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' A RESOLUTION VALIDATING, RATIFYING, CONFIrmING AND APPROVING THE ASSIG~]~T OF THAT C~AIN AGRE~'~'~ OF LEASE WITH THE VIRGINIA STATE PORTS AUTHORITY DATED JULY_I,~ i966, BY THE C~ --'OF ~ TO THE PORIB~CNJTH PORT AND INDUSTR/3YL C0~zSSION. WHEREAS, on September 12~ 1967, the Portsmouth City Council authorized the ~ssignment of the certain agreement of lease with the Virginia State Ports Authority dated July l, 1966, by the City of Portsmouth to the Portsmouth-Port and Industrial Commission; and WHEREAS, at this time it is necessary or desirable lo validate, ratify, confirm and approve said assignment. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsm6uth, Virginia: SECTION 1. Finding~ and Determinations. By Ordinance No. 1966-56, adopted by this Council of the City-of Portsmouth, Virginia, on July ll, 1966, this Council approved the execution of an Agreement of Lease (hereinafter referred to as ~he '~Lease") dated as of July I, 1966'~ between the Virginia State Ports Authority (hereinafter referred to as the "Authority") and the City of Portsmouth (hereinafter referred to as the "City") whereby the Authority leased to the City the land conveyed to the Authority, purusant to the terms of the. Port Facility Contract, dated as of June 1, 1966, between the Authority and the City, together with the port facilities to be erected thereon by the Authority in accordance with said contract. By resolution adopted by this Cotmcil by voice vote on September 12; I967, this Council approved the assi~',,~ent to -the Portsmouth Port and Industrial Cammission (hereinafter referred to as the "Commission") of the Lease and all r ~ights of ~he City thereunder so