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<br />. <br /> <br />. <br /> <br />. <br /> <br />(t) The initial members of the CDA board shall be as set forth in the Articles of <br />Incorporation for the terms set forth therein. <br />(g) A vacancy on the CDA board caused by death, resignation, disqualification, or incapacity <br />shall be filled by the City Council, except the City Manager shall appoint a replacement for any <br />vacancy of the City Manager's designee, and such persons so appointed shall serve for the <br />unexpired portion of the term so vacated. <br />(h) Each CDA board member, other than the City Manager or his designee, shall receive <br />such compensation for his or her services as a CDA board member as may be authorized from <br />time to time by resolution of the CDA board, provided that no member shall receive <br />compensation in excess of$300 per meeting attended unless authorized by resolution of the City <br />Council. <br /> <br />7. Plan of Finance; Issuance of Bonds. <br />(a) The improvements, services and operations to be undertaken by the CDA as described <br />herein and in the Petition shall be funded from all or some of the following sources: (i) bonds to <br />be issued by the CDA; (ii) special assessments to be levied pursuant to Virginia Code Section <br />IS.2-SIS8(A)(S) and (iii) any other source of funding available to the CDA including rates, fees <br />and charges levied by the CDA for the services and facilities provided or funded by the CDA. <br />(b) Bonds to be issued by the CDA (the "Bonds"), in one or more series from time to time, <br />will be used to pay all or a portion of the costs of certain infrastructure as generally described <br />herein and in the Petition, the costs of issuing the Bonds and any required reserves, and interest <br />on the Bonds prior to and during acquisition and construction of such infrastructure and for a <br />period up to two years after completion of such infrastructure. <br />(c) Any Bonds issued by the CDA or any other financing arrangements entered into by the <br />CDA will be debt of the CDA, will not be a debt or other obligation of the City and will not <br />constitute a pledge of the faith and credit of the City. <br /> <br />8. Effective Date. This Ordinance shall take effect immediately upon adoption. <br /> <br />Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on August <br />23, 2005, <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />Exhibits: <br />A - Initial CDA District Boundaries <br />B - Proposed Articles of Incorporation <br />