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November 26, 1974
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<br /> BE IT FURTHER RESOLVED that the City Manager shall require a suitable accounting from
<br />the recipient organization so as to insure the said contribution is utilized only for the
<br />purpose specified in this resolution."
<br />
<br />Ayes: Barnes, Early, Elliott, Holley, Oast, Wentz, Davis.
<br />Nays: None
<br />
<br /> 74-484 '~Consideration of a resolution authorizing the Virginia Port Authority to
<br />expend S2,500 for a traffic and parking control project at the Portsmouth Marine Terminal.
<br />
<br /> This authorizes VPA to expend $2,S00 of the revenues received from the operation of
<br />the Portsmouth Marine Terminal and this authorization is required by the Port Unification
<br />Agreement of 1971. The City Manager recommends adoption of this resolution."
<br />
<br /> On motion of Mr. Elliott and seconded by Mr. Barnes, the following resolution was
<br />adopted, and by the following vote:
<br />
<br />"A RESOLUTION TO AUTHORIZE TIlE VIRGINIA PORT AUTHORITY TO EXPEND FUNDS FROM
<br />SURPLUS REVEN~JES FOR CAPITAL IMPROVF~¥IENTS AT THE PORTSMOUTH MARINE TERMINAL.
<br />
<br /> WHEREAS, the Virginia Port Authority has requested authorization from Portsmouth City
<br />Council to expend funds for certain capital Improvements to the Portsmouth Marine Terminal;
<br />and
<br />
<br /> ~EREAS, the Virginia Port Authority is required by the Port Unification Agreement to
<br />obtain consent from City Council before making such expenditures; and
<br />
<br /> P~EREAS, the expenditures to be made will be funded from surplus revenue generated by
<br />the Portsmouth ~arine Terminal; and
<br />
<br /> WHEREAS, Portsmouth City Council after duly considering the planned improvements is
<br />of the opinion that such improvements are necessary and prudent investments.
<br />
<br /> NO~, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />it approves the expenditure of Two Thousand Five Hundred and OO/100 ($2,500.) Dollars for
<br />the contemplated traffic and parking control project at the Portsmouth Marine Terminal in
<br />accordance with the request of the Virginia Port Authority as heretofore made."
<br />
<br />Ayes: Barnes, Early, Elliott, Holl~y, Oast, Wentz, Davis
<br />Nays: None
<br />
<br />74-485 "Consideration of a resolution authorizing the issuance of $341,850 in General
<br />Obligation Bonds for previously approved capital projects.
<br />
<br /> This authorization is for projects recently approved and funds appropriated by City
<br />Council for curbs and gutters, drainage, repair and renovation of public buildings. The
<br />issuance of the General Obligation Bonds will take place in the second or third quarter
<br />of 1975. The amount authorized by this resolution will be combined with previous authori-
<br />zations and issued as a total at that time. The City Manager recommends adoption of this
<br />resolution."
<br />
<br /> On motion of Mr. Holley and seconded by Mr. Wentz, the following resolution was
<br />adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $341,850. OF BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS FOR THE PURPOSE
<br />OF PROVIDING FUNDS FOR CURB, GUTTER AND DRAINAG~ PROJECTS ON HARRIS ROAD,
<br />NORMJIN DRIVE AND QUANTICO STREET, SIMONSDALE AND NORTH TRUXTON; FOR RENOVATION
<br />OF THE iRAIN LIBRARY ON COURT STREET AND THE PUBLIC BUILDINGS AT 400&t~0 HIGH
<br />STREET; FOR THE REPAIR AND RENOVATION OF SIDEWALKS ON HIGH STREET; AND FOR
<br />THE LAYING OF CONDUIT ON GREEN STREET BETWEEN KING AND QUEEN STREETS.
<br />
<br /> ~'~EREAS, it is necessary for the City of Portsmouth to provlde funds for the various
<br />projects as hereinafter set forth; and
<br />
<br /> P.~EREAS, there are no funds in the treasury of the City of Portsmouth applicable to the
<br />payment of the said expenses and the costs of said projects and it is, accordingly, neces-
<br />sary to issue bonds of the City in the sum of Three Hundred Forty-one Thousand, Eight Hun-
<br />dred Fifty and 00/100 ($341,850.) Dollars for that purpose.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br />Section 1. For the purpose of providing funds for curb, gutter and drainage projects on
<br />Harris Road, Norman Drive and Quantico Street, Simonsdale and North Truxton; for renovation
<br />of the Main Library on Court Street and the public buildings at 400-420 High Street; for
<br />the repair and renovation of sidewalks on High Street; and for the laying of conduit on
<br />Green Street between King and Queen Streets, there shall be issued Three Hundred Forty-one
<br />Thousand, Eight Hundred Fifty and 00/100 ($341,850.) Dollars of bonds of the City of Ports-
<br />mouth to be known as General Obligation Bo{ds pursuant to the provisions of Chapter 5 of
<br />Title 15.1 of the Code of Virginia, 1950, and Other 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 years from its date and said bonds shall bear interest at a rate or rate~
<br />to be hereafter determined by the Council upon the sale of said bonds, providing that the
<br />maximum rate of inter~st shall not exceed the maximum rate of interest authorized by law
<br />at the time of the sale of said bonds.
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