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A RESOLUTION TO AUTHORIZE THE VIRGINIA PORT AUTHORITY TO EX- <br />PEND FUNDS FROM SURPLUS REVENUES FOR CAPITAL IMPROVEMENTS <br />AT THE PORTSMOUTH ~RINE T ~ <br /> ERMINAL. <br /> <br /> WHEREAs, the Virginia Port Authority has requested <br />authorization from Portsmouth City Council to expend funds <br />for certain capital improvements to the Portsmouth Marine <br />Terminal; and <br /> <br /> WHEREAS, the Virginia Port Authority is required <br />by the Port Unification Agreement to Obtain consent from the <br />City Council before making such expenditures; and <br /> <br /> WHEREAS, the expenditures to be made will be fund- <br />ed from surplus revenue generated by the Portsmouth Marine <br />Terminal; and <br /> <br /> WHEREAS, the Portsmouth City Council after duly <br /> considering the Contemplated improvements is of the opinion <br /> that such improvements are necessary and prudent investments. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of <br />the City of Portsmouth, Virginia, that it approves the ex- <br />penditure of Fifty Thousand ($50,000.) Dollars for continued <br />site development on the East Waterfront Trac~ at Portsmouth <br />Marine Terminal. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held May 10, 1977. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />