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September 12. 1972
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<br />Section 2. The full faith and credit of the City of Portsmouth shall be pledged to the
<br />payment of the principal of and interest on the Utility Bonds. The principal and interest
<br />of the Utility Bonds shall be payable from ad valorem taxes without limitation of rate
<br />or amount, if the revenues of the undertaking consisting of the water, sewer and sewage
<br />disposal systems are insufficient for that purpose.
<br />
<br />Secti6nc3. Full power and authority is hereby given the City Manager to date the Utility
<br />Bonds as of any date within the current fiscal year, and to sell the Utility Bonds in
<br />such manner, either at private or public sale, and at such time and place, as the City
<br />Manager may determine; the City Manager is further authorized to sell the Utility Bonds
<br />either together with or separate from any other full faith and credit bonds of the City
<br />authorized for issuance.
<br />
<br /> Full power and authority is hereby given to the City Manager of the City of Portsmouth
<br />to prepare and issue the Utility Bonds in such form and for such sum as authorized by
<br />Section 1 hereof. The said City Manager is authorized to cause to be imprinted on the
<br />back of each of said Utility Bonds a copy of the complete final legal opinion with respect
<br />to said bonds, with name of the attorney or attorneys rendering same, together with a
<br />certification of the City Clerk, evidenced by a facsimile signature of that officer, to
<br />the effect that the copy is a true and correct copy of the legal opinion which was dated
<br />as of the date of delivery and payment of the bonds.
<br />
<br />Secti~nc4. The Utility Bonds shall not be subject to taxation by the City of Portsmouth,
<br />and the coupons pertaining to said bonds, shall after the maturity of said coupons, be
<br />received in payment of all dues, taxes, and assessments due to the City.
<br />
<br />Secti6m~S. The Utility Bonds authorized by this resolution shall not be included in determin
<br />the limitation upon the power of the City to incur indebtedness under the provisions of
<br />Article VII, Section 10, Clause (a)(2), of the Constitution of Virginia, but from and
<br />after November 2, 1976, whenever and for so long as the revenue producing undertaking
<br />constructed and improved out of proceeds of said bonds fails to produce sufficient revenue
<br />to pay the cost of operation and administration (including interest on bonds issued therefor,
<br />and the cost of insurance against loss or injuries to persons and property), and an annual
<br />amount to be covered into a sinking fund sufficient to pay at or before maturity all bonds
<br />issued on account of said revenue producing undertaking, all such bonds outstanding shall
<br />be included in determining the limitation upon the power of the City of Portsmouth to incur
<br />indebtedness.
<br />
<br />Section 6. All other resolutions or orders, or parts thereof, in conflict with the provision
<br />of this resolution, are to the extent of such conflict hereby repealed.
<br />
<br />Section 7. This resolution shall take effect from its passage."
<br />
<br /> Ayes: Early, Holley, Johnson, King, Smith, Wentz, Barnes
<br /> Nays: None
<br />
<br /> 72-376 - "In response to the letter received by City Council from Mr. William E. Moore
<br />at the last Council meeting, I wish to submit the following.
<br />
<br /> Building permit #2975-D, as stated by Mr. Moore, was issued to Merritt Construction
<br />Corporation to place their construction shed at 4100 Swannanoa Drive. Mr. Moore implied
<br />that he had only been told and that he had no documented proof of the fact that we had
<br />written Merritt Construction Corporation and informed them that this permit was for one
<br />year only. Mr. Moore was supplied with a copy of this letter on August 11, 1972.
<br />
<br /> This building is to be used as a construction shed for Merritt Construction Corporation
<br />for the remaining 117 lots in Merrifields. Due to the fact that vandalism and out-and-
<br />out thievery is so predominant on construction sites at the present time, a shed or ware-
<br />house is imperative, as can be verified by any builder anywhere.
<br />
<br /> The two lots on which this building has been constructed are residential lots and.
<br />will be used to construct single family dwellings prior to completion of the Merrifields
<br />project. Section 504 of the Building Code provides for temporary structures such as construe
<br />tion sheds, etc. This action is not a change in zoning, either implied or in fact. The
<br />lots chosen were chosen because they were shielded from the adjacent property by a natural
<br />hedgerow.
<br />
<br /> The designation of.an industrial building on the building permit was because of the
<br />computor forms used for the building permit application in trying to find a category on
<br />our listing that would coincide with the proposed use.
<br />
<br /> The permit was issued in accordance with the City Ordinances and the Ordinances are
<br />proper as, from time to time, construction sheds will be necessary in residential areas
<br />unless our society reverts back to one where people have respect for other's property and
<br />will not steal or vandalize it while under.construction.
<br />
<br /> Attached hereto is a copy of the letter written to Merritt Construction Corporation
<br />with the information regarding the length of time for which this permit is valid.
<br />
<br /> On motion of Mr. Holley and seconded by Mr. Smith, to be received as information and
<br />a copy of the City Manger's report be forwarded~to Mr, Moore, was adopted by the following
<br />vote: (See Bxhibit 72-376)
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Went~, Barnes
<br />Nays: None
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<br />ing
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