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AN ORDI~2~CE APPRO¥~iHG ~2© AUffHOF2Z~NG ~ EX~Cb~ION OF A CERTA~ POP~ FACILI~f CO!~Z~AOT B~Z~'~ ~ VIRGINIA STATE PORTS AU~H~RTi~Z Y~]D ~ CITY OF PORTSMOUTH PROVIDING FOR ~E SALE OF CEE~AIN PROPE~ .$Y ~E CI_~Z TO THE AUiI~OP~TY, THE LEASE O~ SAID PROPERTY TOG~ff~ER ~I~t CERTAIN ~EW POI~g~ FACILITIES TO BE CONSTRUCTED THEP~ON BY ~2~ AUi~HORITY TO THE CITY A~D AUI~HORIZI~G ~ Cl~fY TO EXPE~ SUCH FUn'DS AS S?.~!L BE NECESSARY TO DISCHAP~E ~-!7~ CITY'S OBLIGATION Uk~ER SAID CONTRACT ~D LF~4SE. ~EREAS, in the jud~aen~ of the Council, it is to the interest of the City of Port~aouth (the"City") that the City enter into the Port Facility Contract smd Lease hereinafter mentioned; therefore, BE IT ORDAIn[ED BY ~ COUNCIL OF ~F~ CITY OF POF~[OU~.[: Section 1:- That all and sir~o~ular the terns and provisions of a certain Port Facility Contract (the "Contract") dated as of the 1st day of June, 1966, between the Virginia State Ports Authority (the "Authority") and the City, ar.d of the lease (the "Lease") dated as of the ist dsy of July, 1966, between the same parties, a copy of wlnich~ m~ked "W~xhibit A", is attached to the Contract, providir~ for the sale by the City to the Authority of the property hereinafter described at the price of $234,500, the construction thereon by the Authority of cer- tain New Port Facilities described in the Contract, mhd the lease by the Authority zo the City of said proper~y and Facili- ties, be and ~he ssm~e hereby are ~n all respects approved. Section 2 :- That the City [~er is hereby auvhorized, in the name and behalf of the City, to execute and deliver the Contract and Lease, and the City Clerk is hereby authorized to affix the corporate seal of the City thereto and to attest the sa~e, Section 3:- 'That the City Manager is her&~y authorized, in the n~me and behalf of the City, to execute a~d deliver to the Authority a deed of customary form convey~mg to the Authority the followir~ described property, mhd the City Clerk is hereby authorized to affix the corporate seal of the City thereto and to attest the same: Ail that certain tract or parcel of land, together with the buildings and ~mprovaments thereon or in the ~.raters contiguous thereto, and togetlner also with all rights of way, riparimn rights, water rights, ease- ments and appturzenmnces of every kind and r~z~re there- zo belongirg or ir. s.ny wise appertainir~g, situated at Pinners Point in the City of Portamouth, State of Virgir~a, bounded a~nd desaribed as follows: