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......................... _M_ay_ 8, !973
<br />
<br />"MN ORDINANCE TO A~FROPRIPcTE$1,491,374 FROM THE GENERAL CAPITAL IMPROV~'4ENT
<br />FUND FOR TEE CONSTRUCTION OF A MULTI-STORY PARKING RJaMP AT EDINBURGH SQUARE."
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, lCentz, Barnes
<br />Nays: None
<br />
<br /> 75-174 "I submit the attached ordinance and recommend it be placed on first
<br />reading. This appropriates $33,000 for repairs to the Churchland and West Norfolk
<br />Bridges.
<br />
<br /> Due to the emergency condition that existed on these bridges, funds were expended
<br />from street maintenance funds in our general operating budget. Included in this appropri
<br />ation is $25,560 for repairs to the Churchland Bridge, $7,440 for repairs to the West
<br />Norfolk Bridge. This appropriation is from the Capital Improvements Fund, which will
<br />allow us to refund the $55,000 to the street repair account so that we may proceed
<br />with much needed repairs on our weather-damaged streets."
<br />
<br /> On motion of Mr. Johnson, and seconded by Mr. Smith, the following ordinance was
<br />approved on first reading, and by the foliowing vote:
<br />
<br />"AN ORDINANCE TO APPROPRIATE $35,000 FROM THE GENERAL CAPITAL IMPROVEMENT
<br />FUND FOR REPAIRS TO THE CHURCHLAND AND WEST NORFOLK BRIDGE."
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br /> 73-175 - "I submit the attached resolution and recommend its adoption. This authori
<br />the issuance of $1,524,574 of General Obligation Bonds. It covers the cost of the
<br />parking garage and the bridge repairs.
<br />
<br /> While this authorizes the issuance of the bonds, this will not be done at this
<br />time. It will allow the borrowing of temporary funds to finance these projects until
<br />the bonds are issued."
<br />
<br /> On motion of Mr. King and seconded by Mr. Smith, the following resolution was
<br />adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,524,$74. OF BONDS OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA, TO BE KNOI¥~ AS GENERAL OBLIGATION BONDS FOR THE
<br />CONSTRUCTION OF A MULTI-STORY PARKING RAMP AT EDINBURGH SQUARE; AND FOR
<br />REPAIRS TO THE CHURCHLAND AND WEST NORFOLK BRIDGES.
<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 /> hMEREAS, 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 in the sum of One Million, Five Hundred Twenty-
<br />four Thousand, Three Hundred Seventy-four and 00/100 ($1,524,574.) Dollars for that
<br />purpose.
<br />
<br /> NO~, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br />Section 1. For the purpose of providing funds for the construction of a multi-story
<br />parking ramp at Edinburgh Square; and for repairs to the ~est Norfolk Bridge and the
<br />Churchland Bridge, there shall be issued One Million, Five Hundred Twenty-four Thousand,
<br />Three Hundred Seventy-four and 00/100 ($!,524,574.) Dollars of bonds of the City of
<br />Portsmouth to be known as General Obligation Bonds pursuant to the provisions of Chapter
<br />5 of Title 15.1 of the Code of Virginia, 1950, as amended, and other provisions of
<br />law applicable thereto. The said bonds shall be serial bonds and shall be issued at
<br />one time and shall be in such form and of such denomination as the Council shall direct.
<br />Each issue shall be payable not exceeding forty (40) years from its date and said bonds
<br />shall bear interest at a rate or rates to be hereafter determined by Council upon the
<br />sale of said bonds, providing that the maximum rate of interest shall not exceed the
<br />maximum rate of interest authorized by law at the time of the sale of said bonds.
<br />
<br />Section 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 /> 73-176 - "Requests for the operation of bingo games have been received from three
<br />organizations. They are the Elks Club, Catholic Club and the 33nbassador's Club.
<br />
<br /> State law provides that the Governing Body in each locality must approve the permit~
<br />to operate these bingo games.
<br />
<br /> i recommend that the City Council concur in the granting of these permits."
<br />
<br /> Motion of Mr. Smith and seconded by Mr. Johnson, to concur in the recommendation
<br />of the City Manager, was adopted by the following vote;
<br />
<br />Ayes: Early, Eolley, Johnson, King,~Smith, ~entz, Barnes
<br />Nays: None
<br />
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