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February 22. 1972
<br />
<br /> "A RESOLUTION AUTHORIZING SHE ISSUANCE OF $325,000.00 OF BONDS OF THE CITY
<br /> OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS, FOR CAPITAL
<br /> IMPROVEMENTS, BEMOLITION, AND DEVELOPMENT OF RECREATIONAL AREAS IN THE
<br />}"~il. PARK VIEW CONSERVATION PROJECT VA. R-48.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds for capital
<br />improvements, demolition, and development of recreational areas in the Park View Conservatio~
<br />Project 'FA. R-48; and
<br />
<br /> WFIEREAS, there are no funds in the treasury of the City of Portsmouth applicable to
<br />the payment of said costs, and it is accordingly necessary to issue bonds of the City in
<br />the sum of Three Hundred Twenty Five Thousand and no/lO0 ($325,000.00) Dollars for that
<br />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 capital improvements, demolition, and develop-
<br /> ment of recreational areas in the Park View Conservation Project VA. R-48, there shall
<br /> be issued Three Hundred Twenty Five Thousand and no/lOO ($325,000.00) Dollars of bonds
<br /> of the City of Portsmouth, Virginia, to be known as General Obligation Bonds, pursuant to
<br /> the provisions of Chapter S of Title 15.1 of the Code of Virginia and other provisions of
<br /> law applicable thereto. The said bonds shall be serial bonds and shall be issued ~t one
<br /> time or a part thereof from time to time and shall be in such form and of such denomination
<br /> as the Council shall direct. Each issue shall be payable not exceeding forty (40) years
<br /> from its date, and said bonds shall bear interest at a rate or rates to be hereafter determii.ed
<br /> by the Council, upon the sale of said bonds, provided that the maximum rate of interest shall
<br /> not exceed the maximum rate of interest authorized by law at the time of the sale of said
<br /> bonds.
<br />
<br /> 2. This resolution shall take effect from its passage."
<br />
<br /> Ayes: Holley, Johnson, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br /> Nays: None
<br />
<br />On motion of Mr, King..and seconded by Mr. Raymond Smith, ~otton Brothers being low
<br />bidder for~;the playground work, the bid was awarded to Cotton Brothers, and by the following
<br />vote:
<br />
<br /> Ayes: Holley, JOhnson, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br /> Nays: None
<br />
<br /> 72-53 - "I submit t~e· attached ordinance and recommend it be placed on first reading.
<br /> This establishes the Portsmouth Municipal Finance Commission. It combines the present Tax
<br /> Study Commission and the Municipal Bond Commission into one body.
<br />
<br />have
<br />ment
<br />
<br />It authorizes the new Commission to assume the same duties that the present two Commiss:
<br />as well as additional duties such as reviewing the annual budget and the capital improw
<br />program."
<br />
<br /> On motion of Mr. Raymond Smith and seconded by Mr. Johnson, the following ordi~ace
<br />was approved on first reading, and by the following vote:
<br />
<br />"A~N ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1961,
<br />BY REREALING SECTIONS 10-128 THROUGH 10-131 THEREOF; A~D A~D~NG SECTIONS
<br />10-117 THROUGH t0-120'AND ADDING A NEW SECTION 10-120.1 PERTAINING TO
<br />CREATION OF THE PORTSMOUTH MUNICIPAL FINANCE CO~ISSION."
<br />
<br />Ayes: Holley, J~hnson, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br />Nays: None
<br />
<br /> 72'54 - "I submit the attached ordinance and recommend it be placed on first reading.
<br />This is permissive legislation to allow the Judge of the Municipal Court to close court on
<br />Saturdays. This has been requested by the Judge."
<br />
<br /> On motion of Mr. Raymond Smith and seconded by Mr. Irvine Smith, the following
<br />ordinance was approved on first reading, and by the following vote:
<br />
<br />"AN ORDINANCE TO ALLOW DISCRETIONARY CLOSING OF MUNICIPAL COURT, POLICE
<br />DIVISION AND T~&FFIC DIVISION ON SATURDAYS."
<br />
<br />Ayes: HOlley, Johnson, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br />Nays: None
<br />
<br /> 72-55 - "I submit the attached ordinance and recommend it be placed on first reading.
<br />This authorizes the use of windshield decals as City automobile tags in lieu of the metal
<br />plates. This change will apply to the 1973 City tags."
<br />
<br /> On motion of Mr. Irvine Smith and seconded by Mr. ~urner, the following ordinance was
<br />approved on first reading, and by the following vote:
<br />
<br />'lAN ORDINANCE TO AMEND SECTIONS 18-317, 18-324, 18-325, 18-327, 18-328,
<br />18-329 AND 18,33~ OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1961,
<br />PERTAINING TO PORTSMOUTH MOTOR VEHICLE LICENSE TAGS OR DECALS."
<br />
<br />Ayes: Holley, Johnson, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br />Nays: None
<br />
<br />
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