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Januar~ lOth. 1950.
<br />
<br /> Agreement betwe,en the Portsmouth Redevelopment aud Housing
<br /> Authority, Portmmouth, Virginia, and the City of Portsmouth,
<br /> Virginia, and the same attested thereto by A.P.Johnson,Jr.,
<br /> City Clerk, ~
<br />-x~o-operation agreement
<br /> on page 143. 8th - "I am submitting herewith four resolutions authorizing the City of
<br />Portsmouth to bo?row the ~um of $50,000.00 fron~ each of the following banks:
<br />
<br />~merican Rational Back, Port~outh~ Va.
<br />Merchants & Faz~mers Bank, Portsmouth, Va.
<br />Citizens TrUst Company, Portsmouth, Va.
<br />The Bao_k of Virginia, Portsmouth, Va.
<br />
<br /> Th_.s is in antmc~pat~on of the collection of revenue of the City
<br />for the calenda~ year 1~50~ I recommend the adoption of these resolutions."
<br />
<br />Resolutions -
<br />
<br />~Resolved that the City of Portsmouth borrow from the
<br />· American Nmtional Bank, Portsm, uth, Virginia, the sum
<br />of Fifty Thousand Dollars ($50,000.00), in anticipation
<br />of the collection o f the revenues of the City for the
<br />calendar year-l~50; that the proper office~s be ~utho-
<br />rized to make a note or notes maturing at any time prio~
<br />to December 31st, 1950, and ~he revenuem of the City for
<br />the current year are pledged~to the repayment of such
<br />rowing."
<br />
<br />~Resolved, t hat the City o £ Port~outh borrow fromlhe
<br />Nercnants and Farmers Bank. Po_ tsmouth, ~rg~n~a, t ~e $~m
<br />of Fifty Thousand Dolla~s~$50,000.00) ina ntmczpation of
<br />the collection-o f the ~evenues of the City f~r the calendar
<br />year 1980; that the proper officers be authorized to make a
<br />note or notes maturing at any time prior to December 51st,
<br />1950, and the revenues, of the City for the current year are
<br />pledged to the repa~w~ent of su~ bedewing."
<br />
<br />"Resolved that the City o ~ Portsmouth borrow from t he Citi-
<br />zens Trust Company. ortsmouth, Vmrgm.nm~, ~he s~ of ~ifty
<br />Thousand Dollars ($$0,000.00), in antzcmpation of the col -
<br />lection of the revenues of the City for the calendar yesw
<br />1950; that the Draper officers be authorized to make a note
<br />or notes maturing at any time prior to December 31st, 1950,
<br />and the revenues of the City for the current year are pledged
<br />to tt~ repayment Of such borrowing."
<br />
<br />~'Resol~ed, that the City o f Portsmouth borrow from't he Bank
<br />of Virginta, Porhsmouth, Virginia, the sum of Fifty Thousand
<br />Dollars ($50~,000.00) ina nticipation of the collection of
<br />the revenues of the Cityfor the calendar year 1950; and that
<br />the pr.per officers be authorized to make a note or notes ma-
<br />tu~ing at any time prior to December 31st, 19~0, and the rev-
<br />enues of the~ City for the current year a~e pledged to the re-
<br />payment of such borrowing."
<br />
<br />0nmotiom ofM r. Ho~ghton, the resolutions were adopted, and by the fol.
<br />
<br />lowing vote:
<br />
<br />Ayes -
<br />Nays
<br />
<br />Fox, Bilisoly, Duke, Grimes, Henderson, Houghton,
<br />Howard, Sturtevant, Warren, ~eiseman, ~ilson
<br />None
<br />
<br />Budget. ·
<br />
<br />9th - "I recommend that~the following ~ransfers be made in the 1980
<br /> Transfer from General Budget to Sewage Disposal Fund
<br />
<br />Acco'ant 323 to 903 - $ 65,195.00
<br />Account 324 to 901 '- 8,770,00
<br />Account 50 to 902 68,990.00
<br />Add tO 903 14,295.00
<br />
<br />157,250.00
<br />
<br />Take from General Government ~dget
<br /> Sewage Disposal Revenue
<br />
<br />Add to General Government Budget
<br /> Fixed Charges - Sewage Disposal
<br />
<br />$ 157,000.00
<br />$ 14,295o00
<br />
<br />Transfer from Account 503- Police
<br /> Dept. t o Account lll- Pensions
<br />
<br />Trans£er from Account ll3-Buildiugs
<br /> and Grounds- to Account lll Pensions
<br />
<br />2,220,00
<br />
<br /> 505.00.~
<br />
<br />
<br />
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