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66 <br /> <br />A RESOLUTION TO AUTHORIZE THE ViRGiNIA PORT AU?HORtTY TO EXPEND <br />FUNDS FROM SURPLUS REVENUES FOR CAPITAL IMPROVEMENTS AT THE <br />PORTSMOUTH N~RiNE ~ERMINAL. <br /> <br /> WHEREAS~ the Virginia Port Authority has requested <br />authorization from Portsmouth City Council to expend funds <br />for certain capital Lmprevemenms to the Portsmouth Marine <br />Terminal} and <br /> <br /> WHEREAS~ the Virginia Port Authority is required by <br />the Port Unification Agreement ce obtain consent from City <br />Council before making such expenditures; and <br /> <br /> ~IER~AS~ the expenditures to be made will be funded <br />from surplus revenue generate~ by the Portsmouth Marine Termi- <br />nal; ~nd <br /> <br /> WHEREAS~ Portsmouth City Council after duly consAder- <br />mug the contemplated improvements is of the opinion %hat such <br />mmprovements are necessary and prudent mnvestments~ <br /> <br /> NOW, THEREFORE~ BE IT RESOLVED by the Council of the <br />City ef Portsmeuth, VirgLnia~ that it approves %he expenditure <br />of Three Hundred Ten Thousand and 00/100 {$310~000~) Dollars <br />for imerovemenms to the ACL Storage Area, as contemplated by <br />Virgznia Port Authority Resolution 74-13 of May 15~ 1974~ <br /> <br /> Adopted by the Council of the City of Portsmouth~ Vir- <br />ginia, at a meetmng held Augus~ !3, !974. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />