W a distance ol' ',@-.84 feet to the point of beginning, which plat is attached
hereto.
2. That no inconvenience will result to any persons by reason of said closing, vacating, and
discontinuance of a portion of said street; and the Petitionei prays that this Honorable Council
appoint Viewers as provided bv law to view said platted street proposed to be closed and to report
in writing to the Council as soon as practicable as to whether in the opinion of said Viewers, what
inconvenience, if any, would result from the discontinuance and closing of a portion of said street,
as herein reported and described.
3. That on May 11, 1996, and May 18, 1996, notice of the presenting of this Application was
published in the Beacon, a newspaper of general circulation in the City of Virginia Beach, Virginia
as evidenced by the Affidavit and Notice attached hereto
4. That, because of the nature of the street closure, there are no adjacent property owners along
and/or adjacent to the closure area that will be affected by solid closure therefore the applicant is
the only land owner affected hv the portion of the platted street being closed.
l@espe
130'1'T MENT GROUP
Ily:
Stephen J. Davis, Esq.
Shuttleworth, Ruloff & Giordano, P.('
4425 Corporation Lane, Suite ')OO
Virginia Beach, Virginia 23462
CURVE TABLE
CURVE DELTA RADIUS ARC CHORD TANGENT CHD BEARI,NG
Cl 013*41'08" 211.33' 50.48' 50.36' 25.36' S8-7* 02'2-7-W
C2 013'41108" 211.331 50.481 50.36' 25.36' S87'0212-7"W
C3 090*00100" 20.001 31.421 28.281 20.001 N54'4810'7"w
C4 Oqg,07151" 20.00' 34.25' 30.22 r 23.06' S58*52'02-E
LINE TABLE
LINE BEARING DISTANCE
Li SBOQII'53"W 83.20'
L2 SBO*ii'53"W 100.00,
L3 N72'04'02"E 9i.04'
L4 S49*57'07"E 14,i5'
L5 N72*04'02"E 55.33'
L6 N85*54'32"E 50.25'
L7 N77*20'09"E 94.47'
LB S20'21'23"W 35.84'
NOW OR FORMERLY
CITY OF VIRGINIA BEACH
(D.B. 1472, PG. 505)
m NOW OR FORMERLY
cn
r- POTTERS ROAD INVESTMENT GROUP
m (M.B. 108, PG. 34)
< (D.B. 1804. PG, 617)
0 .8. 2126, PG. 163)
ru
, a) 69'
< ru
m
4
L7
C)
L2
Li
POTTERS ROAD (VARIABLE R/W)
(M.B. 108, PG. 34)
(D.B. 1515. PG. 583)
AREA BEING CLOSED (0.15i AC.)
EXHIBIT TO APPLICATION
FOR STREET CLOSURE OF
A PORTION OF POTTERS ROAD
VIRGINIA BEACH VIRGINIA
DATE: 03-12-1996
L engineering services inc SCALE: I" - 60'
JOB No.: 90031
CIVIL ENGINEERI@ @IM CAD No.: 90031
3351 ST@ ROAD DRAW. No.: 90031EXI
VIRGINIA @ VLAUNIA 23452 (804) 468@ PAGE No.: i OF I
AFFIDAVIT
COMMONWEALTH OF VIRGINIA
CITY OF VIRGINIA BEACH, to-wit
I, Stephen J. Davis, attorney for Potters Road Investment Group, being duly sworn,
deposes and states:
1. That I am an attorney at law and represent Potters Road Investment Group.
2. That I have arranged for and intend to publish, on May 12, 1996 and May 19
1996, notice of the presenting of the application to close a portion of that certain
street known as Potters Road located in the City of Virginia Beach, Virginia on
behalf of Potters Road Investment Group, in the Beacon, a newspaper of general
circulation in the City of Virginia Beach, Virginia
3. That the Affidavit of publication certifying the dates of publication will be
Forwarded to the City Attorneys Office upon receipt
And further the deponent saith not.
te a@v i
Subscribed and sworn to before me this 7th day of May, 1996
My conunission expires:
SHUTTLEWORTH, RULOFF & GIORDANO, P.C.
ATTORNEYS AND COUNSELORS AT LAW
STEPHEN J. DAVIS CORPORATE CENTER OF COUNSEL
GREGORY A. GIORDANO 4425 CORPORATION LANE RICHARD D. GUY
ROBERT J. HADDAD*** SUITE 300
JEFFREY B. HAMMAKER
CAROL N. HARE** VIRGINIA BEACH, VIRGINIA 23462- 3103
CHELSEA ANDERSON HELME NEWPORT NEWS OFFICE;
DOUGLAS L. HORNSBY
K. DWAYNE LOOK TELEPHONE: (804) 671-6000 603 PILOT HOUSE DRIVE
ROBERT G. MORECOCK 1-800-888-6005 SUITE 250
LISA P. O'DONNELL
BEVERLY A. REBAR REAL ESTATE FACSIMILE: (804) 671-6005 NEWPORT NEWS, VIRGINIA 23606-1980
ROBERT E. RULOFF LITIGATION FACSIMILE: (804) 671-6004
THOMAS B. SHUTRLEWORTH' DIRECT DIAL NUMBER TELEPHONE: (804) 873-9999
JEFFREY T. TALBERT FACSIMILE: (804) 873-9758
LAWRENCE H. WOODWARD, JR.
CERTIFICATE OF VESTING OF TITLE
I, Stephen J. Davis, attorney for Potters Road Investment Group, do hereby certify that:
1. I am an allomey at law and represent Potters Road Investment Group.
2. If the property described below is discontinued, closed and vacated by the Council of the City
of Virginia Beach, Virginia, then based on the status of title revealed by the records in the Clerk's
Office of the Circuit Court of the City of Virginia Beach as of this date and upon purchase of said
property from the City of Virginia, Beach, title to said property will vest in Potters Road Investment
Group.
3. The said property referred to herein is described as follows:
ALL THAT CERTAIN lot, piece, or parcel of land, lying, situate and being in the
City of Virginia Beach, Virginia, the boundaries of which are shown by cross-
hatching on the survey attached hereto as Schedule "A" entitled, "EXHIBIT TO
APPLICATION FOR STREET CLOSURE OF A PORTION OF POTTERS
ROAD", said exhibit being on file with the Citv of Virginia Beach planning
department and more fully described as follows@
BEGINNING at a point in the southeast comer of the area to be closed, the following
course, S 80' 1 I' 53" W a distance of 83.20 feet to a point, thence along a curve to
the right having a radius of 211.33' an arc of 50.48 feet and a chord bearing of S 87'
02' 27" W to a point, thence a reverse curve to the left with a radius of 211.33' an arc
of 50.48 feet and a chord bearing of S 87' 02' 27" W to a point, thence S 80' 1 I' 53"
W a distance of 100.00 feet to a point, thence along a curve to the right a radius of
20.00' an arc of 31.42 feet with a chord bearing of N 54' 48' 07" W to a point,
thence N 09' 48' 07" W a distance of 9.18 feet to a point, thence southerly along a
curve to the left with a radius of 20.00' an arc of 34.25 feet and a chord bearing of S
58' 52' 02" E to a point, thence N 72' 04' 02" E a distance of 91.04 feet to a point,
thence S 49' 57' 07" E a distance of 14.15 feet to a point, thence N 72' 04' 02" E a
SHUTTLEWOIRTH, RULOIIF & GIORDANO, P.C.
distance of 55.33 feet to a point, thence N 85' 54' 32" E a distance of 50.25 feet to
a point, thence N 77' 20'09" E a dis e S 20' 21'
23" W a distance of 35-84 feet to the
avis
May 7 1996
27 -
ORDINANCES ITEM # 40805
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED:
CERTIFICATES OF PUBLIC CONVENIENCE AND NECESSITY:
All Occasion Limousine
Tom's Lima Service
Ground Transportation Specialists
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Branci4 III, Robert K Dean, William W.
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera F.
Oberndorf Nancy K Parker, tice Mayor William 1). ';essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
28 -
ORDINANCES ITEM # 40806
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED:
Ordinance authorizing tax refunds in the amount of $5,925.14 upon
application of certain persons and upon Certification of the City
Treasurer.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Brancl; III, Robert K Dean, William W
Harrison, Jr, Barbara M. Henley, Louis R. Jones, Mayor Meyera F.
