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209
<br />
<br />June 14: ]977
<br />
<br />"A RESOLUTION AUTHORIZING THE CITY MANAGER TO ADVERTISE AND REGEIVE BIDS
<br />FOR CERTAIN CITY-OWNED PROPERTY (4226 BURNHAM DRIVE).
<br />
<br /> WHEREAS, the City of Portsmouth presently o~ns certain property located at
<br />4226 Burnham Drive in the City of Portsmouth, Virginia, more particularly described as
<br />follows:
<br />
<br /> All that certain lot, piece or parcel of land, situate, lying and being
<br />in the City of ortsmouth, Virginia,'known and designated as "Well Site"
<br />o~ ~hat~ certain plat entitled, "Edgefield, Section 7", recorded in the
<br />Clerk's Office of the Circuit Court of the City of Chesapeake, Virginia,
<br />~ Map Book 43, page 67.
<br />
<br /> WHEREAS, said land is no longer needed by the City of Portsmouth and the disposal
<br />of the same has been approved by the City Planning Commission at a meeting held May 4,
<br />1977, and it is, therefore, declared to be surplus property.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br />that the City Manager be, and he'hereby is, authorized to advertise and receive bids for
<br />the herein above-described property on such terms and subject to such minimum bid restrictions
<br />as he may deem proper."
<br />
<br />Ayes: Barnes, Early, Holley, Wentz
<br />Nays: None
<br />
<br /> 77-213 "Consideration of a resolution requesting that the Governor of Virginia and the
<br />Commissioner of the Division of State Parks restore the northern portion of Seashore State
<br />Park to a "Day Use" Beash for the general public.
<br />
<br /> It is estimated that approximately 2 million tourists visit the beaches in the Virginia
<br />Beach area annually. These figures do not include the residents of the Tidewater area. The
<br />congestion on our beach fronts is in need of relief and this action would provide some re-
<br />lief in the area of the Seashore S~ate Park. The area that is referred to in the resolution
<br />is currently being limited to use by campers only. The City Manager recommends adoption."
<br />
<br />received a letter from Mayor Davis supporting the resolution.
<br />
<br />No action was taken.
<br />
<br /> 77-214 - "Consideration of a resolution authorizing the issuance of $5,539,405 in bonds
<br />of the City of Portsmouth to be known as General Obligation bonds for the purpose of urban
<br />'renewal, Parks and Recreation, public safety, public transportation, purchasecof property,
<br />education, drainage, community services, and waterfront development.
<br />
<br /> Included in the authorization is approximately 1.2 million dollars authorized in the
<br />lg75-76 Capital Improvements Program. The balance of the funds authorized by this resolution
<br />were committed as part of the Capital Improvements Program for 1976-77. The City does not
<br />anticipate issuing the approximately 5.4 million dollars worth of bonds until later in the
<br />calendar year; however, this action is necessary in order to have the proper authorization
<br />to issue bond anticipation notes to the local finance institutions. A list of the individual
<br />projects which have been completed or in the process of construction is a~tached for your
<br />information. The City Manager recommends adoption."
<br />
<br /> On motion of Mr. Barnes and seconded by Mr. Early, the following resolution was adopted,
<br />and by the following vote:
<br />
<br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF $5,399,403. OF BONDS OF THE CITY
<br /> OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS FOR THE
<br /> PURPOSE OF URBAN RENEWAL, PARKS AND RECREATION, PUBLIC SAFETY, PUBLIC TRANS-
<br /> PORTATION, PURCHASE OF PROPERTY, EDUCATION, DRAINAGE, COMMUNITY SERVICES AND
<br /> WATERFRONT DEVELOPMENT.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds for the projects
<br />as hereinafter set forth; and
<br />
<br /> WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable
<br />to the payment of said expenses and the cost of said projects and it is, accordingly,
<br />necessary to issue bonds of the City of Portsmouth in the sum of Five Million, Three Hundred
<br />Ninety-nine Thousand, Four Hundred Three and OO/1OO ($5,399,403.) Dollars for those purposes.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. For the purpose of urban renewal, parks and recreation, public safety, public
<br />transportation, purchase of property, education, drainage, community services and waterfront
<br />development, there shall be issued Five Million, Three Hundred Ninety-nine Thousand, Four
<br />Hundred Three and O0/'100 ($5,399,403.) Dollars, of bonds of the City of Portsmouth to
<br />be known as General Obligation Bonds pursuant to the provisions of Chapter 5 of Title
<br />1S.1 of the Code of Virginia, 1950, as amended, and provisions of law applicable thereto.
<br />The said bonds shall be Serial Bonds and shall be issued at one time and shall be in such
<br />form and of such denomination as the Council shall direct. Each issue shall~be payable
<br />not exceeding Forty (40) years from its date, and said bonds shall bear interest at a
<br />rate or rates to be hereinafter determined by the Council upon the sale of said bonds,
<br />providing that the maximum rate of interest shall not exceed the maximum rate of interest
<br />authorized by law at the time of the sale of said bonds.
<br />
<br />2. This resolution shall take effect from the date of its passage."
<br />
<br />
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