Minutes 04/27/1959 - Laserfiche WebLink

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or condemnation of real estate located in these two cities, and also the matter of expense to which these cities will be required to enter into in order to maintain certain streets and regulate traffic ineidental to the project. On motion of E.r. Humphries, seconded by Thos. P. Thompson, the following resolution was unanimously adopted: ~/IEREAS, the Elizabeth River Tunnel. District was created by Chapter 130 of the Acts of Virginia of 1942, approved March i4, 1942, and the Elizabeth River Tunnel Commission was created by said Act as the governing body of smid District, and ~REAS, said Act provides, among other things, that tolls on the Project stated therein may be continued, after the payment in full of all bonds lssued forkthe project and the interest thereonl, to effectuate the purposes of any agreement entered into by and between the Commission, the City. of Portsmouth. and ~he Count~ of Norfolk, Virginia, to compensate said city and county for any diminution of revenue due to the WHEREAS, the cities of Norfolk and Ports z~outh will suffer the loss of taxable values by reason of the purchase and/or condemnation of certain real estate situated in the said cities which must be acquired by said District to construct and complete said project, and will also be required co build and main- tain certain streets and regulate traffic thereon incidental to said project; and WHEREAS, the 'Commission is of the opinion that The tolls on that portion of the pro - ject designated as the 'Tunnel' should be continued after the payment in full of all bonds issued for the en tire project and ~he interest thereon (including the payment in full of all refunding bonds, if any) tx) accom - plish the purposes set forth herein, and WHEREAS, it is the opinion of the Commission that the loss of taxable values and in - cidental cost of streets and traffic regulation to be sustained by. the cities aforesaid in connection with the proposed Bridge-Tunnel District is as follows: City of Portsmouth City of Norfolk $500,000.00 $750,000.00 whick said sum of $750,000.00 is subject to a credit for the amount to be paid as compensation for the destruc- tion of said Berkley Bridge, ~nd WHEREAS, the Commission h~s received a legal opinion to the effect that it is not ex- pressly authorized by said Act ~o pay to the City of Norfolk o~ to the City of Portsmouth any compe~tio n for the loss of ta~ble values and incidental cost of streets and traffic regulation to he sustained by said cities by reaso~of the construction of said project, but the Commission is o~ the opinion that said Act ~nould be amended ~o.~uthorize and permit the payment~ from the eontin%t~tion of tolls on that portion of the project des - iguated as the 'Tunnel' to the City of Norfolk and the City of Portsmouth, pro rata, the sums hereinafter indicated, and - . . NOW, THEREFORE, BE IT RESOLVED, ~hat ,the Elizabeth River Tunnel Commission does hereby: (1) To the extent now or hereafter authorized by. law, the Conn~ission agrees to pay without interest, to the City of Norfolk and to the City of Portsmouth~ pro rata, in compensation for the loss .of maxable values and incidental cost of streets and trgffic regulation in said cities, the following: (a) To the City of Portsmouth 1- $500,000.00 (b) To the City of Norfolk - $750,000.00 which said sum of $750,000.00 is subject ~o $ credit for the amount l~id as ~compens~tion for the destruction of the Berkley Bridge, provided, however, tln~t all such payments as .stated herein shall be made .only from a continuation of the tolls on that portion of the pro~ect~desiguated as the 'Tunnel', after having (1) first.paid in full from said tollsall bonds issued forLthe~entire project and interest thereon (including the payment in full of all refunding bonds, if any), ~) after having paid compensation to the City of Portsmouth_~nd County of Norfolk pursUgnt~o a resolution this day adopted. (~) Nothing contained hereinLshall prohibit said City of Norfolk or City of Ports- mouth from wai~ing the benefits provided for herein in order~to obtain an earlier cessation of the tolls on said project° Either of said cities may accept the provismons of their particular compensation as stated herein.' _ . It will be noted that the Commission at the time of the adoption of said resolution was advised that its authority to enter into such a~contraet was not clearly granted by the Act. The General Assembly, however, by Chapter 490 of the Acts of 1952, added to p~r~graph 13 the following language: 'or in the even~ that the contint~tion of such tolls is necess~ry to acquire funds with which to reimburse the cities of Portsmouth and Norfolk for the loss ~o£ taxable values and incidental costs of streets and traffic controls and damage to utilities to be sustained by said cities by reason of the construe tion of said projec~ to such extent as may be mutually ~greed upon.~ Thereafter, the contraets referredto were~executed by the contracting Darties~ the contract with the City of Portsmguth Being actually for $491,P~7.88, the reduction being on account of payments theretofore made f0rtraffic lights and/or other street improvements. Likewise, the contract with the City of Norfolk was actually for $~49,6~G.27, the reduction being occasioned by the Tunnel Commission's having paid .for the destruction of the old Berkley Bridge, which was the obligation of the City of Norfolk. The two abovementioned contracts are basically like the prior contracts with the City of Portsmouth and the County of Norfolk~ and might be' termed 'third mortgages' on the Commission's revenues. The payments to become due thereunder are withoutintereSt and the contracts.identicallanguage ~to that in theother agreements with respect ~o anticipation. DEBT ANALYSIS In order to analyze the Commission's~bond indebtedness, it is necessary to pro~ez the same as of a particular date, and becguse mn interest period d~te is a convenient one, the indebtedness on account crake $~3,000,000.00 bond issue~has been computed for the purpose of this paper as of A~st l, 1958. rich: The Commission's Comptroller, ~r. Bonds Outstanding July 1, 1958 Less: Bonds catled for August 1, 1958 Bonds that will be ~t~nding as of August 2, 1958 Taliaferre, hassupplied the following computa- $ 18,375,000.00 373,000.00 $ 18,002,000.00