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357
<br />
<br />May 25, 1976
<br />
<br />"AN ORDINANCE TO APPROPRIATE $97,700 FROM THE CAPITAL IMPROVEMENT FUND FOR
<br />OFF-SITE DRAINAGE IMPROVEMENTS ON PORTSMOUTH BOULEVARD IN THE VICINITY OF
<br />DAIL'S HARDWARE."
<br />
<br /> 76-198 "Consideration of a resolution appointing viewers for the closing of a portion
<br />of Meander Read, Glasgow Street, Lombard Street, Queen Street and a portion of Kirn Avenue.
<br />
<br /> This is a petition filed by Portsmouth Redevelopment and Housing Authority. This resolu-
<br />tion will appoint viewers pursuant to State law. The City Manager ~ecommend~ adoption."
<br />
<br /> On motion of Mr. Barnes and seconded by Mr. Elliott, the following resolution was adopted
<br />and by the following vote:
<br />
<br />'~ RESOLUTION APPOINTING VIEWERS FOR CLOSING THE FOLLOWING STREETS:
<br />(1) A PORTION OF MEANDER ROAD FROM THE NORFOLK AND PORTSMOUTH BELTLINE
<br />RAILROAD NORTH OF ITS TERMINUS NEAR LONDON BOULEVARD; (2) A PORTION OF
<br />GLASGOW STREET FROM THE NORFCLK AND PORTSMOUTH BELTLINE RAILROAD WEST
<br />TO ITS TERMI~S NEAR KIRN AVENUE AND LONDON BOULEVARD; (3) A PORTION
<br />OF LOMBARD STREET FROM KIRN AVENUE EAST APPROXIMATELY 260 FEET AND FROM
<br />KIRN AVENUE WEST APPROXIMATELY 420 FEET; (~) A PORTION OF QUEEN STREET
<br />FROM VIRGINIA AVENUE WEST TO ITS INTERSECTION WITH MOUNT VERNON AVENUE;
<br />AND (S) A PORTION OF KIRN AVENUE FROM HIGH STREET NORTH TO ITS INTERSECTION
<br />WITH LONDON BOULEVARD.
<br />
<br /> WHEREAS, Portsmouth Redevelopment And ttousing Authority has made application to vacate
<br />and close the hereinafter described portion of certain streets, and it appearing that the
<br />notice of the application and request for appointment of viewers was duly posted May 14,
<br />1976, on the bulletin board of the Circuit Court of the City of Portsmouth, the bulletin
<br />board of the' City Council Chambers Of 'the City of Portsmouth and the bulletin board of the
<br />General District Court, Civil Division, of the City of P~rtsmouth, Virginia.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br />that Frank N. pilisoly, Matthew Peanort, F. J. Bergeron, James Choate, and L. A. Clark be
<br />appointed aa vzewers to view the hereinafter described portion of such streets and to report
<br />to this Council in writing whether in their opinion, any, and if any, what inconvenience
<br />would result in vacating and closing the following:
<br />
<br /> All those certain pieces or parcels of land lying and being in the City
<br />of Portsmouth, Virginia, and comprising those portions of Kirn Avenue, Queen
<br />Street, Lombard Street (formerly London Street), Glasgow Street and Meander
<br />Road, which are within an area bounRed on the north'by the southern right-of-way
<br />line of London Boulevard, on the east by the western rigkt-of-way line of
<br />Virginia Avenue and the western line of the property owned by the Norfolk
<br />and Portsmouth Belt Line RailrOad, said property line running north O3~54'O1"
<br />~emt from the northern right-of-way line of High Street, and the morthern
<br />p~longation of the said western line of the property owned by the Norfolk
<br />and Portsmouth Beltline Railroad to the southern right-of-way line of Glasgow
<br />Street, on the south by the northern right-of-way line Of High Street and on
<br />the. west by the eastern right-of-way line of Mt. Vernon Avenue."
<br />
<br />Ayes: Barnes, Early,
<br />Nays: None
<br />Abstaining: Wentz
<br />
<br />Elliott, Holley, Oast
<br />
<br /> 76-199 - "Consideration
<br />Bond Alternative Act of 1976
<br />sentatives.
<br />
<br />of a resolution opposing the enactment of the
<br />which is presently being considered by the U.
<br />
<br />Municipal Taxable
<br />S. House of Repre-
<br />
<br /> A letter from the Finance Commission recommending Council take this action is attached.
<br />The City Manager recommends adoption."
<br />
<br />The following letter received from the Municipal Finance Commission:
<br />
<br /> "At a regularly scheduled meeting of the Municipal Finance Commission held May 20, 1976,
<br />the:Commission considered hhe desirability of the Municipal Taxable Bond Alternative Act of
<br />1976, H.R.12774, which was approved recently by the House Ways and Means Committee.
<br />
<br /> The opinion of the Commission
<br />issue of eliminating the tax exempt
<br />a sincere attempt to facilitate and
<br />
<br />is that this legislation is principally directed to the
<br />income of municipal bondholders rather than representing
<br />improve debt financing by local governments.
<br />
<br /> Although the legislation given governments the option of issuing their bonds on either
<br />a taxable or a tax exempt basis, there is no real choice involved since it would be virtually
<br />impossible for a local government to ppt for anything other than the least costly method.
<br />Assuming a taxable issue to be the least costly (and of course, the legislation would be
<br />useless if this werennot the case), the option to issue tax exempt bonds would disappear,
<br />It is felt that this legislation would inevitably mean the gradual substitution of the current
<br />municipal tax exempt status by a federally regulated municipal debt program. Once this
<br />transition was completed local governments would not possess the means to avoid subsidy re-
<br />ductions and greater regulation.
<br />
<br /> Although this issue is an extremely complex and comprehensive one which involves many
<br />factors whose effect can only be surmised, it is the opinion of the Commission that the
<br />Municipal Taxable Bond Alternative Act of 1976 is not in the best interest of local govern-
<br />ments, including that of the City of Portsmouth, Virginia.
<br />
<br />
<br />
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