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2005 Ordinances
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2005 Ordinances
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3/13/2006 11:57:55 AM
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3/31/2005 2:05:24 PM
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<br />. <br /> <br />. <br /> <br />. <br /> <br />~IS.2-S1S7 of the Act, a copy of this Ordinance shall be recorded in the land records of the <br />Circuit Court of the City of Portsmouth for each tax map parcel in the CDA District as such <br />CDA District exists at the time of issuance of the CDA's bonds (the "Bonds") and the CDA <br />District shall be noted on the land records of the City. The City Manager, upon the request of the <br />CDA, may modify the boundaries of the CDA District to permit exchanges of certain property <br />included in the CDA District for property owned by the City and/or the School Board of the City <br />and located within the perimeter of the CDA District (but not included in the CDA District on <br />the date hereof), up to 3 acres. The CDA may release or exclude from the CDA District parcels <br />of land with respect to which all special assessments have been paid or prepaid. <br /> <br />3. Facilities and Services. The CDA is created for the purpose of exercising the <br />powers set forth in the Act, including without limitation, financing, funding, planning, <br />establishing, acquiring, constructing or reconstructing, enlarging, extending, equipping, <br />developing, operating, owning and maintaining if necessary, certain improvements in connection <br />with the development of a planned residential development as described in the Petition and the <br />CDA's Articles of Incorporation. The CDA shall have all the powers provided by the Act. The <br />CDA shall not provide services which are provided by, or obligated to be provided by, any <br />authority already in existence pursuant to the Act unless such authority provides the certification <br />required by ~IS.2-SISS of the Act. <br /> <br />4. Articles ofIncorooration. Attached as Exhibit B are the proposed Articles of <br />Incorporation of the CDA. The City Manager is authorized and directed to execute and file such <br />Articles of Incorporation on behalf of the City Council with the State Corporation Commission <br />in substantially the form attached as Exhibit B with such changes, including insubstantial <br />changes to the boundary description of the CDA District described therein, as the City Manager <br />may approve. The City Manager is authorized to approve such changes or corrections to the <br />Articles of Incorporation prior to filing with the State Corporation Commission as do not change <br />the purpose or function of the CDA as set forth in this Ordinance and in the Petition. <br /> <br />S. Capital Cost Estimates. The City Council hereby finds, in accordance with ~ 15 .2- <br />SI03(B) of the Act, that it is impracticable to include capital cost estimates. <br /> <br />6. Membership of the Authoritv. <br />(a) The powers of the CDA shall be exercised by an authority board consisting of five <br />members. <br />(b) All members of the CDA board shall be appointed by the City Council in accordance <br />with the provisions of ~IS.2-S113 of the Act. <br />(c) One member of the CDA board shall be the City Manager or his designee, and such <br />designee shall be designated in writing by the City Manager and shall serve the same fixed term <br />as the City Manager. <br />(d) Four members of the CDA board shall be recommended by the Petitioner for <br />appointment by City Council. <br />(e) In addition to the five CDA board members described above, the City Council shall also <br />appoint one alternate board member in a manner consistent with the Act. <br />
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