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August 26, 1986
<br />
<br />~rovide for a defined term of existence as permitted by the State
<br />lode. This change requires an additional public hearing and an
<br /> endment to the existing Articles of Incorporatmon.
<br />
<br /> The City Attorney has ceased to be published the appropriate
<br />~ice for the holding of a public hearing on the adoption of the
<br />emendment which merely establishes that the Sports Authority will
<br />De dissolved on December 31, 2050 or such date subsequent thereto
<br />on which the last of any outstanding obligations have been fully
<br />~'aid or discharged.
<br />
<br /> It should be noted that this change ~s in no way related to the
<br />recent request of the Sports Authority that the member cities con-
<br />sider quaranteeing the payment of bonds to be issued for the con-
<br />struction of tke complex. A public hearing to consider that alter-
<br /> will be scheduled for City Council after a definitive pro-
<br />~osal has been received from the Authority.
<br />
<br />I recommend adoption of the resolution amending the original
<br />les of Incorporation."
<br />
<br /> On motion of Mr. Simpson and seconded by Mrs. Webb, the follow-
<br />ing resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION AMENDING, BY THE JOINT ACTION OF THE COUNCILS
<br />OF THE CITIES OF HAMPTON, NEWPORT NEWS, PORTSMOUTH, NORFOLK,
<br />VIRGINIA BEACH, CFLESAPEAKE, AND SUFFOLK, VIRGINIA, AND THE
<br />BOARD OF SUPERVISORS OF ISLE OF WIGHT COUNTY, VIRGINIA, THE
<br />ARTICLES OF INCORPORATION OF THE SPORTS AUTHORITY OF HAMPTON
<br />ROADS, VIRGINIA.
<br />
<br /> WHEREAS, b~ current actions of the cities of Hampton, Newport
<br /> Portsmoutk, Norfolk, Virginia Beach, Chesapeake and Suffolk,
<br /> the County of Isle of Wight Cccllectively, the "Participating
<br />~olitical Subdivisions") the Sports Authority of Hampton Roads,
<br /> ~nia Cthe "Authority") was created on May 27, 1986; and
<br />
<br /> WHEREAS, the participating political subdivisions desire to
<br />end the Articles of Incorporation of the Authority to provide,
<br /> by 615.1-1275 Ca) of the Code of Virginia of 1950, as
<br /> , a specific term of existence for the Authority; and
<br />
<br />as
<br />
<br />¥CrI~REAS, a public hearing has been held with respect to the
<br />nent to the Articles of Incorporation of the Authority.
<br />
<br />NOW, THEREFORE, BE I7 RESOLVED by the Council of the City of
<br />.smouth, Virginia;
<br />
<br /> (1) That it does hereby
<br /> deemed to be incorpcrated
<br />fully set forth herein.
<br />
<br />approve the foregoing recitals which
<br />herein as part of this Resolution as
<br />
<br /> (2) That it does hereby amend, concurrently with the cities
<br />~ewport News, Hampton, Norfolk, Virginia Beach, ChesaFeake, and
<br />Suffolk and the County of Isle of Wight, Articles of Incorporation
<br />~f the Authority by adding the following provisions as an additionaI
<br />Paragraph 5:
<br />
<br /> 'Paragraph 5. Unless sooner dissolved in accordance
<br />with the provisions of 615.1-1286.1 of the Code of Virginia
<br />of 1950, as amended, the Authority shall be dissolved on
<br />December 31, 2050; provided, however, in the event there
<br />are any assenting obligations of the Aathority on such
<br />date, the Authority shall be dissclYed on the date on which
<br />the last such outstanding obligations shall have been fully
<br />paid or discharged.'
<br />
<br /> (3) Except as herein amended, the Articles of Incorporation
<br />~he Authority shall remain in full force and effect.
<br />
<br />
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