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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1961, BY REPF~ALING SECTIONS 10-128 THROUGH 10-131 THEREOF; AND BY ~V~NDiNG SECTIONS 10-117 THROUGH 10-120~UND ADDING A NEW SECTION 10-120.1 PERTAINING TO CREATION OF THE PORTSMOUTH MUNICIPAL FINANCE COmmISSION. Be it ordained by the Council of the City of Portsmouth, Virginia: 1. That the Code of the City of Portsmouth, Virginia, 1961, be amended by repealing Sections 10-128 through 10-131 in- clusive thereof~ 2. That the Code of the City of Portsmouth, Virginia, 1961, be amended and reordained to read as follows: ARTICLE XIV. Portsmouth Municipal Finance Commission Sec. 10-117. Portsmouth Municipal Finance Commission - Creation, Composition. There Ks hereby created a Commission to be known as the Portsmouth Municipal Finance Commission which shall consist of twelve members. The members of the Commission shall be residents of the City. The Mayor, City Manager and Director of Finance of the City shall be non-voting ex-officio members of the Commission, and the remaining nine members shall be appointed by the Council. Of the nlne so appointed, at least three shall be members of the banking profession, three shall be business men employed in Ports- mouth and the remaining members shall be chosen from the citizenry at large. Sec. 10-118. Terms of Me~ers; Vacancies; Compensation. The terms of the ex-officio members shall begin on July 1, 1972, and shall correspond to their respective official tenures. The terms of the appointed members of the original Commission shall begin on July 1~ 1972. Of the original Commission, four of the members shall be appointed for terms of two years and five for terms of four years. At the expiration of the respective terms, their successors shall be appointed for terms of four years. They shall hold office during their respective terms at the pleasure of the Council and until their successors are appoint- ed. Ail vacancies occurring by reason of resignation, removal or otherwise shall be filled by appointment by the.Council for the re- mainder of the unexpired term. Ail members of the Commission shall serve as such without compensation.