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42 <br /> <br />A RESOLUTION TO AUTHORIZE THE.VIRGINIA PORT AUTHORITY TO EXPEND. <br />FUNDS FROM SURPLUS REVENUES FOR CAPITAL LMPROVEMENTS AT THE <br />PORTSMOUTH MARINE TF_/~IINAL. <br /> <br /> ~EREAS, 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 /> W}tEREAS, the expenditures to.be made will be funded <br />from Surplus Revenue generated by the Portsmouth Marine Terminal; <br />and ~. <br /> <br /> WHEREAS, the Portsmouth City Council after duly con- <br />sidering the contemplated improvements is of the opinion that <br />such improvements are necessary.and prudent investments. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that it approves the expenditures <br />of Three Hundred and Fifty-five Thousand ($355,000.00) Dollars <br />for improvements to the East Ro/Ro Storage; as contemplated <br />by Virginia Port Authority resolution 74-13 of May 15, 1974. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held May 13, 1975. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />