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Se.-r~.~ev 11: 1~?~
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<br /> ~EREAS, by resolution duly adopted September 4, 1973, the Portsmouth Redevelopment
<br />and Housing Authority adopted Amendment No. 2 to the said Plan and has requested this
<br />council to approve said amendment; and
<br />
<br /> WHEREAS, said amendment has been carefully reviewed, and said Conservation Plan,
<br />as amended, conforms to the general plan for development of the City of Portsmouth as
<br />a whole; and
<br />
<br /> ~HEREAS, in the judgment of this council it is in the interest of the City and
<br />its inhabitants that the said Amendment be approved.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br />that said Conservation Plan for the Olde Towne Conservation Project, as amended, dated
<br />September, 1973, having been duly reviewed and considered is hereby approved; and
<br />
<br /> BE IT FURTHER RESOLVED, that the City Clerk be and is hereby directed to file a
<br />copy of the amended Conservation Plan with the minutes of this meeting."
<br />
<br />Ayes: Early, Holley, King, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br /> 73-383 - "I submit the attaChed resolution and recommend its adoption. This authoriz~
<br />the issuance of $192,210 of General Obligation Bonds. Approval of this resQlution will
<br />atlo~i~the following pro'jects to be included in a future bond issue: '*' ~
<br />
<br />Mobile Classrooms
<br />School Buses
<br />Drainage Study
<br />Storm'Drains and Sewers
<br /> (Crawford Urban Renewal) ii:~ ,.ii
<br />Improvements - Alexanders Corner,
<br /> and High Street West and Churchland
<br /> Boulevard (local cost)
<br />
<br />$52,200
<br />$24,000
<br />$23,500
<br />
<br />$65,000
<br />$27,510
<br />
<br />It is anticipated these bonds will be issued before the end of the calendar year."
<br />
<br /> On motion of Mr. Smith and seconded by Mr.
<br />adopted, and by the following vote:
<br />
<br />Early,
<br />
<br />the following resolution was
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $192,210. OF BONDS OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA, TO BE KNO$~2q AS GENEraL OBLIGATION BONDS FOR THE
<br />PURPOSE OF PROVIDING FUNDS FOR THE PURCF~SE OF MOBILE CLASS ROOMS AND
<br />SCHOOL BUSES; FOR PA~ENT FOR A DRAINAGE STUDY; FOR THE CITY'M SHARE OF
<br />COST ACCRUING IN THE CRAWFORD URBAN RENEWAL PROJECT (VA. RS3); AND FOR
<br />THE SIGNALIZATION AND REDESIGN OF INTERSECTIONS AT ALEXANDER'S CORNER
<br />AND HIGH STREET WEST AT CHURCHLAND BOULEVARD UNDER THE TOPICS PROGRAM.
<br />
<br /> ~EREAS, it is necessary for the City of Portsmouth to provide funds for the various
<br />projects as hereinabove set forth; and
<br />
<br /> ~v~EREAS, there are no funds in the Treasury of the City of Portsmouth:~l~able
<br />to the payment of said expenses and the cost of said projects and it is accordingly,
<br />necessary to issue bonds of the City of Portsmouth in the sum of One Hundred Ninety
<br />Two Thousand Two Hundred Ten and No/1OO ($192,210.) 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 purchase of mobile class rooms and school
<br />buses; for payment for a drainage study; for the City's share of the cost accruing under
<br />the Crawford Urban Renewal Project (VA. RS3); and for the signalization and redesign
<br />of intersections at Alexander's Corner and High Street West at Churchland Boulevard
<br />under the TOPICS program, there shall be issued One Hundred Ninety-Two Thousand
<br />Hundred Ten and No/1OO ($192,210.) Dollars of Bonds of the City of Portsmouth, Virginia,
<br />to be known as General Obligation Bonds pursuant to the provisions of Chapter 5 of Title
<br />1S.1 of the Code of Virginia, 1950, as amended, and other provisions of law applicable
<br />thereto. The said bonds shall be serial bonds and shall be issued at one time and shall
<br />be in such form and of such denomination as the council shall direct. Each issue shall
<br />be payable not exceeding forty (40) years from its date and said bonds shall bear interest
<br />at a rate or rates to be hereafter determined by the council upon the sale of said bonds,
<br />providing that the maximum rate of interest shall not exceed the maximum rate of interest
<br />authorized by law at the time of sale of said bonds.
<br />
<br />2. This resolution shall take effect from and after the date of its passage."
<br />
<br />Ayes: Early, Holley, King, Smith, Wentz, BarnBs
<br />Nays: None
<br />
<br />~;:;g~rrell R. Johnson arrivedaat the meeting at 7:50 p.m.
<br />
<br /> 73-384 '*I submit the attached resolution and recommend its adoption. This autho-
<br />rizes the sale of surplus CitY-owned property on Carolina Avenue in Pinners Point.
<br />
<br /> Portsmouth Terminals, Inc. has bid $10,000 for the seven lots which met the requiremei
<br />nf.::tA6 bid.~:i%Rey propose to construct an equipment repair building on this site."
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