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ORDINANCE IO}0013~67 , AN ORDINANCE APPROPRIATING $840,006.20 TO OR FOR THE BENEFIT OF THE NEW PORT COMMUNITY DEVELOPMENT AUTHORITY FOR FY 2008-2009. WHEREAS, the New Port Community Development Authority (the "CDA") was created by Portsmouth City Council on August 23, 2005 pursuant to Va. Code ~15.2- 5152 et seq.; and WHEREAS, on February 16, 2006 the City of Portsmouth entered into an agreement entitled "Special Assessment Agreement" (the "Agreement") with Portsmouth Venture One, LLC, the landowner of New Port, concerning administration of the CDA; and WHEREAS, the CDA issued bonds (the "CDA Bonds") to pay for certain capital improvements and infrastructure in New Port, to be paid for with special assessments (the "Special Assessments") on the property within the CDA (the "CDA Property"); and WHEREAS, the City has thereafter been imposing and collecting the Special Assessments pursuant to the Agreement; and WHEREAS, heretofore there have been no payments required on the CDA Bonds because they have been paid by capitalized interest, and the first payment on the bonds must now be made; and WHEREAS, it is now incumbent on the City to appropriate a portion of the funds thus collected (which funds are held in an account entitled the "New Port CDA Fund") so that the bonds may be timely paid; and WHEREAS, said appropriation will be made solely from the New Port CDA Fund and will not consist in whole or in part of any other tax revenues or assets of the City; now therefore BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That the sum of $840,006.20 is hereby appropriated from the New Port CDA Fund. 2. That said appropriation is made to or for the benefit of the New Port CDA for the purpose of making scheduled payments of principal and interest on the CDA Bonds, pursuant to the Agreement. 3. That the City Manager and the Chief Financial ()fficer are hereby authorized to take all such actions, make all such payments in accordance with the Agreement, and execute and deliver all such instruments as may be reasonably necessary to implement the intent of this ordinance.