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A RESOLUTION TO AUTHORIZE THE VIRGI~IA PORT AUTHORITY TO EXPEND <br />FUNDS FROM SURPLUS REVE~'YJES FOR CAPITAL IMPROV~.~ENTS AT THE <br />PORTSMOUTH 1,LARIN]~ TERi~I}[AL. <br /> <br /> WV~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 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 surplus revenue generated by the Portsmouth Marine Terminal; <br />and <br /> <br /> WHEREAS, Portsmouth City Council after duly considermng <br />the planned improvements is of the opinion that such improvements <br />are necessary and prudent investments. <br /> <br /> NOW~ T~REFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouhh, Virginia, that it approves the expenditure <br />of Two Thousand Five Hundred and 00/100 ($2,500.) Dollars for <br />the contemplated traffic and parking control project at the <br />Portsmouth Marine Terminal in accordance with the request of <br />the Virginia Port Authority as heretofore made. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginma, at a meeting held November 26, 197~. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />