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WH~RJEAS, the Elizabeth River Tunnel District has sold its bond issue
<br />for the purpose of financing a second vehicular tunnel between the Cities
<br />of Norfolk and Portsmouth, and will he prepared on or about March 25, 1960,
<br />to discharge all of its financial obligations ~o the City of Portsmouth under
<br />and pursuant to paragraphs 2nd and 4th of that certain agreement dated Novem-
<br />ber 6, 1959, hereinafter more fully described~
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth
<br />that the City Manager and the City Clerk be and they hereby are authorized
<br />and directed to execute, attest and deliver to the Elizabeth River Tunnel
<br />District a receipt and release in form substantially as follows, upon proper
<br />payment To the City of ~he amount hereinafter stated:
<br />
<br />RECEIPT AND RELEASE
<br />
<br /> W~EREAS, by agreement dated May 1, 1950, the Elizabeth River Tunnel Dis-
<br />trict contracted to pay to the City of Portsmouth the sum of $2,000,000.00,
<br />without interest, after the discharge of all its obligations under that cer-
<br />tain Trust Indenture with National Bank of Commerce of Norfolk, Trustee,
<br />dated February l, 1950; and
<br />
<br /> WHEREAS~ by agreement dated June 9~ 1953, said Elizabeth River Tunnel
<br />District contracted ~o pay ~o the City of Portsmouth the sum of $491~277.88,
<br />without interest, after the satisfaction of the aforesaid agreement of ~ay 1,
<br />1950, and certain other obligations therein more fully described; and
<br />
<br /> WHERFAS, by agreement dated November 8, 1959, between Elizabeth River
<br />Tunnel District, the City of Portsmouth, the County of Norfolk and the City
<br />of Norfolk, said City of Portsmouth agreed to accep~ the sum of $1,345,813o84,
<br />together with interest at the rate of 3-1/~ per annum, from February l, 1980,
<br />in full satisfaction of the above-described agreements of ~zy l, 1950, and
<br />June 9, 1953.
<br />
<br /> NOW, THEREFORE, IN CONSIDERATION of the foregoing and of the payment
<br />to it of the sum of $1,352,547.52, representing the principal sum of $1,345.813.84,
<br />together with interest thereon at the rate of 3-1/2% per annum, from February l,
<br />1960, through March 23, 1980, the receipt whereof is hereby acknowledged, the
<br />City of Portsmouth does hereby release and forever discharge the Elizabeth
<br />River Tunnel District from any and all claims which it has, or may have,
<br />against said District arising out of or incurred in connection with the above-
<br />described agreements of May 1, 1950, Jane 9, 1953, and November 6, 1959.
<br />
<br /> IN WITNESS WHEREOF~ the City of Portsmouth has caused these presents to
<br />be si~ned in its behalf, as of the 24th day of March, 19~0, by its City
<br />
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