Minutes 06/27/1950 - Laserfiche WebLink

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!94 June 27%h~ 1950. which reference is hereby made, ors and of February, t950~ and a copy thereof being hereto attached and made a part here- WBEREAS~ said Commission did, at a meeting thereof on the 10th day adopt the following resolution: ,~E~P~EAS, An ~ct of the Virginia Legislature in 1942 as .expressed in Chapter &BO provides 'An Act Creating the Elizabeth River Tur~uel District"~ aud W~HEREAS, said Bill in Section 8 provides means of protec- tion to the City of Portsmouth and to the County of Norfolk against diminution or loss of income to said City and Couuty~ resulting frcm the construction of a tunnel or bridge~ and ~fHEHEAS, it is the concensu~ of opinion of the Commission of said District that there will be a substantial loss in the income of the CiTy of Portsmouth and Cozmty of Norfolk resulting from-the construction of such a tunnel or bridge. N0W~ THEREFORE~ BE IT RESOL~.tha~.said Commission award the City of Portsmouth Two Mmllmon ($2~O00~O0O.O0~Do~lars~ ~thout interest~ and the County of Norfolk Two Millmon ($2 00o,o90 00) Dollars: without interest, under the terms and condmtmons as set forth in the Act of the 19~2 Legis- lature creating the Commission~ and BE IT RESOLVED, that the Attorney fo~ the Commmssmon conjunction with attorneys for the Cmty of Portsmouth and the County of Norfolk, draw a contract covering such award. The City or County ma~ make separate acceptances as to their particular award, and BE IT.FURTHER RESOLVED~ should further loss be sustained by the Cmty of Portsmouth and the County of Norfolk by agreement with the Commission to cease to operate the ferries~ then the said Commission may make further awards tuuder the terms and cond~itions as provided in Chapter l~O, Acts of Assembly of 19~2, and BE IT FURTHER RESOLVED, that should the Commission at any time deem it best to refund the present bond issue~ then the~ard or awards made to the City of Portsmouth and the County of Norfolk shall be subordinated to s~ch refunding or refinancing of said bonds, and BE IT FINALLY RESOLVED, that the Chairman of said Commission is hereby authorized and empowered and directed to execute such contract or contracts on behalf of the Oom~ission~ and to have his signature attested thereto by the Secretary~ with the seal of the Commission thereto affi~d.' AND ~S, the City of Portsmouth, acting by and through the City Council thereof deems that it will suffer a diminution or loss of income resulting from the construction of the s~oresaid project~ and desires to avail itself of the provisions of the aforementioned resolution in accordance with the provisions thereof and of Chapter l~O of the ~cts of Virginia of 19~2. NOW~ THEREFORE, in consideration of the premises and in accordance with the authority granted by the aforesaid Act of the General Assembly of Virginia, it is agreed by and between the parties; FIRST: The Commission agrees to pay to the City of Portsmouth: (a) Upon full and final payment of the principal and the interest and the premium~ if any~ upon all of the bonds and coupons and any and all other debts and obligations of the Co~ission incurred pursuant to the terms of the aforemen- tioned trust indenture of February ~, 1950, including all of the bonds and coupons, d~s or obligations incurred pursuant to the terms of any supplemental indenture entered into as provided by the terms of ~-ticle XI of the ~trust indenture afgresaid$ and/or (b) Upon the full and final payment of the principal and the interest and the premium, .if any~ upon all ~f the bonds snd~ coupons and any and all Other debts and oblmgations of the ~om- mission incurred p~rsuant to the terms of any one or more sub - sequent trust indentures entered into by the Commission for the purpose of refinancing or redemption and refunding of the bonds, interest, deBtS and obligations then due under the terms of said ~rust indenture o~ Eebruary l, 19%0, or of any subsequent trust ndenture, mncluding the .payment of the cost of such refinancing or refunding~ and the payment of the premiums due the holders of the bends of February l~ 19%0~ by reason of their redemption prior to maturity. the sum of Two Million Dollars ($2,000.000.00)~ from its net revenues at the times and in the ms,met as hereinafter provided, and without interest at any time, payable in any coin or cur- rency Of 2he United States of America which, at the respective dates of payment thereof, is legal tender for the payment of public and private debts. SECOND: The first instsfl]ment due hereunder shall be due six (6) months after the payment of the last bond, coupon, debt or other obligatign of the Commission under the trust i~denture of February !, 19%0, snd any supplemental trust mndenture issued pur- suant to Article XI thereof~ as provided for in peragraph FIRST (a) above~ or any subsequent