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~*c~mh~ 1~ lg70
<br />
<br />At a regular meeting of the City
<br />
<br />Jack P. Barnes, James W. Holley,
<br />Raymond B. Smith, Raymond Turner,
<br />City A~orney.
<br />
<br />Council held on December 1, 1970 there were present:
<br />
<br />Burrell R. Johnson, Isaac W. King, R. Irvine Smith,
<br /> A. P.Johnson, Jr., City Manager and M. A. Korb, Jr.,
<br />
<br />The meeting was opened with prayer by Mr.King.
<br />
<br />The following reports from the City Manager were read:
<br />
<br /> 70-530 - "I submit the attached ordinance and recommend it be placed on first
<br />reading. This appropriates $20,000 for repairs to the No. 1 furnace at the incinerator.
<br />
<br /> This appropriation is necessitated by the additional damage to the No. 1 furnace which
<br />occurred after budget estimates were made. It has been necessary to renew the underfire
<br />fan ducts in both furnaces at a cost of $3,150 and the No. 2 furnace was repaired during
<br />July for an expenditure of $12,731 or a total of $tS,881. These funds were scheduled to
<br />be paid from the 1969-70 budget; however, they were not completed in time. Therefore,
<br />they have been paid from the current budget.
<br />
<br /> We cannot delay this work any longer or it will result in extensive damage to the
<br />steel work behind the fire brick which will increase the cost of repair at a later date.
<br />We are curtailing the use of the No. 1 furnace which is placing a burden on the No. 2 furnac,
<br />which will reduce the effective life of the work just completed on this furnace."
<br />
<br /> On motion of Mr. Smith (I) the following ordinance was approved on first reading and
<br />by the following vote:
<br />
<br />"AN ORDINANCE TO APPROPRIATE $20,000.00 FROM THE GENERAL FUND FOR REPAIRS
<br />TO THE INCINERATOR."
<br />
<br />Ayes: Holley, Johnson, King, Smith (I), Smith (R), Turner, Barnes
<br />Nays: None
<br />
<br /> 70-531 "I submit the attached ordinance and recommend it be placed on first reading.
<br />This appropriates $107,000 for the construction of the Churchland Branch Library. Of the
<br />above funds, $52,604 is being financed through a federal grant and the balance of $54,596
<br />will be local funds.
<br />
<br /> The construction of this branch library is a commitment of the 1960 annexation suit.
<br />We are recommending that we proceed at this time as we have just recently been notified
<br />of the availability of these federal funds. The plans call for the construction of this
<br />branch library on High Street West on the Churchland High School site."
<br />
<br /> On motion of Mr. Smith (R) Zhe following ordinance was approved on first reading,
<br />andbby the following vote:
<br />
<br />"AN ORDINANCE TO APPROPRIATE $107,000.00 FROMTTHE GENERAL CAPITAL IMPROYE~
<br />MENT FUND FOR CONSTRUCTION OF A BRANCH LIBRARY IN CHURCHLAND."
<br />
<br />Ayes: Holley, Johnson, King, Smith (I), Smith (R), Turner, Barnes
<br />Nays: None
<br />
<br /> 70-532 "I submit the attached resolution and recommend its
<br />the issuance of General Obligation Bonds in the amount of $54,396.
<br />cost of construction of the branch library in Churchland,
<br />
<br />adoption. This authorizes
<br /> This covers the local
<br />
<br /> We do not anticipate issuing these bonds at this time; however, this will give us autho~
<br />ity to do temporary financing for the construction of this library."
<br />
<br />On motion of Mr. King, the following resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $54,396.00 OF BONDS OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS, FOR THE
<br />PURPOSE OF PROVIDING FUNDS FOR BUILDING CONSTRUCTION.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds forbuilding const~
<br />tion; and
<br />
<br /> WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to
<br />the payment of said expenses, and it is accordingly necessary to issue bonds of the City
<br />in the sum of Fiftyfour Thousand Three Hundred Ninety~ix and no/100 ($54,396.00) Dollars
<br />for that purpose.
<br />
<br />NOW, THEREFORE, BB IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> SECTION 1. For the purpose of providing funds for building construction; there shall
<br />be issued Fifty-four Thousand Three Hundred Ninety~ix and no/100 ($54,596.00) Dollars of
<br />bonds of the City of Portsmouth, to be known as General Obligation Bonds, pursuant to the
<br />provisions of Chapter 5 of Title 15.1 of the Code of Virginia and other provisions of law
<br />applicable thereto. The said bonds shall be serial bonds and shall be issued at one time
<br />or a part thereof from time to time and shall be in such form and of such denomination as
<br />the Council shall direct~ Each issue shall be payable not exceeding forty (40) years from
<br />its date, and said bonds shall bear interest at a rate or rates to be hereafter determined
<br />by the Council, upon the sale of said bonds, provided that the maximum rate of interest
<br />shall not exceed the maximum rate of interest authorized by law at the time of the sale
<br />of said bonds.
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