Oberndoif Nancy K Parker, Vice Mayor 14rilliam D. @essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Harold Heischober
May 28, 1996
I- NO - A
AN ORDINANCE AUTHORIZING TAX REFUNDS
UPON APPLICATION OF CERTAIN PERSONS
AND UPON CERTIFICATION OF THE TREASURER
FOR PAYMENT
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA:
That the following applications for tax refunds upon certification of the Treasurer are hereby approved:
NAME Tax Type Ticket Exonera- D a!e Penalty lnt. Total
Year of Tax Number tion No. paid
Inland Mortgage Corp 96 RE(1/2) 042465-5 11/24/95 71.61
Norwest Mortgage Inc 96 RE(1/2) 095339-7 12/5/95 211.04
Jimmy O & Kim Berry 96 RE(1/2) 009141-7 10/24/95 64.96
Evelyn S Pritchard 96 RE(1/2) 096462-4 3/21/96 78. 36
Sovereign Bank 95 RE(2/2) 133290-4 6/l/95 19 7. 97
Mary Jane Beaman 96 Dog V24180 4/19/96 2. 00
Mary Jane Beaman 96 Dog V24179 4/19/96 2.00
Mary Jane Beaman 96 Dog V24178 4/19/96 2. 00
Andrew Young 96 Dog V24188 4/19/96 2.00
Shannon Hassel N/A Pkng 491656 4/18/96 100.00
Jane Hanscom N/A Pkng 491193 3/14/96 100.00
Walter E Barnes N/A Pkng 491482 3/28/96 100.00
Robert B Archer 95 pp 241262-7 2/14/96 17.48
949.42
This ordinance shall be effective f,om date of adoption.
The above abatements totaling arfie sto payme
$949, 42 - - were approved by
the Council of the City of Virginia
Beach on the-aday of Mav, 12@)6
Joh T Atk 1,@ea@drer
I
Approved as to form:
Ruth Hodges Smith
City Clerk
L e!
AN ORDINANCE AUTHORIZING TAX REFUNDS
UPON APPLICATION OF CERTAIN PERSONS
AND UPON CERTIFICATION OF THE TREASURER
FOR PAYMENT
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA:
That the following applications for tax refunds upon certification of the Treasurer are hereby approved:
NAME Tax Type Ticket Exonem- Da!e Penalty lnt. Total
Year of Tax Number tion No. p aId
Long Island Savings Bank 96 RE(1/2) 087809-5 12/5/95 579.15
3 Smith Family Partners LP 96 RE(1/2) 111537-2 11/2/95 607.82
Marvin & Sandra Goldberg 96 RE(1/2) 045295-4 11/30/95 26.38
Pembroke Meadows Association 96 RE(1/2) 092587-3 12/5/96 1,678.92
Robert & Mary M Krzak 96 RE(1/2) 067047-9 3/31/96 75.48
First Union Mortgage Corp 96 RE(1/2) 031202--6 11/24/95 633.33
Market Street Mortgage Corp 96 RE(1/2) 059521-1 11/24/95 11.88
Celestine D Porter 96 RE(1/2) 095381-4 11/24/95 44.8c,l
Bank of America FSB 96 RE(1/2) 113697-4 11/24/95 446.93
Amsouth Mortgage Co Inc 96 R&(I/2) 056405-8 12/5/95 59.40
Kaufman & Canoles 96 RE(1/2) 122527-1 12/5/95 432.20
National City Mortgage Co 96 RE(1/2) 013303-@' 12/5/95 @@3.76
Jacqueline Miller Galvin 93 RE(1/2) 040787-3 12/5/92 52,33
Jacqueline Miller Galvin 93 RE(2/2) 040787-3 5/29/93 52.33
Jacqueline Miller Galvin 94 RE(1/2) 041313--) 11/23/93 54.73
Jacqueline Miller Galvin 94 RE(2/2) 041313 3 5/27/94 54.73
Jacqueline Miller Galvin 95 RE(1/2) 041553-1 11/23/94 54.73
Jacqueline Miller Galvin 95 RE(2/2) 041553 1 5/21/95 54.73
Kevin Blenkhorn 96 Dog tO435 2/28/95 2.00
John Lindley 06 Don 24529 4/24/96 10.00
John Lindley 9 Don 24530 4/24/96 10.00
Jack Pounders 96 Dog @14535 4/24/96 111) 00
Total 4,975.72
This ordinance shall be effective from date of adoption.
The @tg;ement(s) totaling Cert
-. , .- were approved by
the C ounci I of t 0 rqinia
Beach on the City f@a' 199t)
day of
John
Appro@ed as to form:
Ruth Hodges Smith
City Clerk
Le,;,e I Lille@, City
29 -
ORDINANCES ITEM # 40807
Upon motion by Vice Mayor Sessoms, seconded by Councilman Jones, City Council ADOPTED:
Ordinance authorizing license refunds in the amount of $20,032.50 upon
application of certain persons and upon Certification of the
Commissioner of the Revenue.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Brancl; III, Robert K Dean, William W
Harrison, Jr., Barbara M Henley, Louis R. Jones, Mayor Meyera E.
Oberndorf Nancy K Parker, ;rice Mayor William D. ';essoms, Jr. and
Louisa M Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
NO. CA 8 REV. 3M
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA:
That the following applications for license refunds, upon certification of the Commissioner of the
Revenue are hereby approved:
License Date Base Penalty Int. Total
NAME Year Paid
United States Shoe Corp
One Eastwood Drive
Cincinnati, Oh 45227 AUDIT 92-95 2,415.67 2,415.67
Certified as to Payment:
Commissioner of the Revenue
Approved as to form:
r y@ - /@'. -
L:es'lie L. Lilley
City Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $ 2 415-67 were approved by the Council
of the City of Virginia Beach on the @@day of
Ruth Hodges Smith
City Clerk
NO, CA 9 REV. &U
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA:
That the following applications for license refunds, upon certification of the Commissioner of the
Revenue are hereby approved:
NAME License Date Base Penalty lnt. Total
Year Paid
Chinese Gourmet Restaurant 1995 AUDIT '76.54 76.54
Lye Chu Lew
1513 Holmes Court
Virginia Beach, Va 23456
Ernst & Young 92-95 AUDIT 12,458.72 12,458.72
P. 0. Box 680
Richmond, VA 23218-0680
Glow Company (The) 92-95 AUDIT 16.29 16.29
2660 River Road
Virginia Beach, Va 23454
Halsey Michael S 93-94 AUDIT 10.00 10.00
T/A Old Dominion Health Claims
4513 Yarmouth court
Virginia Beach, Va 23455
Certified as to Payment
@obert P. Vaughan
Commissioner of the Revenue
Approved as to form
Le@slie'L. Lilley-
City Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $ 12,561..55
were approved by the Council
of the City of Virginia Beach on the day of -@a 19 96
Ruth Hodges Smith
City Clerk
NO. C.& 8 @. WM
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA:
That the following applications for license refunds, upon certification of the Commissioner of the
Revenue are hereby approved:
NAME License Date Base Penalty Int. Total
Year Paid
Johnson, Soon Ja ADDIT 94-95 28,,)9 28.99
T/A Flipside
5229 Lowery downs
Virginia Beach, va 23464
Macomber, Karen M. AUDIT 1995 57,)5 57.15
T/A K B Express
904 High Gate
Virginia Beach, Va 23452-6247
Smith, Oscar D, AUDIT 94-95 252.46 252.46
T/A Chuck Smith Building Corp
815 Bishopsgate Lane
Virginia Beach, Va 23452
Certified as to Payment:
-@obert P. Vaugha@
Commissioner of the Revenue
Approved as to form
@sli@ L. Lille-y
City Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $ 338.60
- were approved by the Council
of the City of Virginia Beach on the 28 day of May 19 93
Ruth Hodges Smith
@-itv Clerk
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA
That the following applications for license refunds, upon certification
of the Commissioner of the Revenue are hereby approved
NAME LICENSE DATE BASE PENALTY INTEREST TOTAL
YEAR PAID
Seta Services International, Inc
920 Pillow Drive 1992 95 Audit 156.29 156 29
Virginia Beach VA 23454
Stuart R Gordon PC
T/A Legal Clinic Stuart R Gordon
P 0 Box 2065 1994-95 Audit 777.80 /77 80
Virgiria Beach VA 23450-2065
Certified as to Payment
Commissioner of the Revenue
Approved as to form
esi a ley
L Lil
@lty Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $934.09 were approved by the Council
of the City of Virginia Beach on the 28 day of '19 06
Ruth Hodges Smith
City Clerk
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA
That the following applications for license refunds, upon certification
of the Commissioner of the Revenue are hereby approved
NAME LICENSE DATE BASE PENALTY INTEREST TOTAL
YEAR PAID
Rezek Christopher A.
