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A RESOLUTION AMENDING, BY THE JOINT ACTION OF THE COUNCILS <br />OF THE CITIES OF HAMPTON, NEWPORT NEWS, PORTSMOUTH, NORFOLK, <br />VIRGINIA BEACH, CHESAPEAKE, AND SUFFOLK, VIRGINIA, AND THE <br />BOARD OF SUPERVISORS OF ISLE OF WIGHT COUNTY, VIRGINIA, THE <br />'ARTICLES OF INCORPORATION OF-THE SPORTS AUTHORITY OF HAMPTON <br /> <br /> WHEREAS, by current actions of the cities of Hampton,__'~l__l, <br /> Newport News, Portsmouth, Norfolk, Virginia Beach, <br /> Ch'esapeake and Suffolk, and the County of Isle ~f~Wight <br /> (collectively; the "Participating Political Subdivisions") <br /> the Spc~ts Authority of Hampton Roads, Virginia (the <br /> "Authority")'~'was created on May 27, 1986; and <br /> <br /> WHEREAS, the Darticipating political subdivisions <br />desire to amend the Articles of Incorporation of the <br />Authority to provide, as permitted by §15.1-1275 (a) of the <br />Code of Virginia of 1950, as amended, a specific ter~ of <br />existence for the Authority; and <br /> <br /> WHEREAS, <br />the amendment <br />Authority. <br /> <br />a public hearing has been held with respect <br />to the Articles of Incorporation of the <br /> <br />to <br /> <br /> NOW, THEREFORE, BE IT ~ESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> (1) That it does <br />which are deemed to be <br />Resolution as if fully <br /> <br />hereby approve the foregoing recitals <br />incorporated herein as part of this <br />set forth herein. <br /> <br /> (2) That it does hereby amend, concurrently with the <br />cities of Newport News, Hampton, Norfolk, Virginia Beach, <br />Chesapeake, and Suffolk and the County of Isle of Wight, <br />Articles of Incorporation of the Authority~ by adding the <br />following provisions as an additional Paragraph 5: <br /> <br /> "Paragraph 5." Unless sooner dissolved in <br />accordance with the provisions of §15.1-1286.1 <br />of the Code of Virginia of 1950, as amended, the <br />Authgrity shall be dissolved on December..31, 2050; <br />provided, however, in the event there are any <br />assenting obligations of the Authority on such <br />date, the Authority shall be dissolved' on the <br />date on which the last such outstanding obligations <br />shall have been fully paid or discharged." <br /> <br /> (3) Except as herein amended, the Articles Of <br />Incorporation of the ~uthority shall remain in ful~ force <br />and effect. ~ <br /> <br /> <br />