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ORDINANCE NO. 2026-23 <br />AN ORDINANCE ACCEPTING A SETTLEMENT PAYMENT IN THE AMOUNT <br />OF $198,550 FROM AXA INSURANCE AND APPROPRIATING SAID FUNDS TO <br />THE SEAWALL PROJECT IN THE FY 2026 CAPITAL IMPROVEMENT FUND <br />TO REIMBURSE THE COST OF REPAIRS NECESSITATED BY A FERRY <br />HITTING THE SEAWALL. <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br />1. That it accepts a settlement payment in the amount of $198,550 from AXA <br />Insurance and appropriates said funds to the Seawall Project in the FY 2026 Capital <br />Improvement Fund. <br />2. That the appropriation shall be used to reimburse the cost of repairs <br />necessitated by a ferry hitting the seawall. <br />3. That no local match is required as a condition of the funding. <br />4. That the City Manager is authorized to execute a release in a form approved <br />by the Office of the City Attorney. <br />5. That estimated revenues and expenditures in the Seawall Project of the FY <br />2026 Capital Improvement Fund are increased by $198,550. <br />6. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on April 14, 2026. <br />Teste: <br />City Clerk <br />