T/A Create A Candle 1996 04 02 96 40 )O 40 00
676 Rosemont Road South
Virg nia Beach VA 23452
Sea Escape Corporation
T/A Econo Lodge 1993 94 Audit 67 i6 167 36
6097 martins Point Road
K try Hawk, NC 27949
Seay Patrick T
T/A Flor Con 1994-95 Aud t 181 )6 181 26
2527 Cove Point Place
Vrginia Beach VA 23454
Certified as to Payment
,-Robert P. VaugRan ,-/
Commissioner of thevevenue
Approved as to form
-Ce(slie L. i@ey
(' ity Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $388.62 were approved by the Council
of the City of Virginia Beach on the 28 day of 119 90
Ruth Hodges Smith
City Clerk
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA
That the following applications for license refunds, upon certification
of the Commissioner of the Revenue are hereby approved
NAME: LICENSE DATE BASE PENALTYINTEREST TOTAL
YEAR PAID
Harrison Construction Inc
1507 Lilac AvE? 1992 95 ALid t @7 Fil 157 82
Chesapeake VA 23325
Mayfield Montessori House
C/O Ramos Tugbang 1994-95 Aud t @35,16 23536
4604 Pembroke Lake Cir
Virginia Beach VA 23455
Ogden Food Service Corp. 1994 Audt 665 665 03
2 Pen, Plaza-20th Floor-Tax Dept
Newyork NY 10121
Certified as to Payment
@o ert P. Vaughan
Commissioner of the evenue
Approved as to form
Leslie L Li@ey
City Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $1,058.21 were approved by the Council
of the City of Virginia Beach on the 28 day of @l@l 'i 9 9(@
Ruth Hodges Smith
City Clerk
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA
That the following applications for license refunds upon certification
of the Commissioner of the Revenue are hereby approved
NAME LICENSE DATE BASE PENALTY INTEREST TOTAL
YEAR PAID
Aragona Village Moose Lodge 1198
C/O Mr. Maurice E Tower 1996 Aud t 4C )O 40 00
PO Box 2211
Virg nia Beach VA 23450
Davis Margaret B 1994 95 Audit @ic @)C 30 00
T/A Fast Track Systems
1104 Chumley Road
Virginia Beach, VA 23451
Fine, Fine Legum & Fine PA
2101 Parks Ave . 601 1994 95 Audit 607 67 1 607 67
Virginia Beach VA 23451
Certified as to Payment
@obert P. Vau-ghan
Commissioner of the Revenue
Approved as to form
4@
Lesli-e L: Lilley
City Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $1,677.67 were approved by the Council
of the City of Virginia Beach on the 28 day Ot @l@iv '19 96
Ruth Hodges Smith
City Clerk
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA@
That the following applications for license refunds, upon certification
of the Commissioner of the Revenue are hereby app(ove(i
NAME LICENSE DATE BASE PENALTY INTEREST TO T-A L
YEAR PAID
Godfrey, Laurie & Mooney, Joe
T/A Phoenix Productions 1993 95 Audit 4H )C 48 00
5984 Jake Sears Circle 104
Virginia Beach VA 23464
L & B Inc 1995 Audit 20( 19 200 79
T/A Chicken Tonight
621 Green Tree Dr ve
Virginia Beach VA 23452
Leather Loft Stores Inc
P 0 Box 1070 1995 Audit 254 254 29
Exeter NH 03833
Certified as to Payment
@obert P. Vaughan
Commissioner of the Revenue
Approved as to form
ley
L SI L Lit
City Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $503.08 were approved by the Council
of the City of Virginia Beach on the 28 day of @l@i v '19 9 6
Ruth Hodges Srnith
City Clerk
AN ORDINANCE AUTHORIZING LICENSE REFUNDS
UPON APPLICATION OF CERTAIN PERSONS AND
UPON CERTIFICATION OF THE COMMISSIONER
OF THE REVENUE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA
That the following applications for license refunds, upon certification
of the Commissioner of the Revenue are hereby approved
NAME LICENSE DATE BASE PENALTY INTEREST TOTAL
YEAR PAID
Miles Victor M
T/A Sports Plus 1994 95 Audit 4,' '5 47 75
10 Newstead Circle
Chesapeake VA 23320
Miller Enterprises Of VA Beach Ltd
T/A Chicken Tonight Holland Plaza
621 Green I ree Drive 1995 Audit 107 26 107 26
Virg n a Beach, VA 23452
Certified as to Payment
@ert P. Vaughan
Commissioner of the Revenue
Approved as to form
L@slie- L Lill@y
City Attorney
This ordinance shall be effective from date of
adoption.
The above abatement(s) totaling $155.01 were approved by the Council
of the City of Virginia Beach on the 28 day of Nlii\ 19 96
Ruth Hodges mith
'City Clerk
- 30 -
item IV-L.
PUBLIC HEARING ITEM # 40808
PLANNING
Mayor Oberndorf DECLARED a PUBLIC HEARING on:
PLANNING
1. TARGET (Denied Aprit 9, 1996) RECONSIDERATION:
TO WITHDRAW
2. EDWARD J. WALKO VARIANCE
3. JAMES L. HARRELL, III AND
C. W. HARRELL & ASSOCIATES CONDITIONAL USE PERMIT
4. DORA L. McLAWHORN CONDITIONAL USE PERMIT
S. FRIENDS SCHOOL CONDITIONAL USE PERMIT
6. EXXON CORPORATION CONDITIONAL USE PERMIT
7. LTM DEVELOPMENT, L.L.C. CONDITIONAL USE PERMIT
8. MELVIN K. AND MYRTLEE L HELMICK CHANGE OF ZONING
9. O AND R, INC. CHANGE OF ZONING
10. CITY ZONING ORDINANCE AMEND AND REORDAIN
Section 104/repeal
separate offense provision
for continuing zoning violation.
May 28, 1996
- 31 -
Item IV-L.
PUBLIC HEARING ITEM # 40809
PLANNING BY CONSENT
Upon motion by Vice Mayor Sessoms, seconded by Councilman Branch City Council APPROVED in
ONE MOTION Items 2, 4, 5, 6 and 7 of the PLANNING BY CONSENT AGENDA.
Voting: 10-0
Council Members Voting Aye:
John A. Baum, Linwood 0. Branc4 III, Robert K. Dean, William W
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera E.
Oberndorf Nancy K Parker, Vice Mayor William D. ';essonts, Jr. and
L4ouisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Harold Heischober
May 28, 1996
- 32 -
Item IV-L.]
PUBLIC HEARING ITEM # 40810
PLANNING
Correspondence of May 28, 1996, from Attorney R. Edward Bourdon, Jr., advising Target no longer has
a contractual interest in the properties which is the subject of the referenced Conditional Zoning
Application.
Upon motion by Council Lady Strayhorn, seconded by Vice Mayor Sessoms, City Council ALLOWED
WITHDRAWAL of the Application of TARGET for a Conditional Change of Zoning (Denied April 9,
1996):
ORDINANCE UPON APPLICATION OF TARGET, FOR A
CONDITIONAL CHANGE OF ZONING DISTRICT CLASSIFICATION
FROM R-5D to B-2
Ordinance upon application of Target for a Conditional Change of
Zoning District Classification from R-5D Residential Duplex District to
Conditional B-2 Community Business District at the southeast corner of
Princess Anne Road and Lynnhaven Parkway. Ihe proposed zoning
classification change to B-2 is for general commercial land use. The
Comprehensive Plan recommends use of this parcel for suburban high
density residential at densities that are compatible with single family use
in accordance with other plan policies. (The plan also recognizes this site
as an opportunity area with potential for mixed use development. Said
parcel contains 19 acres. KEMPSVILLE BOROUGH
Voting: 10-0
Council Members Voting Aye:
John A. Baum, Linwood 0. Branci4 III, Robert K Dean, William W
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera E
Oberndorf Nancy K Parker, rice Mayor William D. @ssoms, Jr. and
Louisa M Strayhorn
Council Members Voting Nay:
Non e
Council Members Absent:
Harold Heischober
May 28, 1996
- 33 -
Item IV-L.2.
PUBLIC HEANNG ITEM # 40811
PLANNING BY CONSENT
Upon motion by Vice Mayor Sessoms, seconded by Councilman Branch, City Council APPROVED
the Applicahon of EDWARD J. WALKO for a Variance to Section 4.1(b)4 of the Site Plan Ordinance
re Floodplain Regulations to construct a room addition, garage, deck and screened porch.
Application of Edward J. Walko for a variance to Section 4.1.B.4 of the
Floodplain Regulations in the Site Plan Ordinance on property located
at 2929 Breezy Road LYNNHAVEN BOROUGH
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Brancl; III, Robert K Dean, William W.
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera E.
Oberndorf Nancy K Parker, Vice Mayor William D. .5essoms, Jr and
Louisa M. Sfrayhorn
Council Members Voting Nay.-
None
Council Members Absent.-
Harold Heischober
May 28, 1996
- 34 -
Item IV-L.3.
PUBLIC HEARING ITEM # 40812
PLANNING
Attorney Bill Bishoff represented the applicant
The following represented the Lago Mar Civic Association and expressed concerns:
Robert W. Pfaffinger, 821 Los Conars Way, Phone: 426-6059
Bob Lawson, 1030 Camino Real South; Phone: 721-7318, President - Lago Mar Civic Association.
Upon motion by Councilman Dean seconded by Vice Mayor Sessoms, City Council DEFERRED TO
JUNE 25,1996 CITY COUNCIL SESSION the Application of JAMES L. HARRELL, III and C. W.
