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1972
<br />
<br /> On motion of 5~r. King and seconded by Mr. Raymond Smith, to concur with the recommen-
<br />dation of the City Manager, was adopted by the following vote:
<br />
<br />Ayes: ~olley, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br />Nays: None
<br />
<br /> 72-32 - "I submit the attached ordinance and recommend it be
<br />This appropriates S1,290 received in a LEAA federal grant for the
<br />office.
<br />
<br />placed on first reading.
<br />Commonwealth Attorney's
<br />
<br /> These funds are to be used to purchase law books and office equipment for the Common-
<br />wealth Attorney's office. There are no local funds in this appropriation."
<br />
<br /> On motion of Mr. Raymond Smith and seconded by Mr. Turner, the following ordinance was
<br />approved on first reading, and by the following vote:
<br />
<br />"AN ORDINANCE TO APPROPRIATE $1,290.00 FROM THE GENERAL FUND FOR THE PURCHASE
<br />OF BOOKS AND MICROFILM EQUIPMENT FOR THE CO~40NWEALTH ATTORNEY'S OFFICE."
<br />
<br />Ayes: Holley, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br />Nays: None
<br />
<br /> 72-33 "I submit the
<br />This appropriates $650,000
<br />Crawford Street Connector.
<br />
<br />attached ordinance and recommend it be Flaced on first reading.
<br />for the purchase of right-of-way and construction of the
<br />
<br /> In accordance with a resolution adopted in 1969, the City is required to pay 50%
<br />of the cost of acquisition of the right-of-way for this project. We are now in receipt
<br />of a bill from the State Highway Department in the amount of $352,475.89 as the City's cost
<br />to date for this right-of-way.
<br />
<br /> The estimated City cost at 15% for the construction of this highway is a~roximately
<br />$275,000. This appropriation will make these funds available when the State Highway Department
<br />proceeds with construction which is scheduled for September, 1972.
<br />
<br /> There is also included a resolution authorizing the issuance of bonds to finance this
<br />project. I recommend adoption of the resolution."
<br />
<br /> On motion of Mr. Irvine Smith and seconded by Mr. Raymond Smith, the following ordinance
<br />was approved on first reading, and by the following vote:
<br />
<br />"AN ORDINANCE TO APPROPRIATE $650,000.00 FROM THE GENERAL CAPITAL IMPROVEMENT FUND
<br />FOR THBiACQ~ISITION OF RIGHT OF WAY AND FOR THE CONSTRUCTION OF THE CRAWFORD
<br />STREET CONNECTOR."
<br />
<br />Ayes: Nolley, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br />Nays: None
<br />
<br /> On motion of Mr. Raymond Smith and seconded by Mr. Turner, the following resolution
<br />was adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $650,000.00 OF BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, TO BE KNO]¥N AS GENERAL OBLIGATION BONDS, FOR THE PURPOSE
<br />OF ACQUIRING RIGHT OF WAY FOR AND FOR THE PURPOSE OF CONSTRUCTING THE CRAWFORD
<br />STREET CONNECTOR.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds for the acquisition
<br />of right of way for the Crawford Street Connector; and for the construction of the Crawford
<br />Street Connector; and
<br />
<br /> WHEREAS, 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 Six Hundred Fifty Thousand and nO/100 ($650,000.00) 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 acquisition of right of way for the Craw~
<br />Street Connector; and for the construction of the Crawford Street Connector, there shall
<br />be issued Six Hundred Fifty Thousand and no/100 ($650,000.00) Dollars of bonds of the City
<br />of Portsmouth, Virginia, to be known as General Obligation Bonds, pursuant to the provisions
<br />of Chapter 5 of Title 15.1 of the Code of Virginia and other provisions of law applicable
<br />thereto. The said bonds shall be serial bonds 'and shall be issued at one time or a part
<br />thereof from time to time and shall be in such form and of such denomination as the Council
<br />shall direct. Each issue shall be payable not exceeding forty (40) years from its date, and
<br />said bonds shall bear interest at a rate or rates to be hereafter determined by the Council,
<br />upon the sale of said bonds, provided that the maximum rate of interest shall not exceed
<br />the maximum rate of interest authorized by law at the time of the sale of said bonds.
<br />
<br />2. This resolution shall take effect from its passage."
<br />
<br />Ayes: Holley, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br />Nays: None
<br />
<br />
<br />
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