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yune 9th,. 1953.
<br />
<br />the Commissi'on does'hereby agree'to pay to the City of POrtsmouth, without in-
<br />terest, the Bum of $491,227.68, same being the sum of $500,000.00 as herein -
<br />above mentioned in b~id Commission's resolutioh of February 10, 1950, less the
<br />amo'u~t-o'f ~8772~3~, heretofore paid by the Elizabeth River Tunnel Commission
<br />for traffic lights, the payment of which is to be made six (S) months after
<br />the payment of the last obligation due said City of Portsmouth and CounIy of
<br />Norfolk under said contracts of May 1, 1950, which said payments are deferred
<br />under the terms of their respective ~greememts until the full and final payment
<br />of all bonds,-coup~ns] debts, obligations underthe;~bove-mentioned trust inden-
<br />ture and any supplemental trust i~denture issued pursuant to Article XI thereof.
<br />The ~mount of such payments in discharge of this agreement shall be forty (40)per
<br />cent (the other sixty (60) per cent being payable to the City of Norfolk under an
<br />agreement of even date) of the net revenue derived from tolls at the rate herein-
<br />after provided.
<br /> "Net revenue" as used in this agreement shall mean ~he gross revenue from
<br />tolls, less currentex~enses and maintenance, ine'luding reserve for maintenance.
<br />The term "current expenses" shall mean the Commission's reasonable and ~eeessary
<br />current expenses of m~intaining, repairing and operating the whole pro~ect which
<br />shall inOl~de, without-limiting the generality'of the fore~oing, all ordinary and
<br />usual expenses of maintenance and repair which may include expenses not annually
<br />recu3~rlng, all administrative expenses, inst~rance and engineering expenses relat-
<br />ing to maintenance, repair and operation. "~intenance" and "Reserve for maintenance"
<br />not included in the definition of '~urrent expenses" shall include.all actual current
<br />maintenance of the project and its appurtenances, including'a'reServe fund as pre -
<br />vided for by ~he Commission's then accounting methods.
<br />
<br /> ~. 'Said forty (40) per cent of net revenue computed in ~he manner above set forth
<br /> shall be payable to the City of Pbrtsmouth each six (~) months after the first pay-
<br /> ment~is ~de as~pr~vided-f6r above. -The Commission agrees that the average rate of
<br /> toll c barged during the last year prior-to the full and final payment of its obli-
<br /> gations under the Erust indenture shall continue in effect until the obligation
<br /> hereunder shall have been fully paid-and discharged, without interest,
<br />
<br />S. The City of Portsmouth agrees that mn consideration of the obligation of the
<br />District hereunder it will not claim or levy against the Elizabeth River'Tunnel
<br />District, directly or indirectly, any eharge, tax, debt, franchise or fee for inci-
<br />dental'costs of streets'and traffic control, street maintenance, or loss of taxable
<br />values by reason of the construction a~d'-~intenance of the Commission's pro~ect as
<br />defined in'said'Chapter 130 of the Acts df the General A~sembI~ ~f Virginia of 194~.
<br />
<br />4. No lien, mortgage or rights in rem of any name or nature whatsoever in law or
<br />in 'equity against the DiStrict or it~ project, or any part thereof, are given or
<br />may be acquired under fhe terms of this agreement. The sole right to enforce this
<br />obligation shall be against the net revenue from tolls collected at the rate
<br />hereinabove providedand after payment to said City shall become payable and past
<br />due under the terms hereof or default shall have otherwise been made in the faith-
<br />ful performance of this agreement.
<br />
<br />5. By mutual'agreement the parties heret~o may anticipate the discharge of this
<br />agreement 'by ascertaining~ ~aying and receiving th~ then presen~ value of the
<br />future payments provided for herein.
<br />
<br />IN WITNESS W~EREOF, tHe-parties hereto hate caused this agreement to be executed
<br />as of the day and year first hereinabove written, the Elizabeth River Tunnel
<br />District, acting by and through the Elizabeth River Tunnel Commission, having
<br />duly ~uthorized the ~Xecutio~ fher~of by its re~olutioR of FebPuary 10, 1950, as
<br />hereinabove set forth, and the City of Portsmouth, acting by a~d through its City
<br />Council, having duly kuthorized the execution thereof by its appropriate municipal
<br />officers.
<br />
<br />Attest:
<br />
<br />Attest:
<br />
<br />Secretary
<br />
<br />ELIZABETH ~IVEI TUN'dEL DISTRICT, by and
<br /> through ~he Eliaabeth River Tunnel Commission,
<br /> th~ governing body thereof
<br />
<br />By:
<br />
<br />Chairman.
<br />
<br /> CITY OF PORTSMOUTH
<br />
<br />By
<br />
<br />President, City Council
<br />
<br />City Clerk."
<br />
<br />
<br />
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