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l~eb'mm~ 24. 1970
<br />
<br /> On motion of Mr, Smith, the following resolution was adopted, without dissenting vote:
<br /> "A RESOLUTION TO CONFI~.{ ;aND RATIFY THE ISSUANCE OF $600~000.00 OF GENERAL OBLIGATION NOTES
<br /> FOR THE PURCHASE OF THE MERRIFIELDS WATER COMPANY, INCORPORATED, PURSU;aNT TO THE JTEP}{S OF AN
<br /> AGREE~NT BETWEEN PAUL P. ~RRITT, JR., AND THE CITY OF PORTSMOUTH, DATED JP~qUARY 29, 1970
<br /> I~{EREA~, by the terms of a certain agreement between Paul P. Merritt, Jr., and the City of Portsmouth,
<br />Virginia, dated January 29, 1970, the said Paul P. Merritt, Jr.¢agreed to sell and the City of Portsmouth agree
<br />to purchase the Merrifields Water Company, Incorporated for the sum of $645,000.00; and
<br /> F?HEREAS, by the terms of the aforesaid agreement, the pur¢-}l~tae price was to be paid by $45,000.00 in cash
<br />and the balance in notes; and
<br /> WHEREAS, it is necessary to confirm and ratify the issuance of $600,000.00 of General Obligation Notes
<br />of the City of Portsmouth.
<br />
<br /> NOW~ THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br /> 1. The issuance of $600f~000.00 of General Obligation Notes of the City of Portsmouth to Paul P. Merritt,
<br />Jr., pursuant to the ter~ of a certain agreement between the said Paul P. Merritt, Jr.~ and the City of
<br />Portsmouth, dated January 29, 1970, for the purchase of the Merrifields Water Company, Incorporated, is hereby
<br />confirmed and ratified, the said notes dated February 1, 1970, of the denomination of $50,000.00 each, bearing
<br />interest payable semi-annually each February 1 and August 1 at the rate of 5 1/4 per centum per annum, maturin
<br />serially one note at a time on February ! in each of the years 1971 to 1982 inclusive and being substantially
<br />in the following form:
<br />
<br /> Portsmouth, Virginia
<br /> February 1, 1970
<br />
<br />$50,000.00
<br />
<br /> One year from date, the City of Portsmouth p~omises to pay to the order of Paul P. Merritt, Jr.,
<br />negotiable and payable rC~thout offset, at the main banking offices of Merchants and Farmers B~_nk, in said
<br />City of Portsmouth, ~Fifty Thousand Dollars ($50,000.00) for value received, with interest at the rate of five
<br />and one-quarter (5 1/4) per centum per annum, payable semi-annually, from the date hereof until payment of the
<br />principal sum.
<br />
<br /> This note may not be prepaid l~ithin three years of date, unless its maturity falls s~oner, or unless the
<br />holder so agrees.
<br />
<br /> This note shall be a general obligation of the City of Portsmouth, Virginia, payable from t~xes which
<br />may be levied, without limitation of rate or amount.
<br />
<br />THE CITY OF PORTSMOUTH, VIRGINIA
<br />
<br />ATTEST:
<br />
<br />City Treasurer
<br />
<br />City Clerk
<br />
<br /> 2. All actions of the City Manager done in connection with the issuance of said $600,000.00 of General
<br />Obligation Notes is hereby confirmed and ratified. The execution of said notes on behalf of the City of
<br />Portsmouth by the City Treasurer is hereby confirmed and ratified. The action of the City Clerk in affixing
<br />the seal of the City to said notes and attesting thereto is hereby confirmed and ratified.
<br />
<br /> 3. The full faith and credit of the City of Portsmouth is hereby pledged to the principal of and interest
<br />on the notes as the same become due. For the pa~nent of such principal and interest, the City of Portsmouth
<br />shall have power and be obligated to levy ad valorem taxes without limitation as to rate or amount on all the
<br />property subject to taxation by the City."
<br />
<br /> 70,82 - "I submit the attad~ed resolution and recommend its adoption. This authorizes the participation
<br />by the City in the cost of the development of the Western Freeway. It commits the City to provide fifteen
<br />perc~mR~:of the cost of the mecessary right-of-way acquisition for the Western Freeway. This is a similar
<br />resolution to others we are required to adopt at the beginning of any highway pro}ect."
<br />
<br />On motion of Mr. King, the following resolution was adopted, without dissenting vote:
<br />
<br />"A RESOLUTION REQUESTING THE STATE BI(~7~AY CO~4ISStONER TO ACQUIRE THE RIGHT OF WAY FOR
<br />THE WESTERN FREBWAY~ ROUTE 164, PROJECT 0164-124-102, R/W 201, AND AGREEING TO PAY FIFTEEN
<br />PERCENT OF THE COST THEREOF
<br />
<br /> WHEREAS, Section 33-57 of the Code of Virginia, 1950, as amended, authorizes the State Highway Commission-
<br />er to acquire rights of wa>, for .the construction, reconstruction, alteration, maintenance and repair of public
<br />highways ~ithin municipalities on projects which are constructed with S~g~e or Federal participation; and
<br />
<br /> WHEREAS, Section 53-57, as amended, further provides that the State }tighway Comm.~[ssioner may exercise
<br />such authority only upon receipt of official request from the city or town involved.
<br />
<br />
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