HARRELL and ASSOCIATES for a Conditional Use Permit:
ORDINANCE UPON APPLICATION OF JAMES L. HARRELL, III & C
W HARRELL & ASSOCIATES; FOR A CONDITIONAL USE PERMIT
Ordinance upon application of James L. Harrell, III & C. W. Harrell &
Associates for a Conditional Use Permit for a gasoline service station in
conjunction with a convenience store on the north side of Sandbridge
Road, east of Entrada Drive. Said parcel is located at 1756 Sandbridge
Road and contains 40,075 square feet. PRINCESS ANNE BOROUGH.
Voting: 10-0
Council Members Voung Aye:
John A. Baum, Linwood 0 Brancl; III, Robert K Dean, William W
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera E.
Oberndorf Nancy K Parker, Vice Mayor William D. Sessoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Harold Heischober
May 28, 1996
- 35 -
Item IV- L. 4.
PUBLIC HEARING ITEM # 40813
PLANNING BY CONSENT
Upon motion by Vice Mayor Sessoms, seconded by Councilman Branch, City Council ADOPTED
an Ordinance upon application of DORA L. MCLAWHORN for a Conditional Use Permit:
ORDINANCE UPON APPLICATION OF DORA L. McLAWHORN FOR
A CONDITIONAL USE PERMIT FOR A HOME FOR THE AGED
R05962037
BE IT HEREBY ORDAINED BY THE COUNCIL OF THL CITY OF VIRGINIA BEACH, VIRGINIA
Ordinance upon application of Dora L. Mclawhorn for a Conditional
Use Permit for a home for the aged at the southwest corner of Edwin
Drive and Post Oak Drive. Said parcel is located at 912 Edwin Drive
and contains 12,000 square feet. KEMPSVILLE BOROUGH.
The following conditions shall be required:
1. A maximum of five (5) individuals may be cared for at any
given time.
2. If required, the applicant must obtain a State of Virginia Adult
Care Residence License and a City Business License.
This Ordinance shall be effective in accordance with Section 107 (f) of the Zoning Ordinance.
Adopted by the Council of the City of Virginia Beach, Virginia, on the Twenty-eighth of May, Nineteen
Hundred and Ninety-Six.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Bawn, Linwood 0. Branci4 III, Robert K Dean, William W.
Harrison, Jr, Barbara M Henley, Louis R Jones, Mayor Meyera E
Oberndorf Nancy K Parker, Vice Mayor William D. ,;essoms, Jr and
Louisa M. Vtrayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Harold Heischober
May 28, 1996
- 36 -
Item IV- L. 5
PUBLIC HEARING ITEM # 40814
PLANNING BY CONSENT
Upon motion by Vice Mayor Sessoms, seconded by Councilman Branch, City Council ADOPTED an
Ordinance upon application of FRIENDS SCHOOL for a Conditional Use Permit:
ORDINANCE UPON APPLICATION OF FRIENDS SCHOOL FOR A
CONDITIONAL USE PERMIT FOR A PRIVATE SCHOOL R05962038
BE IT HEREBY BY THE COUNCIL OF THF CITY OF VIRGINIA BEACH, VIRGINIA
Ordinance upon application of Friends School for a Conditional Use
Permit for a private school at the southeast intersection of Laskin Road
and Donna Boulevard. Said parcel is located at 1536 Laskin Road and
contains 7.22 acres. LYNNHAVEN BOROUGH.
The following conditions shall be required:
1. An area for future parking should be identified and planned for
prior to development of the final site plan.
2. A detailed site plan incorporating all development ordinance
requirements, including a stormwater management strategy,
must be submitted and approved by the Development Services
Center.
3. A right-of-way reservation for the Hilltop Loop Road must be
appropriately identified prior to final site plan approval.
This Ordinance shall be effective in accordance with 5ection 107 (f) of the Zoning Ordinance.
Adopted by the Council of the City of Virginia Beach, Virginia, on the Twenty-eighth of May, Nineteen
Hundred and Ninety-Six,
Voting: 10-0 (By Consent)
Council Members Voting Aye.
John A. Baum, Linwood 0. Branch, III, Robert K Dean, William W
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera E
Oberndorf Nancy K Parker, Price Mayor William D. 5essoms, Jr. and
Louisa M. 5trayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
- 37 -
item IV-L.6
PUBLIC HEARING ITEM # 40815
PLANNING BY CONSENT
Upon motion by Vice Mayor Sessoms, seconded by Councilman Branch, City Council ADOPTED an
Ordinance upon Application of EXXON CORPORATION for a Conditional Use Permit:
ORDINANCE UPON APPLICATION OF EXXON CORPORATION FOR
A CONDITIONAL USE PERMIT FOR A GAS STATION R05962039
BE IT HEREBY ORDAINED BY THE COUNCIL OF THF CITY OF VIRGINIA BEACH, VIRGINIA
Ordinance upon application of Exxon Corporation for a Conditional Use
Permit for a gas station in conjunction with a convenience store with a
food court at the northwest corner of Atlantic Avenue and Laskin Road.
Said parcel is located at 3100 Atlantic Avenue and contains 20,000
square feet. VIRGINIA BEACH BOROUGH.
The following conditions shall be required:
1. All site alterations shall be in substantial conformance with the
submitted site plan.
2. Pedestrian access ways, the bike rack, and additional
landscaping, as shown on the revised site plan, shall be
provided prior to issuance of a certificate of occupancy.
This Ordinance shall be effective in accordance with Section 107 (f) of the Zoning Ordinance.
Adopted by the Council of the City of Virginia Beach, Virginia, on the Twenty-eighth of May, Nineteen
Hundred and Ninety-Six.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Branch, III, Robert K Deam William W.
Harrison, Jr., Barbara M. Henley, Louis R. Jones, Mayor Meyera F.
Oberndorf Nancy K Parker, Vice Mayor grilliam D. Sessoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
- 38 -
Item IV-L. 7
PUBLIC HEARING ITEM # 40816
PLANNING
RandY Glass, 5021 Broad Street, Phone: 497-7880, represented the applicant
Upon motion by Councilman Harrison seconded by Council Lady Strayhorn, City Council ADOPTED an
Ordinance upon application of LTM DEVELOPMENT, L.L.C., for a Conditional Use Permit:
ORDINANCE UPON APPLIC4TION OF LTM DEPELOPMENT L.L, C
FOR A CONDITIONAL USE PERMIT FOR A COMMERCL4L MARINA
R05962040
BE IT HEREBY ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA
Ordinance upon application of LTM Development, L.L.C, for a
Conditional Use Permit for a commercial marina on the north side of
Laskin Road, 780 feet more or less east of Oriole Drive. Said parcel is
located at 900 Laskin Road and contains 30,448 square feet more or less.
LYNNHAVEN BOROUGH
The following conditions shall be required:
1. The proposed eight (8) boat slips are to be used exclusively by
tenants of the office building.
2. The proposed eight (8) boat slips are to be used exclusively for
recreational purposes by the tenants of the office building.
There is to be no commercial use whatsoever, including sales,
rental, repair or sale of merchandise.
This Ordinance shall be effective in accordance with Section 107 (f) of the Zoning Ordinance.
Adopted by the Council of the City of Virginia Beach, Virginia, on the Twenty-eighth of May, Nineteen
Hundred and Ninety-Six.
Voting: 9-0
Council Members Voting Aye:
John A. Baum, Linwood 0. Branci; III, William W. Harrison, Jr.,
Barbara M. Henley, Louis R Jones, Mayor Meyera F. Oberndorf, Nancy
K Parker, face Mayor Wzlliam D. Sessoms, Jr. and louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent.-
Robert K Dean and Ilarold Ifeischober
May 28, 1996
- 39 -
Item IV-L.8
PUBLIC HEARING ITEM # 40817
PLANNING
Correspondence of April 23, 1996 from Melvin K. Helmick requesting deferral is hereby made a part of
the record.
Upon motion by Councilman Branch, seconded by Council Lady Strayhorn, City Council DENIED the
Ordinance upon Application of MELVIN K. and MYRTLEE I. HELMICK for a Change of Zoning
District Classification:
ORDINANCE UPON APPLICATION OF MELVIN K. & MYRTLEE I.
HELMICK FOR A CHANGE OF ZONING DISTRICT CLASSIFICATION
FROM R-20 TO HISTORIC AND CULTURAL DISTRICT OVERLAY
Ordinance upon application of Melvin K. & Myrtlee I. Helmick for a
Change of Zoning District Classification from R-20 Residential District
to Historic and Cultural District on the west side of Holly Road at the
intersection with 35th Street. The proposed zoning classification change
to Historic & Cultural District Overlay is for historic and cultural land
use in a single family residential district. The Comprehensive Plan
recommends use of this parcel for single family land use at densities that
are compatible with single family use in accordance with other Plan
policies. Said parcel is located at 3490 Holly Road and contains
22,412.6056 square feet. VIRGINIA BEACH BOROUGH.
