Laserfiche WebLink
lO72 12© <br /> <br />AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTS'>iOUTH, ViR- <br />GINiA, 1973, DY Al,lENDING SECTION 11-12.1 THEREOF PERTAINING TO <br />THE PORT PACIL!TiES DEBT SERVICE FUND. <br /> <br /> Be it ordained by the Council of the City of Ports- <br />Virginia: <br /> <br /> 1. That the Code of the City of Portsmouth, Virginia, <br />1973, be amended by amending Section 11-12.i thereof, such amend- <br />ed section to read as follows: <br /> <br />Section 11-12.1. Port Facilities and Economic <br /> Development Fund. <br /> <br /> All funds received by the city pursuant to paragraph <br />6 of the Port Unification Agreement dated March 30, 1971, as <br />amended by an addendum theretc dated April 18, 1973~ and ail <br />unappropriated funds received from this source at the effective <br />date of this section shall be transferred and paid over into a <br />separate fund known as the :'Port Pacilities and Economic De- <br />velopment Fund." <br /> <br /> Such funds shall be applied as appropriated from time <br />to time; by the city council for any of the following purposes: <br /> <br /> (a) Debt service on and retirement of an outstanding bond <br />issue for the construction of a terminal facility as referred to <br />and required by paragraph 6 of the addendum of the Port Unifica- <br />tion Agreement. <br /> <br /> (b) Economic developmenm of the City of Portsmouth through <br />purchase of land and capital imerovements. <br /> <br />2. This ordinance shall take effect from the date of <br />its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia, at a meeting held October 22~ 1974. <br /> <br />Testa: <br /> <br />City Clerk <br /> <br /> <br />