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64 <br /> <br />RESOLUTION AUTHORIZING THE CITY MANAGER TO COM~%~IT ANNUALLY <br />FOR ELEVEN YEARS BEGI~qING SEPTEMBER, 1979, TO THE PORTSMOUTH PORT <br />AND INDUSTRIAL COMMISSION THE RECEIPTS OF THE UNIFICATION CON- <br />TRACT OF THE PORTSMOUTH PORT AND INDUSTRIAL CON. MISSION, CITY <br />OF PORTSMOUTH AND VIRGINIA PORT AUTHORITY; REPAYMENT OF FUND. <br /> <br /> WHEREAS, pursuant to a Unification Contract dated April <br />1, 1971, as amended, between the Portsmouth Port And Industrial <br />Commission, City of Portsmouth and Virginia Port Authority, <br />the City receives a certain percentage of annual proceeds from <br />the operation of Portsmouth Marine Terminals, which amount is <br />projected to be Fifty Thousand and 00/100 ($50,000.) Dollars <br />annually over the next ten (10) years and Forty Thousand and <br />00/100 ($40,000.) Dollars for one year thereafter; and <br /> <br /> WHEREAS, the Portsmouth Port and Industrial Commission, <br />from time to time, purchases land in order to increase the <br />industrial and port related development in the City; and <br /> <br /> ?~EREAS, in order to secure financing for said purchases, <br />it is necessary to demonstrate the availability of funds which <br />may be recognized as collateral by financial institutions dealing <br />with the Portsmouth Port And Industrial Conn~ission; and <br /> <br /> WHEREAS, Council desires to express its support for the <br />continued developmental activities of the Portsmouth Port _And <br />Industrial Commission; and <br /> <br /> WHEREAS, Section 2.03 of the Charter of the City of Ports- <br />mouth, Virginia, provides that the City may contribute funds <br />to industrial development in the City. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the City Manager be, and he hereby <br />is, authorized to co,mit annually for eleven (11) years, beginning <br />September, 1979, to the Portsmouth Port And Industrial Cormmission <br />the receipts of the Unification Contract of the Portsmouth Port <br />And Industrial Con~issionr City of Portsmouth and Virginia Port <br />Authority. <br /> <br /> BE IT FURTHER RESOLVED, that this commitment is made with <br />the understanding that such funds will be repaid to the City at <br />the time the property which was purchased therewith is disposed <br />of to private owners or occupants. : <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />ak a meeting held July 24, 1979. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />