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IL O. P.
<br />
<br />~une ~, 1921
<br />
<br />293
<br />
<br />ninety-nine (99) years; and so on forever, it being understood that said City may renew this
<br />lease at the expiration of each ninety-nine (~9) year period so long as it may so desire.
<br />
<br /> The City of Portsmouth or its assigns agrees, so long as this lease or any renewal there-
<br />of may be in force, tc pay to the said party of the first part an annual re~ftal cf One ($'l. 00)
<br />Dollar for the use of the said Right of Way, payable on the first day of January in each year.
<br />
<br /> The party of the second part further agrees together with the party of the first part
<br />that the followin.g conditions are incumbent on the party of the second part as part of this
<br />agreement, to-wit.
<br />
<br /> i. That a swot ditch be continuously ~ug and maintained on the east side of the propose~l
<br />road as shown on cross-section sheet of Exhebit "A."
<br />
<br /> 2. That all ditches emptying into the canal crossed by' the road to be kept unobstructed.
<br />
<br /> 3. Tha~ all material deposited by the party of the second part on the land of the party
<br />of the first part during construction and maintenance of the road, to be removed or graded
<br />as required.
<br />
<br /> It is also understood that Should the City of Portsmouth, or its assigns fail to construct,
<br />o~o having constiructed, ever abandon the road which it purposes to build along this Right of
<br /> Way, then this lease sh~ll automatically come to an end, and said Right of Way shall revert
<br /> t~ the Party of the first p&rt.
<br />
<br /> I.N W~ITNE.SS ~iE..REO.F.the sai.d Lake Dr_.u~mond Canal a~d Water Company has caused these pre-
<br />sents To ce s~gne~ ~n ~s name Dy M. E. E~ng, its President, and its corporate seal to be
<br />hereunto affixed, attested by E~rnest Tucker, its Secretary, and the said City of Portsmouth
<br />has c&used these presents to be si~ned by R. A. Hutohins, Jr?_President of the City Council,
<br />and the seal of the Ci~t¥ to be hereunto affixed attested by L~~. Brinson, City Clerk.
<br />
<br />Lake D~ummond ~anal and Water Co.
<br />
<br />(Seal of
<br />Tests:
<br /> Ernest Tucke~,
<br />
<br />~scrstaJ~y,
<br />
<br />President.
<br />
<br />(Seal of City)
<br />Tests:
<br /> L. C. Brinson, ~ity Clerk."
<br />
<br /> On motion of Mr/White, the amended agreement was adopted,
<br />the Oity ~nstructed to sign s~me, and by the following vote:
<br />
<br />City of Portsmouth, Va.,
<br /> ROBT, A. HUTCR~NS, JR.
<br /> Pr,eldest Oouncil.
<br />
<br />and the proper Officers of
<br />
<br />Ayes-- Brooks, Esleeck, Smith, Hall, Hutchins, White,
<br />
<br />The following resolutions adopted by the people of Nelson Oounty on May 2~rd were read:
<br />
<br /> "There w~s a mass-meeting of the people of Nelson County on Monday, M~y 2~d, to take steps
<br />and determine the sentiment of the people of Nelson County with reference to the propose~ is-
<br />sue of bonds for the improvement of roads. C. L. M~rtin was elected chai~m~n, a~d W. E. Eid~
<br />secretary. S. B. Whitehead offered the following resolution, which, after being, discussed
<br />hy him, C. J. Campbell, 'P. B. Young, amd J. R. O~leman, were un~nimousl~ adopted.
<br />
<br /> "Be it resolved, That we, the people of Nelson County, in mass meeting assembled, do
<br />clare that we are opposed to the creation of a bonded indebtedmess for the purpose of improv-
<br />ing the roads of this State, for the following reasons:
<br />
<br /> #First, We do not believe that there is any need to do so. The state highway commission-
<br />er has declared that the roads proposed to be ma~e can be constructed with the money now
<br />available, ~n sixteen years; and that, with a bond issue, they ca~ be constructed in six years.
<br />We do not believe that it is worth while to create an immense debt in order to save only ten
<br />years, Ten years in the ti~of a people is but a short time. We believe that the current
<br />resources of the State ~re ~ply sufficient flor the ~esent to const~ct fr~ year to ye~
<br />conserv~tively~nd ~ith ~e reg~d to the p~n~ probl~ of re,ir such mile~e of improve~
<br />ro~ ~s the State c~ effectivel2 ~d econ&mic~lly conat~ot ~d m~int~in in proper repair~
<br />
<br /> "Second, Th~.2 is ~ time to create debts. The world is a chaos, and may remain so far
<br />several years; business is disorganized; factories have either been closed down, or are run-
<br />ningonly a part of the tim~; a~ricultural products are sellin~below the cost of pro.duction;~
<br />money is now hard to borrow, anvil the bon~ is9~ is passed, ~he bonds will h~ve To cea~ a
<br />high-rate of interest, or will have to be sold below par.
<br />
<br /> "Third, If the $~0,000,0~0 proposed to.be borrowed is actually borrowed, Virginia will
<br />have the fourth largest debt of any of the States in the Union, it being exceeded only by the
<br />~ebts of New YorE, Massachusetts, and California. The rate of taxation that will be necessary
<br />to pay the interest on the bonds and to create a sinking fund necessary to take care of the
<br />bonds will be unbearable.
<br />
<br /> eFourth, If more money is needed to continue the construction and for the maintenance
<br />of roads, the same can be raised by an'increase in the t~x on a~tomobiles and trucks.
<br />
<br /> "Fifth, The method of making roads is constantly changing, and it may well be that by
<br />the time the roads lmrOposed to be m~de by the mone~ derived from the sale of the bonds are
<br />constructed, the method cf ma~ing them may have entirely changed, and the work will have ~c
<br />be done over, but the ~ebt will remain.
<br />
<br />
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