Voting: 9-0
Council Members Voting Aye:
John A. Baum, Linwood 0. Branci4 III, William W Harrison, Jr., Harold
Heischober, Barbara M Henley, Louis R Jones, Mayor Meyera E
Oberndorf, Nancy K Parker and Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Robert K Dean and Vice Mayor William D. Sessotm, Jr.
May 28, 1996
- 40 -
Item IV- L. 9.
PUBLIC HEARING ITEM # 40818
PLANNING
Attorney Robert Jones represented the applicant
The following residents registered in Opposition:
Joyce Kernodle, 5912 Woodgrove Lane, Phone: 4200-4612
Art Carden, 5857 Walker Road Phone: 420-1273
Jack Stallings, 560 Woodytock Road, Phone: 420-6494
F. P Usowski 553 Woodstock Road, Phone: 424-4116
Upon motion by Council Lady Strayhorn, seconded by Councilman Branch, City Council ADOPTED an
Ordinance upon application of O and R INC., for a Change of Zoning District Classification:
ORDINANCE UPON APPLICATION OF O & R INC FROM R-10 TO
R-10 WITH a PD-H2
Z05961492
BE IT HFREBY ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA
Ordinance upon application of O & R., Inc. for a Change of Zoning
District Classification from R-10 Residential District to
R-10 Residential District with a PD-H2
Planned Unit Development Overlay on property at the Northern terminus
of Woodstock Road. The proposed zoning classification change to R-10
and PD-H2 is for residential land use at a density no greater than 3
dwelling units per acre. The Comprehensive Plan recommends use of
this parcel for suburban medium density residential at densities that are
compatible with single-family use in accordance with other plan policies.
said parcel contains 9.326 acres. KEMPSVILLE BOROUGH.
The following conditions shall be required.
1. The approved plan for Woodstock Point shall include the
following:
a. The "Land Use Plan for Woodstock Point", dated april 8,1996,
depicting permitted structures, private street and driveways,
common open space and passive recreation areas.
b. The Landscape Plan of Woodstock Point, dated April 26, 1996,
including existing trees to be preserved. In the event that trees
over 6" in diameter are removed during construction,
supplemental plantings shall be required as set forth in the
conditions of approval of the CBPA variance.
c. Eleven sample renderings, on file with the Department of
Planning, depicting the general type and quality of dwelling
units to be constructed. Units constructed shall be substantially
consistent in type and quality with the submitted renderings, but
may vary in specific detail. Building materials shall be a
combination of brick, vinyl, stucco and stone, but no unit shall
consist of all-vinyl siding.
2. Impervious surface shall be limited to the building footprints,
street and driveways depicted on the plan.
3. A shoreline stabilization plan, acceptable to the Planning
Director, shall be implemented by the developer prior to
issuance of a certificate of occupancy, or a bond posted for the
associated improvements.
May 28, 1996
- 41 -
Item IV-L.9
PUBLIC HEARING ITEM # 40818 (Continued)
PLANNING
This Ordinance shall be effective in accordance with Section 107 (f) of the Zoning Ordinance.
Adopted by the Council of the City of Virginia Beach, Virginia, on the Twenty-eighth of May, Nineteen
Hundred and Ninety-Six,
Voting: 10-0
Council Members Voting Aye:
John A. Baum, Linwood 0. Branch, 111, Robert K Dean, William W
Harrison, Jr., Barbara M Henley, louts R Jones, Mayor Meyera E
Oberndorf Nancy K Parker, Vice Mayor William D. Sessotm, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
- 42 -
Item IV-L.10.
PUBLIC HEARING ITEM # 40819
PLANNING BY CONSENT
Upon motion by Vice Mayor Sessoms, seconded by Councilman Branch City Council ADOPTED:
Ordinance to AMEND and REORDAIN Section 104 of the City Zoning
Ordinance by REPEALING the separate offense provision for a
continuing zoning violation.
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0, Branch, III, Robert K Dean, William W.
Harrison, Jr, Barbara M. Henley, Louis R Jones, Mayor Meyera E.
Oberndorf Nancy K Parker, Vice Mayor ljrilliam D. .5essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
May 28, 1996
1
2 AN ORDINANCE AMENDING THE CITY
3 ZONING ORDINANCE BY REPEALING THE
4 SEPARATE OFFENSE PROVISION FOR A
5 CONTINUING ZONING VIOLATION
6
7 BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF VIRGINIA
8 BEACH, VIRGINIA:
9 That Section 104 of the City Zoning Ordinance is hereby
10 amended and reordained to read as follows:
11 Sec. 104. Violations and penalties.
12 Any person who violates any of the provisions of this
13 ordinance shall, upon conviction thereof, be guilty of a
14 misdemeanor punishable by a fine of not less than ten dollars
15 ($10.00) nor more than one thousand dollars ($1,000.00).
16
17
18 Adopted by the City Council of the City of Virginia Beach on
19 this 28th day of May 1996.
20 CA-6217
21 DATA/ORDIN/PROPOSED/45-104.ORD
22 JANUARY 23, 1996
23 Rl
APPROVED AS TO CONTENT
,-@ a @ -
Department of Law
APPROVED AS TO LEGAL
SUFFICIENCY
7
Department of Law
- 43 -
Item IV-M. I
APPOINTMENTS ITEM # 40820
Upon NOMINATION by Vice Mayor Sessoms, City Council APPOINTED:
COMMUNITY SERVICES BOARD
Reverend E. Ray Cox, Sr.
Unexpired Term thru 12/31/96
plus 3-Year Term - 1/1/97 - 12/31/2000
Voting: 10-0 (By Consent)
Council Members Voting Aye:
John A. Baum, Linwood 0. Branci4 III, Robert K Dean, William W.
Harrison, Jr., Barbara M Henley, Louis R. Jones, Mayor Meyera E
Oberndorf Nancy K Parker, Pice Mayor 4rzlltam D. @essoms, Jr. and
Louisa M. Strayhorn
Council Members Voting Nay:
None
Council Members Absent:
Harold Heischober
7'hese items were MOVED FORWARD prior to the Planning Agenda.
May 28, 1996
- 44 -
Item IV- M. 2
APPOINTMENTS ITEM # 40821
BY CONSENSUS, City Council RESCHEDULED APPOINTMENTS.
EROSION COMMISSION
May 28, 1996
- 45 -
Item rV- N. 1.
UNFINISHED BUSINESS ITEM # 40822
ADD-ON
BY CONSENSUS, City Council DIRECTED:
PUBLIC HEARING AND DOCUMENT shall be scheduled for June 11,
1996, City Council Session re District No. 5 (portion of Lynnhaven
Borough), moving the boundary line from Inlynnview Road to Wolfsnare
Creek as authorized by Election Data Services. (Public Hearing shall
concern solely the movement of the boundary line from Inlynnview Road
to Wolfsnare Creek).
Mayor Oberndorf requested each of the maps be posted in each of the Libraries throughout the City and
have Public Information Office place a byline in the paper adviving the locations of the maps.
Vice Mayor Sessoms requested the City Attorney respond in writing relative what method would be
possible to request the General Assembly repeal the entire issue of reapportionment.
May 28, 1996
- 46 -
Item IV-N. 1.
CITY COUNCIL CONCERNS
ITEM # 40823
Councilman Dean advised the first-ever rocket built by students has been successful by Ocean Lakes High
School and the inaugural launching has been postponed until Thursday, May 30, 1996. Councilman Dean
extended an invitation to all Members of City Council. The group will leave Ocean Lakes High School
at 7:45 A.M. and the launch will take place at 12 NOON at Wallops Island. This is an exciting project
between NASA and the Ocean Lakes High School Students.
ITEM # 40824
Council Lady Henley requested a Briefing be SCHEDULED for the City Council Session of June 4, 1996,
relative:
Ordinance to AMEND and REORDAIN Chapter 34 of the Code of the
City of Virginia Beach re swimming pools to incorporate and comply
with the provisions of the Virginta Uniform Statewide Building Code and
the Virginia Board of Health Swimming Pool Regulations. (ADOPTED
October 17, 1995).
Council Lady Henley expressed problems exist in the Pungo Pool.
ITEM # 40825
Council Lady Henley again referenced the Public Meetings for the Comprehensive Plan. On May 29,
1996, another Public Meeting is SCHEDULED at Trantwood Council Lady encouraged all to attend 7he
one at Strawbridge was very well attended.
ITEM # 40826
Council Lady Parker requested a Briefing relative the Light Rail and that Council be delivered
substantiating information prior to the Briefing.
The City Manager advised TRT will provide a Briefing on June 4, 1996, and City Council will consider
their position on the Major Investment Study on June 71, 1996. Ihe funding mechanism and the other
major considerations will not be considered until the Preliminary Environmental Impact Study in
approximately 18 months to two years.
