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June 9th, 1953.
<br />
<br /> (3) This service to become effective on July 1st, 1953, and shall continue on a trial
<br />basis for a period of thirty days at which time changes may be made in the route and bus stops if found desirable,
<br />~nd may be canceled by~birty days notice by either party.
<br />
<br /> (Signed) J.N. Howard Carl C. Houghton,Jr.
<br />
<br /> C. E Warren R. Irvine Smith.
<br />
<br /> E. W. Lawrence
<br /> Your Commitee also is happy re report that the representatives of the Elizabeth River
<br />Tunnel Commission have agreed to present a contract to the Commission at their next regular meeting for approval
<br />whereby the City of Portsmouth will receive an additional $500,000.00 from the ~ommission after the bonds have
<br />been retired and-tbs City and County have received $2,000,000.00 each in accordance with previous contracts to re-
<br />imburse the City for loss of taxable values and incidental cost of street amd traffic controls and damage to utili
<br />ties to be sustained by the City."
<br />
<br />On motion of Mr. Howard, the report of the Committee was adopted.
<br />
<br />The.following reports from the City ~nager were read:
<br />
<br /> 1st - "I submit the.attached agreement between the Elizabeth River Tunnel District acting
<br />through the Elizabeth River Tunnel Commission and the City of Portsmouth. whereby the District will pay theCity of
<br />Portsmouth $500,000.00 to reimburse~tbe C~ty for the loss of taxable values and incidental cost of street.and
<br />traffic controls and damage to utilities sustained by the construction of the Tunnel.
<br /> I recommend that the ~ayor be authorized and directed to execute the agreement and
<br />that the City Clerk affix the City seal thereto and attest the same."
<br />
<br />Agreement -
<br />
<br /> "THIS AGREEMENT, Nade this day of May, 1953 by and between the
<br />ELIZABETH RIVER TUNe'EL DISTRICT, acting by and through the ElizaDeth River
<br />Tunnel Commission, the gove~rning body thereof, party of the first part, and
<br />the CITY OF PORTSMOUTH, a municipal corporation and political subdivision of
<br />the State of Virginia, by and through its City Council, party of the second
<br />part.
<br /> W I T NE S S E TH:
<br />
<br />WHEREAS, it is the policy of the Elizabeth River Tuunel District (hereinafter
<br />sometimes called'"District), created by Chapter 130 of the Acts of the General
<br />Assemblyof Virginia of 1942, approved March 9{b, 194~, to protect the political
<br />subdivisions embraced in the area composing Said District against any andall
<br />financial loss or other detriment that such political subdivisions may suffer,
<br />apart from the incalculable benefits that such and its citizenry may derive from
<br />the construction and operation of said District's project, and;
<br />WHEREAS, at a meeting of the Elizabeth River-Tunnel Commission held on the 10th
<br />day of February, 1950, expressed in a resolution unanimously adopted (a copy of
<br />which is attached hereto), it was the opinion of the Commission that the cities
<br />of Norfolk and Portsmouth should be compensated relative to the loss of taxable
<br />values by reason of the purchase or condemnation of real preperty in said cities,
<br />thereto~ore privately owned, and also compensated for expense which said cities
<br />will incur to maintain certain streets and regulate traffic incidental to the
<br />District's project,.and.further expressing in said resolmtion that "to the extent
<br />now or he~eafter aathorized by law, the Commission agrees to pay, without interest,
<br />to the City of Norfolk and to the City of Portsmouth, pro-rata, in compensation
<br />for the loss of taxable values and incidental costs of streets and traffic regula-
<br />tion in said cities, the following:
<br />
<br />(a) To the City of Portsmouth - $500,000.00 ........ ", and;
<br />
<br />WHEREAS, by Chapter 490 of the Acts of the General Assembly of Virginia of 1952, it was
<br />.provided that tolls upon said District's projects may be continued upon certain conditions,
<br />among others "to acquire funds with which to reimburse the Cities of Portsmouth and Norfolk
<br />for the loss of tastable values .and incidental costs of streets and traffic controls, and
<br />damage to utilities to be sustained by said cities by reason of the construction of ~said
<br />prQjeet to suchextent as may be mutually agreed upon", and;
<br />
<br />WREREAS, by a certain trust indenture dated for convenience of reference as of the 1st
<br />of February, 1950, by and between the Commission aud ~he National Bank of Commerce of
<br />Norfolk, Norfolk, Virginia, Trustee, there have been issued Twenty-Three Million Dollars
<br />($Z3,000,000.00) of revenue bends of the Elizabeth River Tunnel District due Febrnary 1,
<br /> 1980, and hearing interest at the rate of Three and one-half per centum (3½%) per annum
<br /> m%til payment of such principal sum, and with certain other and further provisions for
<br /> the refinancing and/or call and redemption thereof as set forth in said trust indenture
<br /> to which reference is hereby made, and a copy thereof being hereto attached and made a
<br /> parr hereof, and;
<br />
<br /> WtIEREAS, by two certain contracts dated May 1, 1950, said District did undertake ~o pay
<br /> to the County of Norfolk .and to t the City of Portsmouth, respectively, without priority
<br /> of one over the other, the sum of TwO ~lillion Dollars ($2~000~000.00), each, upon the
<br /> terms and conditions as set forth in said contracts which are public documents, the con-
<br /> rents of whi~ are known to the parties of this agreement,
<br />
<br />NOW, THEREFOP~, in consideration of the premises and in furtherance of the policy of
<br />the Elizabeth River Tunnel District, it is agreed:
<br />
<br />1. That spbject and junior re its obligations and/or the refinancing of said bond
<br />indebtedness, or the issuance of supplementary bonds under the terms of said trust
<br />indenture, and subject to the payment/or the refinancing of the above recited obliga-
<br />tions of NL~p i, 1950, to the City of Portsmouth and County of Norfolk, respectively,
<br />
<br />
<br />
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