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A RESOLUTION TO AUTHORIZE THE VIRGINIA PORT AUTHORITY TO EXPEND <br />FUNDS FROM SURPLUS REVENUE FOR CAPITAL IMPROVEMENTS AT THE <br />PORTSMOUTH ~LARINE TEP~4INAL. <br /> <br /> WT~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 Termi- <br />nal; and <br /> <br /> WHEREAS, the Virginia Port Authority is reauired <br />the ~ort Unification Agreement to obtain consent from City <br />Council before making such expenditures; and <br /> <br />by <br /> <br /> ?~iEREAS, the expenditures to be made will be funded <br />from surplus revenue generated by the Portsmouth Marine Termi- <br />nal; and <br /> <br /> ~'~EREAS, Portsmouth City Council after duly consider- <br />ing the contemplated improvements ms of the opinion that such <br />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 expenditure <br />of One Thousand, Six Hundred Seventy and 00/100 ($t~670.) Dol- <br />lars for the construction of an entrance sign at the Portsmouth <br />Marine Terminal, as contemplated by Virginia Port Authority Resolu- <br />tion 74-13 of May 15, 1974. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia, at a meeting held September 10, 1974. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />