Minutes 07/12/1940 - Laserfiche WebLink

Home Browse Search

July 12th, 19~0 (d) That in the e~ent it fails tO pay to theCity the amounts herein agreed to be paid by it, the City may, in addition to all legs2 remedies to which it is en titled, ref~e to ~urnish the servic~s required by this agreement. ?. This ~greement s~a!l constitute a contract by and between the City and the_t Authority and the holders of any obligations.issued by the Authority to assist in the develop merit of the Project and after any such obligations h~.ve.been issued bythe Authority, t~hts Agreement shall not be amended in any respect that wzll adversely affect the rights er inter ests of 'the holders of ~uch obligations. But nothing herein contained shall be conetrued-f~ mean'that the city shall in any manner be responsible for 'the obligations of the Authority~ or that the ~e shall be a debt ef the City. 8. Nothing in this agreement shali be construed as prohibiting or limiting the right of the City or any other taxing bodies f~om levying and collecting income t axes or personal property tsx, automobile license taxes, et cetera upon the tenants of the Project or upon the oersonal property of such tenants. * - 9. This Agreement shall continue in full force and effect ~o long as any ob- ligations issued to assist in ~he development of the Project remain outstanding or until the real estate in the project becomes taxable as other real estate in the 0ity. IN WITNESS WHEREOF, the City and the Authority have respectively caused this Agreement to be duly executed by their proper officers and their corporate seals to be hereto affixed this day of July, 1940. CITY O~ PORTSMOUTH, VIRGINIA ATTEST= 01~y Clerk By I" Mayor ATTEST: HO~SING AUTHORITY O~ THE CITY PORTSNOUTH By Ohairman On motion of Mr. La~r~ence, the following resolution was adopted: "P~SOLVED, that the Council formally express its ~opreciatlon to ~r. Geo. T. EeLean for the outstanding public service rendered,the 0ity of Portsmouth, itscitlzens and taxpayers in achieving the modification of the agreements with the Housing Authority." On motion adjourned. City Clerk. Approved - President.