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the City would assume the entire cost of such changes if State funds are not <br />availabl~ to bear a portion of the same. In order to carry out its obligations <br />under the Port Facility Contract as supplemented by said resolution, the City <br />has appropriated to the payment of such obligations the sum of ~4,350,000, which <br />amount has been financed'by ~.the~ City through the issuance of its general obli- <br />gation bonds. In addition to said sum of $4,350,000, the City has from time to <br />time paid out further and additional amounts in order to pay (i) costs of con- <br />struction of the port facilities covered by the Port Facility Contract, (ii) <br />the costs of acq~iring for por~ purposes three separate parcels of land in the <br />vicinity of that land conveyed to the &uthority pursuant to the Port Facility <br />Contract, which said parcels are generally described in Section 2 of this <br />-resolution, and (iii) the costs of improvements on said three parcels of land. <br /> <br /> By resolution.~adopted by this Council on September 12, 1967, this Council <br />approved the assigmnent to the Portamouth Port and Industrial Co~nission (herein- <br />after referred to as the "Commission") of the Lease and all rights of the City <br />thereunder so that the property to which the Lease pertains would be operated by <br />the Conm~ssion, such assigrment being pernlitted by the Lease, which, however, <br />provides that in the event of any such assignment by the City, the City shall <br />be and remain fully responsible to the Authority for the due and proper per- <br />formance of the Lease. The Con,mission through its officers has aow verbally <br />proposed to the City that the City convey to the Commission the aforesaid three <br />separate parcels of land and the buildings, structures and improvements thereon <br />so that the same may also be operated by the Conmission; that the Conn~ission pay <br />~the costs of completing the construction of the improvements now beLng erected <br />on said parcels and ~ow being erected pursuant to the Port Facility Cbntract, to <br />the extent that such costs are not paid for by the Authority or the State of <br /> <br />-2- <br /> <br /> <br />