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A RESOLUTION REALLOCATING $690,336 FROM AUTHORIZED PROJECTS <br />FUNDED THROUGH THE GENERAL REVENUE SHARING PROGRAM AND THE <br />CAPITAL IMPROVEMENT PROGRAM AND ALLOCATING $250,000 IN <br />INTEREST FROM THE GENERAL REVENUE SHARING TRUST FUND FOR <br />PORTCENTRE. <br /> <br /> WHEREAS, a public hearing was held to receive public <br />comments on the five year Capital Improvement Plan and on <br />the one year Capital Improvement Program, and on the <br />General Revenue Sharing Funds included therein, and this <br />Council found the Capital Improvement Plan and the <br />utilization of General Revenue Sharing Funds proposed <br />thereat to be in proper form and expressive of Council <br />policies in regard to necessary capital improvemenss; and <br /> <br /> WHEREASr the United States Congress has terminated <br />the General Revenue Sharing Program to state and localities <br />and the Treasury Department has issued regulations <br />requiring the expeditious utilization of remaining funds; <br />and <br /> <br /> WHEREAS, a public hearing has been held to receive <br />public commen~s on the reallocation of General Revenue <br />Sharing Funds; and <br /> <br /> WHEREAS, the Council has considered the Capital <br />Improvement Plan and the Capital Improvement Program for <br />1986-87 and tbs utilization of General Revenue Sharing <br />Funds and finds the reallocation of same for Phase II of <br />PortCentre and the Streetscape Program at Bart and South <br />Streets to be in proper form and expressive of council <br />policies !n regard to necessary capital improvements. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia authorizes the ~eallocation of <br />Six Hundred Ninety Thousand, Three Hundred Thirty-Six <br />($690,336) Dollars from authorized projects funded through <br />the General Revenue Sharing Program and the Capital <br />Improvement Program, subject to later appropriation in the <br />ordinary course of business of the City. <br /> <br /> BE IT FURTHER RESOLVED that the Council of the City of <br />Portsmouth, Virginia allocates Two Hundred Fifty Thousand <br />($250,000) Dollars in interest earned from the General <br />Revenue Sharing Trust Fund for the Phase II ?ortcentre <br />Project subject ~o later appropriation in the ordinary <br />course of business in the City. <br /> <br /> <br />