ITEM # 40827
Councilman Branch inquired relative the Hampton Roads Partnership Executive Committee. 7he Mayor
advised they had been selected and she is a Member.
May 28, 1996
- 47 -
Ite,m IV- 0. I
NEW BUSINESS ITEM # 40828
The following registered to speak relative Potbellied Pigs:
Jennifer I. Hodge, 3805 Anson Lane, Phone: 431-1576
M. W. "Tookie" Myers, CBM, 1015 Indian Creek Road, Chesapeake, Virginia 23322, Phone: 453-3273,
421-4426 (H).
Donna B. Payson 928-A Princess Anne Road, Phone: 426-69937
Councilman Harrison suggested this concern relative Potbellied Pigs may be referred to the Planning
Commission.
Mayor Oberndorf requested the Director of Agricultural, Louis Cullipher, respond to concerns relative
Potbellied Pigs and their being allowed in residential areas.
No action was determined at this time.
May 28, 1996
- 48 -
Item TV-0,2
NEW BUSINESS ITEM # 40829
BY CONSENSUS, City Council:
ACCEPTED FOR RECORDATION, BY CONSENSUS, the Abstract of
Votes cast in the General Election - May 7, 1996.
May 28, 1996
ABSTRACT OF VOTES cast in the City of
at the May 7, 1996 General Election for:
Virgini;:¡ Rp;:¡C'"h
, Virginia,
Mayor
ENTER APPROPRIATE OFFICE TITLE AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
Total Votes
Received
(In Figures)
Mpypr;:¡ R
Ohprnñor-F
33.757
R. F. "Bob" Yurina
7,624
Any One But Mryrra
1
Anybody
1
Anyone Else
1
Michael Barrett
1
John Baum
1
B]ue RecyC'"ling Rin
1
Robert Dean
2
Kevin F. Delaney
1
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Meyera E. Oberndorf
Given under our hands this
8th
, Chairman
A copy tesw:
, Secretary
j ~secretary, Electoral Board
City of
Virqinia Beach
Mayor
ENTER APPROPRIATE OFFICE TITLE AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
John Doe
James R. Dotter
Chuck Duck
Thomas M. Garrow
Edward J. Giudos
Harold Heischober
Vickie Hendley
Clarence Holland
David Hummel
Tim Jackson
Nancy Kernut
June T. Kernutt
Frederick Kobb
Darryl Leach
Reba McClanan
Stephen A. Miller
Mickey Mouse
Martin Napper
None of the above
May 7, 1996
General Election
Page ~ of ~
Total Votes
Received
(In Figures)
1
1
1
2
1
1
1
2
6
2
1
5
1
1
2
1
2
1
1
Abstract Continuation Sheet
Mayor
Office Title
County/City of
Virginia Beach
Nø- of Canåiåøú:.
Earline Owens
Curtis Payne
Michael Joseph Posta III
Regional Cooperation
Charles Roy Rhodes
M r. R()h~rj-<:::()n
will Sessoms
May 7,1996
Election Date
General
Primary, General or Special
Election
Page 2- of 2-
Total Vote.
Received
(1 n Figurn)
1
1
1
1
1
4
ABSTRA cr OF VOTES cost in the County / City of
at the special election held on Ma y 7
Virginia Beach . Vurm~
. 19----2&.. on the following question or proposition:
ADVISORY REFERENDUM
QUFSTION: Shall the city councilmember elected to
represent a particular borough be elected by all qualified
voters throughtout the City (an at-large system) rather than
only by the qualified voters residing in that particular
borough (a ward system)?
If you wish to vote for all 11 council seats, vote YES! If you
prefer to vote for only 5 of the 11 council seats, vote NO!
Total Votes
Received
(In Figures)
FOR (Yes)
?fi,E}7~
AGAINST (No)
13,921
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of the Circuit
Court of the election on Ma y 7 , 19~, do hereby certify that the above is a true and correct
Abstract of Votes- cast at said election for and against the ques-tion or proposition set forth above.
Given under our hands this
8th
, 199...6-.
A copy teste:
Chairman
Vice Chairman
Secretary
"--
~
Secretary, Electoral Board
ABSTRACT OF VOTES cast in the City of
at the May 7, 1996 General Election for:
Virgini;:¡ Rp;:¡C'"h
, Virginia,
Member, City Council (At Larqe) (1 seat)
ENTER APPROPRIATE OFFICE TITLE' AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
Total Votes
Received
(In Figures)
Richard P. "Rick" Anoia
7,714
Harold Heischober
22.163
Louis Miles "Lou" Pace
1,8RR
Robert: C- "Roh" Spadaccini
5,957
Al Balko
1
R~nj~min H. r~hi~o
1
George Clooney
1
Susan Creamer
1
Donald Dl]Ck
1
Eris
1
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Harold Heischober
Given under our hands this
8th
A copy teste:
, Chairman
, Vice Chairman
, Secretary
Secretary, Electoral Board
City of Vir<¡inia Beach
Member, City Council (At Large) (1 seat)
ENTER APPROPRIATE OFFICE TITLE AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
Keith Garza
Garry Hubbard
June Jaeqer
Archie T.
.Tohn~on
Geo. R. Melnyk Jr
Jennifer Oram-Smith
Sam Ridley
Chris Whately
May 7, 1996
General Election
Page ~ of ~
Total Votes
Received
(In Figures)
1
1
1
1
1
1
1
1
ABS
at the
~fT OF VOTES cast in the City of
j 7, 1996 General Election for: .
Member, City Council (Blackwater Borough) (1 seat)
ENTER APPROPRIATE OFFICE TITLE AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Virginii'l Bp-i'lch
, Virginia,
Names of Candidates
Total Votes
Received
(In Figures)
John A. Baum
29,364
Rjck Anoii'l
~
Nick Anoia
3
Anybody
1
Anyone ~~~ on current board
1
Baum not wanted
1
Mary Billings
1
Farmer Brown
1
Susan Creamer
1
Elizabeth Dopp
1
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
John A. Baum
, Chairman
Given under our hands this
A copy teste:
, Vice Chairman
, Secretary
Secretary, Electoral Board
City of
Virqinia Beach
Member, City Council (Blackwater Borough) (1 seat)
ENTER APPROPRIATE OFFICE TITLE AND, IF APPUCABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
Dave Dozier
Daffy Duck
Donald Duck
Eddie Eagen
Sheila Erick
Eris
Pamela Galligan
Lonnie Glenn
Oon Hor~lpy
Norman Kahn
Floyd Kellam
Georgp W- Long
Mary B. Mather
Ronald McDonald
J;:¡mp~ M- McRllio~~
Geo. R. Melnyk Jr.
Delceno C. Miles
John Moss
Mickey Mouse
1 y 7, 1996
Genß1~. Election
Page ~ of ~
Total Votes
Received
(In Figures)
1
]
2
2
1
1
1
1
2
1
1
1
1
1
1
1
10
1
2
Abstract Continuation Sheet
Member, City Council (Blackwater Borough) (1 seat) May 7.1996
Office Title Election Date
County/City of Virginia Beach
General
Primary, General or Special
Election
Page -L of ~
Name. of Cøndüløte.
Total Vote.
Received
(1 n Figurn)
No vote
1
None of the above
1
Mike Ormsby
1
John T. Orr
1
L. Pace
1
Joe Potter
1
J.O. Public
1
Thomas Pufnock
1
Rameses II of Eqypt
1
RonaJd Reac¡an
1
R. L. "Buddy" Riggs
3
Gregory D. Roberts
1
Eric Rollins
J
Joey Romone
1
Ken Saunders
1
C. William Smith Jr
1
I II
Abstract Continuation Sheet
Member, City Council (Blackwater Borough) (1 seat) May 7,1996
Office Title Election Date
County/City of
Virqinia
~pnpr;:¡l
Primary, General or Special
Election
Page ..!...- of -..!..
Name. of Cønåûløte.
Total Vote.
Received
(1n Figurø)
Sf:f>-VP Smit-h
1
Michael Snyder
1
Buddy Sowers
1
Ulysses Van Spiva
1
Stanley E. Start Jr
1
Terry Tebault
1
Charlie VinC'"pnt-
1
Chris Whately
1
Allen Williamson
1
Barbara Wilson
1
Anne Wright
1
ABSTRACT OF VOTES cast in the City of
at the May 7, 1996 General Election for:
Virginia Beach
, Virginia,
Meuber, City Council (Princess Anne Borol~) (1 seat)
ENTER APPROPRIATE OFFICE TITLE AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
Total Votes
Received
(In Figures)
Robert K . Dean
14,766
Reba S . McClanan
24,486
Michael Bartz
1
Donald Duck
1
Timothy Jackson
1
Carry Karag~DJ~.
1
Lawrence Matruski
1
CUrtis Payne
1
Andrew D. Perkins
1
H. L. Powell, Jr.
3
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Reba S . McClanan
Given under our hands this
8th
day of May,
A copy teste:
, Chairman
Vice Chairman
, Secretary
Secretary, Electoral Board
City of
Virginia Beach
Melrber, City Council (Princes-.:; Anne BornngJ1
ENTER APPROPRIATE OFFICE ,TITLE AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
Buddy Riggs
Haner Sinpson
David R.
Wohlford, Jr.
May 7, 1996
General Election
Page --2-- of ~
Total Votes
Received
(In Figures)
1
1
1
ABS
at the
c ~ OF VOTES cast in the City of
y r, 1996 General Election for:
Virginia Beach
, Virginia,
~/
Member, City Council <Virqinia Beach Borongh) (1 seat)
ENTER APPROPRIATE OFFICE TITLE AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
Total Votes
Received
(In Figures)
Linwood o. Branch III
30,192
1 M Vacant
1
JoC. Allpn
1
Rick Anoia
2
Anyone else
1
Anyhody
1
Paul Bailey
2
Josephine Baus
1
Robert BeardRley
1
John Beech
1
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Linwood O. Branch III
Given under our hands this
8th
, Chairman
A copy teste:
, Vice Chairman
, Secretary
Secretary, Electoral Board
City of
Virqinia Beach
Member, City Council (Virginia Beach) (1 seat)
ENTER APPROPRIATE OFFICE TITLE AND, IF APPLICABLE, BOROUGH, DISTRICT OR WARD
Names of Candidates
Keith Billings
Robert Brewington
Benjamin H. Cabiao
Cocaine Pete
Cynthia n;:¡vpnpor~
John Dobbs
Donald Dougherty
Dave Dozier
Daffy Duck
iddip. Dunn
Robert Dyer
Eris
Paul Leslie Ewell
Bob Fentress
Gunther Fincher
Paul Galligan
Gerry Gibbs
P. Gimbert
Veroa Glenn
"""'1
\ ., ay 7, 1996
Ge~ al Election
Page ~ of ~
Total Votes
Received
(In Figures)
1
1
1
1
1
1
1
1
1
3
1
1
1
1
1
1
3
]
1
Abstract Continuation Sheet
Member, City Council (Virginia Beach Borough) (1 seat) May 7.1996
Office Title Election Date
County/City of
Vir9inia Rpach
General
Primary, General or Special
Election
Page -L of --Í-
Namn of Cøndiåøte.
Total Vote.
Received
(1 n Figurn)
Ken Greffrev
1
Vickie Hurdley
1
,",-;:¡rmpn Tnf=;:¡nt-pno
1
Andrew H. Lankford
1
Darryl Leach
George W. Lon9
Harry Ludley
James Lyles
1
1
2
1
Steven A. Marshall
~
n;:¡'Ti Ii 1\11,,('1 PPC:
1
Hugh McCollum
1
Me Myself & I
1
Gpo
R - Mpl nyk .Tr
1
Mickey Mouse
2
Jackie Murtlinq
1
Alfred E. Neuman
1
Abstract Continuation Sheet
Member, City Council (Virginia Beach Borough) (1 seat) May 7,1996
Office Title Election Date
County/City of
Virgini;:¡ Rp;:¡C'"h
General
Primary, General or Special
Election
Page ...L. of 2-
Nø- of Cøndidøte.
Total Vote.
Received
(1n Figurn)
None of the Above
1
Lou Pace
2
N;:¡nC"y P;:¡rKPr
1
Don Peloquin
1
Earl Pitts
1
Thnm;:¡~ Pn"fnnC'"-K
J
Robert Rickert
1
Roqer L. "Buddy" Riqqs
14
Gregory D. Roberts
1
Saliaquinto
1
Same as Above
1
T.¡mce Sa~er
1
Bob Schaefer
1
Georqe E. Shaefer
1
W. Cortes Sinclair Jr.
1
Joe Smith
1
Abstract Continuation Sheet
Member, City Council lVjrqini;:¡ Hp;:¡C'"h Hnrough) (1 seà~) May 7, 1qqf\
Office Title Election Date
County/City of Virqinia Beach
~enp-ra1
Primary, General or Special
Page -L of -2-
Election
Nø~. of Condidøú.
Total Vote.
Received
(1n Figurn)
Steve Smith
1
Ralph Steelman
1
Art-hnr'T';:¡t-p
-:t
Barbara Tates
1
Peqqy Teivi
1
'T'r;:¡C'"y'~ dog Minx
1
Claire Turner
1
Robert Vakos
2
rharles W. Vincent
3
Chris Whately
1
Jonathan Julian White
1
Barbara Yates
8
'i"
T OF VOTES cast in the City of
7, 1996 General Election for: .
Virginia Beach
, Virginia,
~
MEMBER, SCHOOL BOARD
At Large (2 seats)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Total Votes
Received
(In Figures)
Names of Candidates
Robert E. Beardsley. Jr.
2,955
Raymond D. Beck
859
Sandra "Sandy" C. Bowie
6,435
Donald R. Bradway
1.840
Robert: .1 - "Hoh" Hri ch
4,431
Joshua F. Edwards, Sr.
2,374
Steven Michael Emmanuel
1,746
Ann Go F.wing
2.567
Vernon H. Fix
3,233
Stuart R. Gordon
6,836
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Neil T.o Ro!';p.
'ROSE-wary A
wi1c:on
Given under our hands this
8th
Chairman
A copy teste:
, Vice Chairman
Secretary
--é- tJJ ø ~
Secretary, Electoral Board
City of Virginia Beach
MEMBER, SCHOOL BOARD
At Large (2 seats)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
\Robert C. Mandiqo, Jr.
.John .J - Ma~on
George R. Melnyk, Jr.
A. F. "Mike" Mitchell III
Jane E. Nosonchuk
James P. Polk
Michael J. Prokopchak
Pedro P. Rodriguez
Neil L. Rose
Frank Edward Rough
Sonja M. Watts
Rosemary A. Wilson
Albert Balko
Mike Rank.,.
Dr.Ed Brickell
Buc¡s Bunny
Rpnj;:¡min H- Cahiao
Ted Case
Chris Coleman
r
1haL 7, 1996
Gen~ Election
Page -Ì- of ~
Total Votes
Received
(In Figures)
2.143
604
3,713
1,410
1,R?E1
1,57~
894
1,107
7,981
366
?,fiQ7
11,676
1
I
'}
1
1
1
1
Abstract Continuation Sheet
Member, School Board (At Larqe) (2 seats)
Office Title
County/City of v; rg; n;;:I J:h3;:1r-h
Nø- of Canåiåøú:.
Lonnie Glenn
Tim Jackson
Van Jackson
Archie L. Johnson
June Kernutt
Ben Krause
Paul Lanteigne
Charles Mann
McMullins
Navy Tug
Raymond Newlon
Rr;:¡1i PiTT
Roger L
":auddy" Rigg£
David B. Smith
Ulysses Spiva
.Tn;:¡nlT;:¡ ~::a-pplm;:¡n
May 7, 1996
Election Date
General
Primary, General or Special
Election
Page .l- of ---!..
Total Vote.
Received
(1 n Figure8)
1
4
1
1
?
1
1
1
1
1
2
]
lQ
1
1
1
Abstract Continuation Sheet
Member, School Board (At Large) (2 seats)
Office Title
County/City of
V:irq:inia Rp.ach
Nø~. ofCanåiåøú:.
Louise Strayhorn
Joseph D. Taylor
f)ong1;:)~ 'I'h()mp~()n
Ferdinand Tolentino
Marisa Tomei
Allp.n wi11i;:¡m~()n
Jimmy Wipper
Angel Zee
M;:¡y 7. 199(;
Election Date
General
Primary, General or special
Election
Page -L of -!..
Total Vote.
Received
(1n Figurn)
1
5
1
1
1
1
2
1
~
ABS~ T OF VOTES cast in the City of
at th; f~ 7, 1996 General Election for:
~
MEMBER, SCHOOL BOARD
Blackwater Borough (1 seat)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Virginia Beach
, Virginia,
Names of Candidates
Total Votes
Received
(In Figures)
Delceno C. Miles
.
25,626
Anybody
]
Anyone else
2
Christopher S. Arthur
1
John Baum
2
Parker Benna
1
Jane Bennett
1
Susan Creamer
8
Chris Davis
1
Dave Dozier
1
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Delceno C. Miles
Given under our hands this
8th day of
Vice Chainnan
A copy teste:
""-
ecretary
B- /JLU h.k-, fl..----' Secretary. Electoral Board
City of Virginia Beach
MEMBER, SCHOOL BOARD
Blackwater Borouqh (1 seat)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Tom Ducey
Eris
Ann Ewing
Npli F1;:¡n(Jer
As Foy
~h~rles 0- Griffith Jr.
Barbara Henley
Diane Horsley
Garry Hubbard
June Kernutt
Ben Krause
Nina V. Long
Geo. R. Melnyk Jr.
Mickey Mouse
Minnie Mouse
Ms USA
None of the above
Other-None of the above
Michplle Phj~Tfer
"""I
L.. y 7, 1996
GenbI Election
Page ~ of -L
Total Votes
Received
(In Figures)
1
1
1
1
1
1
1
4
1
1
1
1
1
3
3
1
1
1
1
Abstract Continuation Sheet
Blackwater Borough (1 seat)
Office Title
County/City of
Virgini;:¡ 'Rø;:¡,..h
Nø- of Canåiåøú:.
Henry Porter
Mi ke Pntt-pr
Thomas Pufnock
"Big" Jim Reinecker
Roger L. "Buddy" Riggs
Gregory D. Roberts
Sylvia Scott
Paul Shurer
Leslie Smith
Stanley E. Start Jr.
Ferdinand Tolentino
A1 W;:¡ll;:¡rp
Iris Whateley
May 7, 1996
Election Date
General
Primary, General or Special
Election
Page ..l.- of -1-
Total Votu
Received
(l n Figure8)
]
1
1
3
7
1
1
1
2
1
2
1
1
,
ABSTRACT OF VOTES cast in the City of
at the May 7, 1996 General Election for: .
Virginia Beach
, Virginia,
MEMBER, SCHOOL BOARD
Princess Anne Borouqh (l seat)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Total Votes
Received
(In Figures)
Frankland P. Babonis
3,807
Archie Wilber DeBaun, Jr.
10,638
H. L. nLesn Powell, Jr.
16,517
Dr. Ed Brickell
1
Sandra Bullock
1
Cehulu
1
Eris
1
Thomas E. Fraim
1
Robert Hall
3
Tim Jackson
1
CONTINUE ON REVEME SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
H. L. nLesn Powell, Jr.
, Chairman
Given under our hands this
A copy teste:
, Vice Chairman
, Secretary
Secretary, Electoral Board
City of Virginia Beach
MEMBER, SCHOOL BOARD
Princess Anne Borouqh
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Ben Krause
Nina V. Long
RPh;:¡ McClanan
McMullins
Geo. R. Melnyk, Jr.
Charlene Noel
R. L. "Buddy" Riggs
C. William Smith, Jr.
Dick Van Dyke
Ann Wright
May 7, 1996
General Election
Page ~ of ~
Total Votes
Received
(In Figures)
1
1
1
1
1
1.
3
1
1
1
CT OF VOTES cast in the City of
M y 7, 1996 General Election for:
Virginia Beach
, Virginia,
MEMBER, SCHOOL BOARD
Vir~inia Beach Borough (1 seat)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Total Votes
Received
(In Figures)
Arthur Thomas Tate
24,501
Anybody
1
Anyone Else
1
Karen Barry
1
r.inw'Ooli 0
Rr;:¡nch
?
Buddy
1
Dave Dozier
1
Rri!=:
1
D. Linn Felt
7
Big Chicken Fincher
1
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Ar1-hnr Thoma~ Tat:p
Given under our hands this
~ IJJ ~Q ~ Secreta
A copy teste:
'--
City of Vi rgi n i;:¡ Rp(; ("h
MEMBE~SCHOOLBOARD
Virginia Beach Borough (1 seat)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Vernon Fix
Clarence Garrison
Jennie Garth
Gerald Gibbs
.Ti rnmy r,i 1 fi;:¡y
P. Gimbert
Albert L. Harris
Linda Hinnant
Carmen Infanteno
Tim Jackson
Kevin Jones
Ben Krause
H. Andrew Lankford
Darryl Leach
Geo. R. Melnyk, Jr.
Mickey Mouse
Nnhnfiy
.Charlene Noel
Jennifer Oram-Smith
"""\
#!A' 1996
Gene I lection
Page ~ of ~
Total Votes
Received
(In Figures)
J
1
1
1
3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Abstract Continuation Sheet
Member, School Board Virginia Beach Borough (1 seat) May 7,1996
Office Title Election Date
County/City of vi rgi ni;:¡ Rø;:¡("h
General
Primary, General or Special
Election
Page ~ of ...3.-
Na- of Cønåüløte.
Total Vote.
Received
(l n Figurn)
Anita O. Poston
1
Lis Powell. Jr.
1
Thomas Pufnock
1
Roger L. "Buddy" Riggs
315
Rilev
1
Gregory D. Roberts
1
Spade a
1
Ziqqv Stardust
1
('hr¿>ryl St-;:¡rk-
2
Anne B. Tate
1
Emilie Tilley
1
n~ Cit-i7.en
1
Rosemary Wilson
1
Sue Yurina
1
l'
ABSTRACT OF VOTES cast in the City of
at the May 7, 1996 Special Election for:
Virginia Beach
, Virginia,
MEMBER, SCHOOL BOARD
A~ ~;:¡rgp (1 ~p;:¡~)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Total Votes
Received
(In Figures)
Gail A. Ball
6,822
Donald È'. Bennis
7,037
Patricia L. Burns
2,348
Charles D. Clark
889
George T. Coker
3.851
Kathleen M. Damon
1,074
Daniel D. Edwards
2,004
James A. Grace
If296
Michael B. Moore
2,703
Michael P. Nagelin
3,017
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Donald F. Bennis
, Chairman
Given under our hands this
A copy teste:
Vice Chairman
, Secretary
Secretary, Electoral Board
City of vi rgi n i a B~ach
MEMBER, SCHOOL BOARD
At Large (1 seat)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Raymond Alan N~w1on
Kenneth R. Sigmon
Louis R. Soscia, Sr.
Claude R. "Okien Thompson
A. A. "AI" Wallace III
Sherwood C. Baker
Benjamin H. Cabiao
Eris
William D. Gilliam
Archie L. Johnson
Michael Mullins
Luke Perry
Anna Margaret Rhoades
Roger L. "Buddy" Riggs
John A. Vaughn
May 7, 1996
Special Election
Page - of -
Total Votes
Received
(In Figures)
561
237
1,206
1.313
815
1
1
1
1
1
1
1
1
9
1
ABSTRACT OF VOTES cast in the City of
at the May 7, 1996 Special Election for:
Virginia Beach
, Virginia,
MEMBER, SCHOOL BOARD
Lynnhaven Borough (] seat)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Total Votes
Received
(In Figures)
Miguel J. Arsuaga
2,560
Nancy Dàhlman Guy
20,498
Ben A. Krause
8,874
J. Gail Cayce Schwartzer
3,119
Anyone but Nancy Guy the shrew
1
Annette Baker
1
Jonathan Brandis
1
Dr. Ed Brickell
1
Cynthia Davenport
3
Stewart Douglas
1
CONTINUE ON REVERSE SIDE, IF NEEDED
We, the undersigned Electoral Board, upon examination of the official records deposited with the Clerk of
the Circuit Court of the election held on May 7, 1996, do hereby certify that the above is a true and correct
Abstract of Votes cast at said election and do, therefore, determine and declare that the following person(s)
have received the greatest number of votes cast for the above office in said election:
Nancy Dahlman Guy
ELECTORAL
BOARD
J
, Chairman
Given under our hands this
A copy teste:
Vice Chairman
Secretary
Secretary, Electoral Board
City of Virginia Beach
MEMBER, SCHOOL BOARD
Lynnhaven Borough (1 seat)
ENTER AT LARGE OR APPROPRIATE BOROUGH, DISTRICT OR WARD
Names of Candidates
Eris
William C. Forham, Jr.
Karen O'Brien
Philip Richter, IV
Roger L. "Buddy" Riggs
Gregory D. Roberts
Torrentino
May 7, 1996
Special Election
Page ~ of -L-
Total Votes
Received
(In Figures)
1
1
1
1
5
1
1
- 49 -
Item I-V-0.3
NEW BUSINESS ITEM # 40830
BY CONSENSUS, City Council APPOINTED the City Council representatives to Virginia MuniciPal
League (VML) Policy Committees for 1996.
Community Development Louisa M. Strayhorn
and Public Safety
Environmental Quality
Finance E. Dean Block
Human Development Nancy K. Parker
and Education
General Government Linwood O. Branch III
Transportation Barbara M. Henley
The Mayor will contact Council Member-Elect McClanan re the VML Policy Committee for
Environmental Quality.
May 28, 1996
- 50 -
Item IV- P. I.
ADJOURNMENT ITEM # 40831
Mayor Oberndorf DECLARED the City Council Meeting ADJOURNED at 9:15 P.M.
- --------------------
Beverly O. Hooks, CMC/AAE
Chief Deputy City Clerk
------ -------------------
Ruth Hodges &nitk CMCIAAE Meyera E, Oberndorf
City Clerk Mayor
City of Virginia Beach
Virginia
May 28, 1996