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AN ORDINANCE TO AMEND CHAPTER 12 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (1988) BY AMENDING SECTIONS 12-143, 12-144, 12-148 AND 12-151 PERTAINING TO THE MUNICIPAL FINANCE COMMISSION. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Sections 12-143, 12-144, 12-148 and 12-151 of the Code of the City of Portsmouth, Virginia (1988) be amended and reordained to read as follows: Sec. 12-143. Composition; appointment of members. The commission shall consist of nine menthers. The city manager and the chief financial officer of the city shall be nonvoting ex officio members of the commission, and the remaining seven members shall be appointed by the city council. Of the seven or so appointed, at least two shall be members of the financial services profession, one shall be member of the business community employed in the city, and the remaining members shall be either residents or property or business owners within the city or shall be employed in the city. Sec. 12-144. Terms of members. The terms of the ex officio members of the commission shall begin on the dates of their appointments tc their respective positions. The terms of the appointed members of the commission shall be for four years or for such shorter period as the City Council shall specify at the time of appointmem. All commission members shall hold office during their respective terms at the pleasure of the city council and until their successors are appointed. Sec. 12-148. Meetings. The commission shall meet at least quarterly in regular session. Sec. 12-151. General duties. The commission shall perform the following duties: (1) Survey all aspects of the city's financial condition and make recommendations concerning such to the city council at least semiannually. (2) Analyze the city's established long-term and financial objectives and make recommendations thereon.