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B'ehr~r¥ lO. ]976
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<br />"AN ORDINANCE TO 7uMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY
<br />AMENDING SECTION S-3 THEREOF, PERTAINING TO MANNER OF REGISTRATION OF BICYCLES
<br />AND SECTION S-12 THEREOF, PERTAINING TO PENALTIES."
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<br />Ayes: Early, Elliott, Holley, east, Davis
<br />Nays: None
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<br /> 76-55 - "Consideration of an ordinance to amend the City Code pertaining to duties of
<br />the Director of Finance.
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<br /> This ordinance will empower the Director of Finance to write off uncollectibBe taxes
<br />and other uncollectible receivable owed to the City up to the sum of $300. The ~rdinance
<br />requires the City Attorney to concur that such taxes and receivables are uncollectible and
<br />that the Director of Finance report quarterly to the Council the uncollectible taxes and
<br />uncollectible receivables written off. The City Manager recommends adoption."
<br />
<br /> On motion of Mr. Oast and seconded by Mr. Elliott, the following ordinance was adopted
<br />on first and final reading, and by the following vote:
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<br />"AN ORDINAI~E TO AMEND SECTION 11-43, CODE OF THE CITY OP PORTSMOUTH, VIRGINIA,
<br />1973, AS AMENDED, BY AMENDING SUBPARAGRAPH (b) THERETO, PERTAINING TO DUTIES
<br />OF THE DIRECTOR OF FINANCE."
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<br />Ayes: Early, Elliott, Holley, east, Davis
<br />Nays: None
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<br /> 76-56 "Consideration of a resolution authorizing the issuance of $3,880,612 in General
<br />Obligation..Bonds.in the categories of Urban Renewal, Streets and Highway Construction, Public
<br />Buildings, Recreation, Public Safety, Public Transportation, and Purchase of Property.
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<br /> An attached list of projects that have been previously appropriated by City Council that
<br />aF~ included in this resolutioniis furnished for your information. Previously authorized
<br />and unissued General Obligation Bonds total $2,211,826 and this authorization will bring the
<br />total bonds authorized and unissued to $6,092,438. This is an accumulation of the 1974-75
<br />and first 6 months of 1975-76 authorizations. A ceiling.for capital improvements for 1974-75
<br />was S4.$ million and for 1975-76 was $6 million, bringing the total projected General
<br />Obligation Bonds for the Z-year period to $10.5 million. The City has not issued any General
<br />Obligation Bonds since December 1, 1973. The City Manager recommends adoption."
<br />
<br /> On motion of Mr. Early and seconded by Mr. tIolley, the following resolution was adopted,
<br />and by the following vote:
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<br />"A RESOLUTION AUTHORIiING THE ISSUANCE OF $3,880,612. OF BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS FOR THE PURPOSE
<br />OF URBAN RENEWAL, PUBLIC STREET IMPROVEMENTS, PARKS AND RECREATION, PUBLIC
<br />SAFETY, PUBLIC TRANSPORTATION AND PURCHASE OF PROPERTY.
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<br /> WHBRBAS, it is necessary for the City of Portsmouth to provide funds for the projects
<br />as hereinafter set forth; and
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<br /> WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to
<br />the payment of said e×penses and the cost of said projects and it is, accordingly necessary
<br />to issue bonds of the City of Portsmouth in the sum of Three Million, Eight }~ndred Eighty
<br />Thousand, Six Hundred Twelve and 00/100 ($3,880,612.) Dollars for those purposes.
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<br />NOW, THEREPORE, BE IT RESOLVED, by the Council of the City of Portsmouth, Virginza:
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<br /> 1. Eor the purpose of urban renewal, public street improvements, parks and recreation,
<br />public safety, public transportation and purchase of property, there shall be issued Three
<br />Million, Eight Hundred Eighty Thousand, Six Hundred Twelve and O0/1OO ($3,880.612.) Dollars,
<br />of bonds of the City of Portsmouth to be known as General Obligation Bonds pursuant to
<br />the ~r~visions of Chapter S of Title 1S.1 of the Code of Virginia, 1950, as amended, and
<br />provisions of law applicable thereto. The said bonds shall be Serial Bonds and shall be
<br />issued at one time and shall be in such form and of such denomination as the Council shall
<br />direct. Each issue shall be payable no~ exceeding For~y (40) years from its date, and
<br />said bonds shall bear interest at a rate or rates to be hereinafter determined by the
<br />Council upon the ~ale of said bonds, providing that the maximum rate of interest shall
<br />not exceed the maximum rate of interest authorized by law at the time of the sale of said
<br />bonds.
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<br />2. This resolution shall take effect from the date of its passage."
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<br /> Ayes: Early, Elliott, Holley, east, Davis
<br /> Nays: None
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<br /> 76-57 - "Consideration of a resolution to the Virginia Department of Highways requesting
<br />that they acquire the necessary right-of-way for the approaches to the new Hedges Ferry
<br />Bridge; and committing the City to pay certain costs the~efo?.
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<br /> This resolution requeststthe Highway. Department to proceed~ith the acquisition of
<br />right-of-way for the new Hedges Ferry BRidge which is scheduled for advertising in September
<br />of 1980. This resolution also commits the City to its share of the right-of-way and construc~
<br />tion costs from the City limits of Portsmouth to the termination oE construction on Portsmouth
<br />Boulevard. The City Manager recommends adoption."
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