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43 <br /> <br />A RESOLUTION TO AUTHORIZE THE VIRGINIA PORT AUTHORITY TO ISSUE <br />$430,000.00 IN PORT REVENUE BONDS. <br /> <br /> WHEREAS, the Virginia Port Authority has requested <br />authorization from the Portsmouth City Council to issue <br />Four Hundred Thirty Thousand ($430,000.00) Dollars in Port <br />Revenue Bonds; and <br /> <br /> WHEREAS, the Virginia Port Authority is required by <br />the Port Unification Agreement to obtain consent from City <br />Council before issuing such bonds; and <br /> <br /> WHEREAS, such bonds are to be issued to purchase <br />two (2) Van Carriers and one (1) Side-Loader for use at Portsmouth <br />Marine Terminal; and <br /> <br /> WHEREAS, Portsmouth City Council after duly considering <br />the necessity of such equipment is of the opinion that such equip- <br />ment is necessary to the effeciency of the operation of Portsmouth <br />Marine Terminal. <br /> <br /> NOW, TF~REFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that it authorizes the issuance <br />of Four Hundred Thirty Thousand ($430,000.00) Dollars in Port <br />Revenue Bonds to be issued to purchase t%~ (2) Van Carriers and <br />One (1) Side-Loader for use at Portsmouth Marine Terminal, as <br />contemplated by Virginia Port Authority resolution 74-5 of Jan- <br />uary 11, 1974.. <br /> <br /> BE IT FURTHER RESOLVED that no such bonds shall be <br />issued.unless Portsmouth Terminals, Inc. and the Virginia Port <br />Authority enter into an agreement which will produce sufficient <br />revenue to amortize the bonds together with any attendant costs <br />thereto. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia, at a meeting held on May 13, 1975. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />