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.T. IT 1~. t97~
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<br /> 75-290 - "I submit the attached ordinance and recommend it be placed on first
<br />· ~a~ing. This appropriates $144,820 from the General Capital Improvement Fund for
<br />the TOPICS Program-Traffic Signals for the downtown area and two majpr intersections.
<br />
<br /> The above appropriation provides the City's share of the cost of construction and
<br />design for the downtown signal system under the Federal TOPICS Program. It also provides
<br />the City's share of the design costs for the re-signalization of Alexander's Corner and
<br />Victory Boulevard. The City is required to pay iS% of all design and construction costs
<br />under the TOPICS Program.
<br />
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<br /> The signal system for the City was previously authorized in the current S-year Capzta]
<br />Improvements Program and the appropriation does not exceed the estimated cost in City
<br />funds."
<br />
<br /> On motion of Mr. Smith and seconded by Mr. Johnson, the following ordinance was ap~
<br />proved on first reading, and by the following vote:
<br />
<br /> "AN ORDINANCE TO APPROPRIATE $144,820 FROM THE GENERAL CAPITAL IMPROVEMENT
<br /> FUND FOR THE TOPICS PROGRAM FOR THE PURCIIASE OF DOWNTOWN TRAFFIC SIGNALS AND
<br /> THE DESIGN OF INTERSECTIONS AT ALEXANDER'S CORNER AND THOSE ON VIg~RRY BOULE-
<br /> VARD."
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Barnes
<br />Nays: None
<br />
<br /> 73-291 - "I submit the attached resolution and recommend its adoption. This authori:
<br />the issuance of General Obligation Bonds for the City's share of the TOPICS Program.
<br />This resolution authorizes $94,7SS in General Obligation Bonds that have not been previous
<br />authorized for bonding.
<br />
<br /> It is not anticipated that these bonds will be issued immediately. If the bond
<br />market is satisfactory, the bonds will be issued in the fall of 1973."
<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 $94,755. OF BONDS OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS FOR THE
<br />PURPOSE OF PROVIDING FUNDS FOR THE CITY'S SHARE OF THE TOPICS (TP~FFIC
<br />OPERATIONS PROGRAM TO INCREASE CAPACITY AND SAFETY) PROGRAM.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds for the various
<br />projects 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 projects and it is, accordingly,
<br />necessary to issue bonds of the City of Portsmouth in the sum of Ninety-four Thousand,
<br />Seven Hundred Fifty-five and 00/100 ($94,755.) 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 TOPICS (Traffic Operations Program
<br />to Increase Capacity and Safety) program, there shall be issued Ninety-four Thousand,
<br />Seven Hundred Fifty-fiVe and 00/100 ($94,7SS.) Dollars, of bonds of the City of Portsmouth
<br />to be known as General Obligation Bonds pursuant to the provisions of Chapter S 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 interes'
<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 the sale of said bonds.
<br />
<br />2. This resolution shall take effect from the date of its passage."
<br />
<br />Ayes: EArly, Holley, Johnson, King, Smith, Barnes
<br />Nays: None
<br />
<br /> 73-292 - "t submit the attached ordinance and recommend it be placed on first reading
<br />This closes a portion of Bluegill Avenue between Waldron Avenue and Greenwood Drive.
<br />
<br /> The closing has been requested by Mr. ~ Mrs. A. J. Stewart and Mr. ~ Mrs. John
<br />Sedberry. it has been approved by the Planning Commission and a copy of the report
<br />of the viewers zs attached."
<br />
<br /> On motion of Mr. Smith and seconded by Mr. Johnson, the following ordinance;~was
<br />approved on first reading,~aand by the following vote:
<br />
<br />"A~ ORDINANCE ~OSING A PORTION OF BLUEGILL AVENUE BETWEEN WALDRON AVENUE
<br />~qD GREENWOOD DRIVE (S-72-11)."
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Barnes
<br />Nays: None
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