Minutes 06/11/1968 - Laserfiche WebLink

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18' June 1968 (a) American National Bank: Five Hundred Thousand and no/100 ($500,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of four and five one-hundredths ~4.05) per centum per annum. (b) American National Bank: Five Hundred Thousand and no/100 ($500,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of four and ten one-hundredths [4.10) per centmu per annum, (c) Citizens Trust Company: Five Hundred Thousand and no/100 ($500,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of three and ninety-eight one-hundredths (3.98) per centum per annum. (d) First & Merchants National Bank: One Million and no/100 ($1,000,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of three and seventy-nine one-hundredths (3.79) per centum per annum. First & Merchants National Bank: One 5~iillion and no/100 ($1,000,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of three and eighty-four one-hundredths (3.84) per centum per annum. (f) First ~ Merchants National Bank: One Million and no/100 ($1,000,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of three and eighty-nine one-hundredths (3.89) per centum per annum. (g) First & Merchants National Bank: One Million and no/100 ($1~000,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of three and ninety~four one-hundredths (3.94) per centum per annum. (h) The Bank. of Virginia: -Two Million and no/100 ($2,000~000,O0) Dollars of Bond Anticipation Notes to bear interest at the rate of four and five one-hundredths [4.0S) per centum per annum. (i) The Bank of Virginia: Five Hundred Thousand and no/100 ($S00,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of four and ten one-hundredths (4.10) per centum per annum. 2. That the said notes be issued to the aforesaid purchasers at the respective rates of interest and the City Manager is hereby authorized to complete sale of the said notes and deliver the same to the respective purchasers upon the payment of the purchase price therefor, being the ~rincipal amount of $8,000,000.00 plus a premium of $22.00~ on the notes sold to American National Bank and a preium of $6.75 on the notes sold to The Bank of Virginia." 68-196 - "I submit the attached resolution and recommend its adoption. This authorizes condemnation proceedings for the right-of-way of the extension of Elm Lane into Airline Boulevard. This property is located at this prOposed intersection and we have not been able to reach an agreement with the property owner." "A RESOLUTION gO PROVIDE FOR THE ACQUISITION OF CERTAIN PROPERTY BY ~dE CITY OF PORTSMOUTH UNDER ~IINENT DOMAIN PROCEEDINGS PURSUANT TO CHAPTER 229 OF THE ACTS OF ASSEMBLY OF 1966, SAID PROPERTY BEING NECESSARY FOR THE E~%ENSION OF ELM LANE FROM ITS PRESEN~ TERMINUS SOUTH TO AIRLINE BOULEVARD I~tEREAS, the City of Portsmouth has found it necessary to extend Elm Lane from its present terminus south to Airline Boulevard, and ¢~qEREAS, the City of Portsmouth has found it necessary to acquire the interests hereinafter specified in and to the hereinafter described Parcels of land situate in the City of Portsmouth for the purpose of extending the aforesaid Elm Lane; and WHEREAS, the City of Portsmouth has not been able to purchase the property described herein because the owners thereof and the city have not been able to agree u~on the Brice to be paid therefor; and WHEREAS, the advancement of the extension and the construction thereof will be unreasonably delayed if the said property is not made available as soon as possible. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1. The City Attorney is directed to institute eminent domain proceedings, employing special counsel for that purpos~ if he deems it advisable~ against the parcels of property hereinafter described for the purpose of acquiring fee simple title therein, in accordance with and pursuant to Section 23(F) of the Chal~ter of the Dity of Portsmouth (Chapter 229 of the Acts of Assembly of 1966) and to deDosit to the credit of the court as provided by law the sum hereinafter specified to comDensate the respective owners of the property. PARCEL ONE DESCRI PT ION All that parcel and piece of land, with its appurtenances, located in the City of Portsmouth and more particularly bounded and described as follows: ~eginning at the southwest intersection of the land now or formerly belonging to John McCoy Washington and the New Suffolk Road; thence running west along the north side of the New Suffolk Road 50 feet; thence north at right angles to the said road 399 feet to a point in a ditch: