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86 <br /> <br />A RESOLUTION TO AUTHORIZE THE VIRGINIA PORT AUTHORITY TO EXPEND <br />$10,OOO.00 IN TEP~iINAL REVENUE TO PROVIDE SECURITY MEASURES FOR <br />THE OPERATION OF A GENERAL PURPOSE FOREIGN TRADE ZONE AT PRO- <br />PERTY KNOWN AS THE COLUMBIA YACHT PROPERTY. <br /> <br /> WHEREAS, the Virginia Port Authority has requested <br />authorization f~om Portsmouth City Council to expend funds to <br />provide adequate security measures for the operation of a general <br />purpose foreign trade zone as part of the operation at the Ports- <br />mouth Marine Terminals; and <br /> <br /> WHEREAS, the Virginia Port Authority is required by <br />the Port Unification Agreement to obtain consent from City <br />Council before making such expenditures; and <br /> <br /> WHEREAS, the expenditures to be made will be funded <br />from revenue generated by the Portsmouth Marine Terminals; and <br /> <br /> WHEREAS, this Portsmouth City Council after duly con- <br />sidering the contemplated expenditures, is of the opinion that <br />such expenditures are necessary and prudent for the operation of <br />Portsmouth Marine Terminals. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that it approves expenditures of <br />Ten Thousand and O0/100 ($10,000.) Dollars in terminal revenue <br />necessary to provide adequate security measures for the operation <br />of a general purpose foreign trade zone at property known as <br />the Columbia Yacht property. <br /> <br /> Adopted by the Council of the City of P~rtsmouth, <br />Virginia, at a meeting held October 12, 1976. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />