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<br />
<br /> BE IT
<br />of the low
<br />currence."
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br />that the iow bid of E. V. Williams Company, Incorporated, for construction Stage II, Route
<br />164, Western Freeway, be, and the same hereby is approved and accepted.
<br /> FURTHER RESOLVED that the City Manager is hereby authorized to sign the acceptance
<br /> bid and the City Clerk is hereby authorized to attest the execution of such con-
<br />
<br /> Ayes: Barnes, Early, Elliott, Holley, Wentz, Davis
<br /> Nays: None
<br />
<br /> 76-276 - "Consideration of a resolution authorizing the City Manager to advertise and
<br />receive bids for City-owned property at 824-826 County Street.
<br /> Upon investigation it appears that the City nor the Portsmouth Redevelopment and Housing
<br />Authority have any interest in this site for public'uuse. The property was deeded to the City
<br />as a gift and the adjacent owner has expressed interest in the property. The City Manager
<br />recommends adoption."
<br /> On motion of Mr. Wentz and seconded by Mr. Elliott, the following resolution was adopted,
<br />and by the following vote:
<br /> "A RESOLUTION AUTHORIZING THE CITY MANAGER TO ADVERTISE AND RECEIVE BIDS FOR
<br /> CERTAIN CITY-OWNED PROPERTY (824-826 COUNTY STREET).
<br /> WHEREAS, the City of Portsmouth currently owns a parcel of land known according to
<br /> the present street numbering system as 824-826 County Street; and
<br /> WHEREAS, said parcel of land is more fully described as follows:
<br /> Ail that certain lot, piece or parcel of land, with its appurtenances,
<br /> situate, lying and being in the City of Portsmouth, Virginia, bounded and
<br /> described as follows:
<br />
<br /> Beginning at a~point on the North side of County Street 59*4" East
<br /> from the northeast intersection of County Street and Chestnut Street,
<br /> and thence running East along the North side of County Street 46'8";
<br /> thence North and parallel with Chestnut Street 82'1 1/2", more or less,
<br /> to the line of the property now or formerly owned by Freddie Old Todd;
<br /> thence West along the said fence line of Freddie Old Todd 49'8"; thence South
<br /> and parallel with Chestnut Street 82' 1 1/2", more or less, to the point
<br /> o f ,beg ining.
<br />
<br /> WHEREAS, said parcels are not being utilized by the City and are no longer needed and
<br /> they are, therefore, 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 hereinabove described property on such terms and Subject to such minimum bid restrictions
<br /> as he may deem proper."
<br />
<br /> Ayes: Barnes, Early, Elliott, Holley, Wentz, Davis
<br /> Nays: None
<br />
<br /> Consideration of a resolution authorizing the issuance of $10 million in
<br /> 76-277 " ' '
<br /> General Obligation Bonds which has been amended to include a recall provision after 10 years
<br /> on all bonds outstanding at that time.
<br />
<br /> The resolution adopted at the previous meeting authorized the issue of the $10 million
<br /> but it did not have the Council's endorsement of a recall provision included in the resolutio~
<br /> It has been determined that a recall provision after 10 years does not affect the effective
<br /> interest rate' on the bonds and it does provide the City with the flexibility to recall and
<br /> reissue after 10 years. This provision wauld only be executed in the event that interest
<br /> rates dropped in the municipal non-tax market to make such a recall feasible. The City
<br />
<br />Manager recommends adoption."
<br />
<br /> On motion of Mr. Wentz and seconded by Mr.
<br />and by the following vote:
<br />
<br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF
<br />
<br />Barnes, the following resolution was adopted,
<br />TEN MILLION DOLLARS {$10,O00,OO0.)
<br />
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC
<br />IMPROVEMENT PROJECTS OF SAID CITY, FIXING THE FO~M OF SAID BONDS AND PROVIDING
<br />FOR THE SALE OF SAID BONDS.
<br />
<br /> WHEREAS, in the judgment of the Council of the City of Portsmouth, Virginia (the "City"),
<br />it is necessary and expedient to issue and sell general obligation bonds of the City in
<br />the principal amount of Ten Million ($10,000,000.) Dollars for the purpose of providing
<br />funds to pay the cost of various public improvement projects of the City;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended,
<br />the same being the Public Finance Act, for the purpose of providing funds to pay the cost
<br />of various public improvement projects of the City as set out in Section 4 hereof, there
<br />are hereby authorized to be issued Ten Million ($10,OOO,000.) Dollars principal amount of
<br />
<br />
<br />
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