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239
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<br />water, and street improvements required by the construction of the school."
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br /> 74-93 - "I submit the attached resolution and recommend its adoption. This
<br />resolution authorizes the issuance of $214,244 in General Obligation Bonds for the
<br />purchase of the right-of-way for the Greenwood Drive 1-264 Interchange. This resolution
<br />will authorize the issuance of bonds to provide the funds necessary for purchase of
<br />the 52.71 acres required by the State 5ighway Department for the interchange.
<br />
<br /> These bonds will be issued during the third quarter uf I'97~'pen~ing marRet conditi~
<br />for non-taxable municipal bonds and become part of a larger issue at that time."
<br />
<br /> On motion of Mr. Smith and seconded by Mr. Johnson, the following resolution was
<br />adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $214,244. OF BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS FOR THE PUR-
<br />POSE OF PURCHASING REAL PROPERTY FOR HIGHWAY CONSTRUCTION.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds for the project
<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 costs of said project and it is, accordingly,
<br />necessary to issue bonds of the City of Portsmouth in the sum of Two Hundred Fourteen
<br />Thousand, Two Hundred Forty-four and OO/100 ($214,244.) Dollars, for that purpose.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. For the purpose of providing fUnds for the purchase of real property located
<br />at or near the intersection of Greenwood Drive and Interstate Route No. 264, such
<br />to be utilized for highway construction, there shall be issued Two Hundred Fourteen
<br />Thousand, Two Hundred Fortyfour and 00/100 ($214,244.) Dollars, of bonds of ~the City
<br />of Portsmouth to be known as General Obligation Bonds pursuant to the 'provisions of
<br />Chapter 5 of Title lS.1 of the Code of Virginia, 1950, as amended, and the provisions
<br />of law applicable thereto. The said bonds shall be serial bonds and shall be issued
<br />at one time and shall be in such form and of such denomination as the Council shall
<br />direct. Each issue shall be payable not exceeding forty (40) years from its daze, and
<br />said bonds Shall bear interest at a rate or rates to be hereafter determined by the
<br />Council upon the sale of said bonds, providing that the maximum rate of i-nterest shall
<br />not exceed the maximum rate of interest authorized by law at the time of the sale of
<br />said bonds.
<br />
<br />2. This resolution shall take effect from the date of its passage;"
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br /> 74-94 "I submit the attached resolution and recommend its adoption. This authorize
<br />the City Manager to execute an agreement with the Seaboard Coast Line Railroad Company
<br />relating to an easement for constructing and maintaining a public road across their
<br />right-of-way at Elmhurst Lane. This crossing of the Seaboard tracks is being neces:
<br />by the extension of Elmhurst Lane.
<br />
<br /> This crossing is to be constructed and maintained by the City of Portsmouth with
<br />the exception of the portion between rails and two feet of the outside of each-rail.
<br />
<br />"A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEHENT WITH
<br />THE SEABOARD COAST LINE RAILROAD COMPANY FOR THE CONSTRUCTION AND BiAINTENANCE
<br />OF A STREET CROSSING OF SAID RAILROAD AT ELMHURST LANE;
<br />
<br /> WHEREAS, it is necessary to provide a street crossing of the Seaboard Coast Line
<br />Railroad Company railway tracks at a location as shown on a plat as attached hereto;
<br />and
<br />
<br /> WHEREAS, it is necessary to enter into an agreement with the Seaboard Coast Line
<br />Railroad Company with regard to the construction and maintenance of said street crossing.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br />that the form of agreement between the City and the Seaboard Coast Line Railroad Company,
<br />dated January 22, 1974, by the provisions of which the Railroad Company grants to the
<br />City an easement or right of way within the limits therein set out for the construction
<br />and maintenance of a public road or street crossing (including the usual appurtenances,
<br />such as a paved roadway, curbs, gutters, sidewalks, shoulders, slopes, fills, cuts
<br />and drainage facilities) at grade across the right of way and track or tracks of the
<br />Seaboard Coast Line Railroad Company at Portsmouth, Virginia; and as particularly
<br />in said agreement and as more fully shoWn on the plat attached to and made a part of
<br />said agreement as attached hereto, be and the same hereby is approved.
<br />
<br /> BE IT FURTHER RESOLVED that the City Manager and the City Clerk are hereby authoriz~
<br />and directed to execute said agreement in the name and on behalf of the City."
<br />
<br />
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