Laserfiche WebLink
50 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO <br />AN AGREEMENT WITH THE PORTSMOUTH PARKING AUTHORITY <br />PERTAINING TO THE FINANCING ARRANGEMENTS FOR THE <br />EDINBURGH SQUARE PARKING GARAGE AND THE CENTRAL PARKING <br />GARAGE. <br /> <br /> WHEREAS, the City has financed the <br />the Edinburgh Square Parking Garage and <br />Parking Garage with funds from the sale <br />Obligation Bonds; and <br /> <br />construction of <br />the Central <br />of General <br /> <br /> WHEREAS, the operation and maintenance of said <br />facilities, including the collection of revenues <br />therefrom, has been assigned to the Parking Authority; <br />and <br /> <br /> WHEREAS, the City and the Parking Authority have <br />entered into an agreement for repayment of the principal <br />and interest on the funds used for construction of the <br />Edinburgh Square Parking Garage; and <br /> <br /> WHEREAS, the Parking Authority has also agreed to <br />make payments of principal and interest on the funds <br />used for construction of the Central Parking Garage; and <br /> <br /> WHEREAS, the Parking Authority has requested that <br />these agreements be amended to provide that in the event <br />funds are not available for any given year to pay both <br />principal and the full amount of interest, then the <br />unpaid balance of the interest payment for that'year <br />shall be abated; provided further that the Parking <br />Authorit~7 shall continue to be responsible for payment <br />to the City of the entire principal amount of the <br />construction cost of each facility. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of <br />the City of Portsmouth, Virginia, that the City Manager <br />be, and he hereby is, authorized to enter into an <br />agreement with the Parking Authority pertaining to the <br />financing arrangements for the Edinburgh Square Parking <br />Garage and the Central Parking Garage pursuan~ to the <br />terms heretnabove stated. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held May 13, 1986. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />