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November 21st, 1957. <br /> <br />Improvements in ADnexation Area <br /> from Current Revenue over 5 years <br /> Water - <br /> General Extensions <br /> Two Elevated Tap~ <br /> <br />Tot a.1 $1,000. 000. <br /> <br />ll. <br /> <br />City of Portsmouth Bonds Required <br /> General Obligation <br /> Capital Purchase from County <br /> Capital Improvement <br /> Assumed County Debt <br /> Equipment Bonds <br /> <br />1,906~927. <br />2,210,000~ <br /> 738,002. <br /> 200,000. <br /> <br />To~al $ 5,054,929. <br /> <br />Revenue Obligation <br /> <br /> Assumed from County <br /> <br />$ 1,500,000. <br /> 200,000. <br /> <br />TotD1 - $ 1,700,000. <br /> <br />12. <br /> <br />City of Portsmouth Bonded Debt Margin <br />Before Annexatinn - December 1958 <br />First Year ~fter Annexation <br />Second Year After Annexation <br /> <br />$ 3,241,012. <br /> 5,947,907. <br /> 8,07~,669e <br /> <br /> Based upon conditions as reflected herewith neither the City nor the County would encounter <br />operating budget difficulties. <br /> Bond Information-and Budget Estimates are wholly contingent upon Court decision. Should Court <br />disallow credits assumed costs, zo City would increase proportionately." <br /> <br />Motion of ~tr. Smith that the report be receivgd and approved, was adopted, and by the <br /> <br />following vote: <br /> <br /> Ayes: .Bar$1ett, <br /> Nays: None~ <br /> <br />On motion adjourned~ <br /> <br />Baker, Hinton, Kirby, <br /> <br />Scott, Smith <br /> <br />P re s iden t. ~ <br /> <br /> <br />