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Virginia; that the.Commission finance further any additior~t po~t facilities <br />within its Jurisdictional area as the same m~y be required from time to time <br />(which additional facilities may be on said three parceIs of land and the land <br />to which the Lease pertains or may be on other lands within such jurisdictional <br />area); that the Co~mission pay such costs and effect such financing by issuing <br />· its revenue bonds; that to ~r~mit the Commission to issue and sell such bonds <br />the Commission acquire the rights to the revenue to be derived from said three <br />parcels of land through the conveyance thereof to the Commission, as aforesaid, <br />and acquire further and additional rights in and to the revenues derived, or to <br />be derived, from the properties to which the Lease pertairz by the amending <br />thereof; that the Commission pay for said three parcels of land and the improve- <br />~ments thereo~ ~'knd for the consent of the City to changes in the Lease whereby <br />the Conm~ssion mig~t~ acquire greater rights in and to the revenues of the prop- <br />erties to which the Lease pertains, by paying to the City that amount, but not <br />exceeding $1,500,000, in excess of $4,350,000 .expended by the City for costs <br />incurred by it under the Port Facility Contract and in the acquisition of said <br />three separate parcels of land and constructing i~provements thereon; and that <br />the Conmmission ms_ke the payment of $1,500,000 to the City (or so much thereof as <br />may be required0by the immediate issuance and sale by the Co~mission of its short- <br />term revenue bonds payable from the Con~nission's share of the surplus revenues <br />under the Lease (such share having been conveyed to the Commission by the City <br />by the assignment of the Lease, as aforesaid), whic~ bonds would be refunded, <br />if and to the extent then permitted by law, by the issuance by the Commission <br />of long-term revenue bonds after the said parcels of Iand had been conveyed to <br />the Commission ar~ the Lease a~ended, as aforesaid. <br /> <br /> This Council hereby finds and determines that, in order to provide for the <br /> expansion and development of port facilities relatir~ to the City, it is necessary, <br /> advisable and desirable that there be conveyed to the Co~n~r~ssion the aforesaid <br /> <br /> <br />