Minutes 06/27/1950 - Laserfiche WebLink

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refinan??ng or refunding tz~ust indenture or trust indentures issued pursuant to paragraph~ FIRST (b) above, The s~ount of such payment sb~ll be one-half (~) (the other one-half (½) being payable to the Cotuuty of Norfolk -~der an agreement of even date iu a like s~,~) of ~le net revenue derived from tolls at the rate hereinafter provided. "Net revenue" as used in this agreement ~shall mea~ the gross revenue from tolls~ less current expenses and maintenanc? including reserve for maintenance. The term"current expenses"' shall mean the Commission's reasonable and necessary current'e~penses of maintaining~ ~epair~_ug and operating the whole project which shall include~ without limiting the generality of the foregoing~ all ordinary and usual expenses of maintenance and repair which may include expenses not annually recurring all administrative expenses~ insurance~ and'engineering expenses relating to maintenance~ re- pair and operation. "Maintenance" and ~reserve for maintenance" not included in the definition of ~current expenses" shall include all actual current maintenance of the project and its ap- purtenances, including a reserve fund as provided for by the CoE~ssion's ~hen accounting me~ thods. THIRD: 0ne,ha.If (½) of the net revenue computed in the manner above set forth shall b e payable to the City of Portsmouth eachsix (6) months after the first pay- ment is made as provided for above. The Commission agrees that the average rate of toll charged durin~ the I st year prior to the full and f~nal payment of the obligations mentioned in sub-paragraphs (a) and (b) of paragraph FIRST above shall continue in effect until the City of ?ortsmouth has been paid said total sum of Two Million Dollars ($2~000,000.00)~ with- out interest~ at the times and in the amounts and manner above provided, whereupon such pay - ments shall cease.and this contract shall be deemed fully and finally executed. FOURTH: No lien, mortgag~ or rightsin rem of any name or nature what- soever in law or in equity against the District or its project~ or any part thereof~ are given or may be acquired under the terms of this agreement. The sole right toenforce this obliga- tion shall b e against the net revenue from tolls collected at the rate hereinabove provided and after payment to said City shall become payable and past due ~nder the terms hereof or default shall have otherwise been ma~e in the faithful performance of this agreement. FIFTH: By mutual agreement the parties hereto may anticipate the dis- charge of this agreement by ascertaining~ paying and receiving the then present value of the future payments provided for herein. IN WITNESS ~iEREOF~ the parties hereto have caused this agreement to be executed as of the day and year first hereinabove~itten~ the Elizabeth River Tunnel Dis - trier, acting by and through the Elizabeth River T~&uuel Commission, having duly authorized the execution thereof by its resolution of February 10,~1950~ as hereinabove set forth, and the C~ty of Portsmouth~ acting by sn~ through ltSCm~y~Counc~l, havmng duly authorized the execu- tion thereof by its appropriate municipal officers. Attest: ~Jalter E. Attest: Hoffman~ Secretary Johnson,Jr.? City Clerk. ELIZABE.THRIVER TUNNEL DISTRICT~.by and through ~heElmzabethRiver Tur~uel Comm~ission, the governing body thereof J. ~.~A_D_nderson~ Chair~. CITY OF PORTSMOUTH By Leslie T. Fox, Mayor and President of Council STATE OF VIRGINiX: City of Portsmouth, to-wit: I, H.C. Barclay, a Commissioner in Chsncery for the Court of Hustings for ~he City aforesaid~ in~e State of Virginia, do certify that Leslie T. Fox: Mayor and President of City Counci%~ and A.P. ~hnson,Jr., City Clerk of the City of Portsmouth, Whose names are signed to the writing above bearing date on the 1st ofMay, 19~0~ have acknowledged the same before me in my City aforesaid. Given under my hand this 29thday of June~ 1950. R. C. B~rc!ay~ ~onnuissioner in Chancery.'!