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RESOLUTION AO~YHORIZING Y~E CIT~ M~2~AGER TO ~ A OON~fRACT WITH <br />THE CITY OF CHESAPE.~4E PROVIDING FOR THE SALE OF A PORTION OF THE <br />WA'±~ DISTRIBUTION SYST~ O~g~ED BY Th~ CITY OF PORTSMOUTH AR~ LO- <br />CATED WITHIN ~HE CITY OF C,~SAPEAKE, AND ALSO PROVIDING FOR THE SALE <br />OF WATER IN BULK TO ~HE CITY OF CHESAPEAKE. <br /> <br /> WHEREAS, the City of Chesapemke desires to purchase a <br />portion of Portsmouth's water distribution system located ~zithin <br />the City of Chesapeake and purchase rater in bulk for resale to <br />its inhabitants; and <br /> <br /> h~REAS, the City of Portsmouth is willing to sell to <br />Chesapeake a portion of its water distribution system and water <br />in bulk. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY T~ OOUNCI-b OF ~HE <br />CITY OF PORTSMOO~fH, VIRGINIA: <br /> <br /> That the City ~ger of Portsmouth is hereby authorized <br />to execute an agreement providing for the sale of a portion of the <br />water distribution system owned by Portsmouth s_nd located within the <br />City of ~nesapeake for the sum of One M~llion Four Hundred ~ousand <br />and no/100 ($1,~00:000.00) Dollars and to sell ,~ter in bulk to <br />Chesapeake at the rave of Forty ($.40) Cents per thousand gallons <br />for the first one and one-half billion gallorm and at the rate of <br />~airty-six ($.~6) Cents per thousand gallons for all ever tb~t amount <br />consumed durimg any fiscal year; all in accordance v~th the ter~s <br />of the proposed contract, a copy of which is attached hereto s_ud <br />hereby made a part of tb~s resolution. <br /> <br /> Be it fu~ther resolved that the City Clerk is author%zed <br />to affix the seal of the City of Portsmouth to~oh~ sa~d' contract <br />~n~ to attest thereto. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held on March 25, 1969. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />