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531 <br /> <br />-December 8, ~9~87 <br /> <br />"AN ORDINANCE TO APPROPRIATE $20,000'-FROM'~THE CAPITAL <br />IMPROVEMENT FUND FOR THE SURVEYING OF THE ABANDONED <br />CSX rR/~JILROAD RIGH~OF~WAY." <br /> <br /> On motion of Mr. Gray ~nd ~seconded by Mrs. Webb, the <br />ordinance was adopted on final reading, and by the following vote <br /> <br />at <br /> <br /> Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Holley <br /> Nays: None <br /> <br /> 87-502 - The following ordinance approved on first reading <br />the regular meeting of November 24, 1987 was t~k-e~-up and read <br /> <br /> "AN ORDINANCE TO APPROPRIATE $150;000. FROM THE CAPITAL <br /> IMPROVEMENT PROGRAM FOR IMPROVEMENTS TO THEEXTENSI-ON OF <br /> RIVERFRONT PARK AND THE LIGHTSHIP PARK IN CONJU~ICTION WITH <br /> THE DEVELOPMENT AGREEMENT FOR THE KING'S CROSSIN~G <br /> CONDOMINIUMS~" ..... <br /> <br /> On mo~ion 'of MrsJ~ebb ~and seconded by~ Mrs. L~cas, the <br />ordinanc~-wa~ adopted o~ final~ Yeadingr-~nd~-by the fO~l-owing ~6te <br /> <br /> Ayes:-' Barnes, CCrrprew£Gray, Lucas, 'Simpson, Webb, Holley <br /> Nays:~ None <br /> <br /> 87-506 - Resolution to authorize the issuance of $7,920,000 <br />of General ~bligatiOn' Bonds for the purpo'se of fu~din~ programs o <br />various projects 'contained-ih the first yea'r'of-the~ 19~7-92 <br />Capital Improvement Program, deferred from the regular meeting~of <br />November 24, 1987. - <br /> <br /> Mr. Littleton Southa~l, 931 Vermont Avenue, <br />Central Civic Forum, spoke in opposition to the <br />$7,920,000 of General Obligation Bonds. <br /> <br />representing the <br />issuance of <br /> <br /> On motion of Mr. -Simp~on"afid seconded by Mrs. Webb, the <br />following resolu~ion~was~ad~pted, and by the following vote: <br /> <br /> Substitute mot:ion of Mr. Corprew, to hold the resolution in <br />abeyance died due to lack of a second. <br /> <br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF $7,920,000 OF <br /> GENERAL OBLIGATION BONDS OF THE CITY-:OF'PORTSMOUTH, VIRGINIA <br /> FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOU <br /> IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND <br /> PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE <br /> PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION <br /> NOTES IN ANTICIPATION OF THE ISSUANCE~AND RECEIPT OF THE <br /> PROCEEDS OF SALE OF SUCH BONDS~ <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth, Virgini <br />(the "City") to provide funds for the publiC'improvement projects <br />as hereinafter set forth; and <br /> <br /> WHEREAS, there-are no funds?in the treasury of the City <br />applicable to the payment of the costs of such projects and, <br />accordingly, it is necessary to authorize the issuance of seven <br />million n~ne h~ndred twenty thousand dollars ($7,920,000) <br />aggregate principal amount of general obligation bonds of the Cit <br />to pay such costs and in anticipation thereof to authorize and <br />provide for the issuance and sale of general obligation bond <br />anticipation notes; and <br /> <br /> WHEREAS, a publfc hearin~ has-been held with respect ho the <br />adoption of this Resolution on November-24, 1987 as required by <br />and in accordance with [15.1-171.1 of the Code of Virginia, 1950 <br />as amended. ' <br /> <br /> <br />