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97 <br /> <br />A RESOLUTION AUqlMORIZING THE ~q/~GINIA PORT AUTHORITY TO EXPEND FUNDS UP <br />TO $tO,O00. FROM ~ REL~iVED FR~ THE PORTST4OUTH MARINE T~MINAIS <br />FOR FLRR~RIER SITE DEVELOPMENT ON THE 34 ACRE EAST'WAT~FRONT TRACT. <br /> <br /> WHEREAS, the Virginia Port Authority has requested authorization <br />frc~ the Portsmouth City Council to expend funds for certain capital <br />i~prc~vements to the Portsmouth Marine Terminals; and <br /> <br /> WHERF2~, the Virginia Port Authority is required by the Port Unification <br />Agreement to obtain consent frcm the City Council before making such <br />expenditures; and <br /> <br /> WHEREAS, the expenditures to be made will be funded frcxa surplus <br />revenue generated by the Portsmouth Marine Tezrminats; and <br /> <br /> ~, the Portsmouth City Council snfter duly considering the <br />contemplated i~prove~nts is of the opinion that such improv~nents are <br />necessary and prudent investments. <br /> <br /> NOW, i/qEPdEFORE, BE IT IIESOLVED by the Council of the City of Ports- <br />mouth, Virginia, that it approves the expenditures of up to Ten Thousand <br />($10,000.) Dollars for the site develOlX~nt on the 34 acre east water- <br />front tract. <br /> <br /> Adopted by the Co%uncil of the City of Portsmouth, Virginia, at a <br />meeting held October 11, 1977. <br /> <br />City Cl~k <br /> <br /> <br />