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~July 22, 1986
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<br />in order to cover the issuance by IDA of the three hundred sixty seven thousand dollars
<br />($367,000) Industrial Development Revenue Bonds for the benefit of the "Company", provided,
<br />however, that if the Bonds are not issued on or before the forty-fifth (4Sth) day after
<br />the date on which this resolution is adopted by City Council, the allocation for the benefit
<br />of the "Company" shall expire unless such forty-five (45) day period is extended by resolution
<br />of this Council.
<br />
<br /> BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an
<br />endorsement of the Bonds, financial viability of the "Facility" or the credit worthiness of
<br />the "Company", but the Bonds shall provide that neither the Commonwealth of Virginia, City
<br />of Portsmouth, nor IDA shall be obligated to pay the Bonds or the interest thereon or the cost~
<br />incident thereto except from the revenues and monies pledged therefor, and neither the faith
<br />nor the credit of the taxing power of the Commonwealth, the City or IDA Shall be pledged
<br />thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br /> Aye.s: Barnes, Corpm~v, Gray, Lucas, Simpson, Webb, Holley
<br /> Nays: None
<br />
<br /> 86-272 - Letter from the City Manager recommending adoption of a resolution authorizing
<br />the City Manager to enter into an agreement amending the agreement of May 23, 1958, with
<br />the City of Suffolk pertaining to establishment of the Lake Meade Reservoir.
<br />
<br /> "In 1958 the ~cities of Portsmouth and Suffolk entered into an agreement pertaining to
<br />the establishment of the Lake Meade Reservoir of the City of Portsmouth. This agreement
<br />proviided for flooding of certain properties along the boundary of the Suffolk City Farm,
<br />A subsequent survey of this property has identified minor discrepancies in the boundary
<br />description of the 19S8 agreement which should be corrected. Mr. James R. Spacek, Director
<br />of Public Utilities, has indicated that the requested changes will not adversely affect
<br />Portsmouth's operation of the Lake Meade Reservoir or the water supply system.
<br />
<br /> In addition, Suffolk has agreed to relocate easements for access and utility lines to
<br />the Portsmouth no. 3 well site to replace existing access roads which have been blocked by
<br />construction of the City Tennis Center.
<br />
<br /> Finally, Portsmouth will no longer be required to maintain a fence along the boundary
<br />line of Lake Meade to keep the animals from the C4ty Farm out of the lake.
<br />
<br /> I recommend adoption of the resolution authorizing the signing of this amended agreement.'
<br />
<br /> On motion of Mr. Barnes and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLTUION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT AMENDING
<br />THE AGREEMENT OF MAY 23, 19S8, WITH THE CITY OF SUFFOLK PERTAINING TO THE
<br />ESTABLISHMENT OF THE LAKE MEADE RESERVOIR.
<br />
<br /> WHEREAS, by agreement dated May 23, 1958, the City of Suffolk granted to the City of
<br />Portsmouth a perpetual and exclusive right, privilege and easement of right-of-way on
<br />certain property known as "City Farm" for the purpose of flooding said property with the
<br />waters of Lake Meade Reservoir; and
<br />
<br /> WHEREAS, by subsequent survey of the subject property it has been determined that
<br />certain portions of the boundary description as incorporated in the 1958 agreement should
<br />be amended; and
<br />
<br /> WHEREAS, said amendments to the boundary description will not adversely affect the
<br />use of the subject property by the City of Portsmouth for the Lake Meade Reservoir; and
<br />
<br /> WHEREAS, the City of Suffolk has further agreed to convey to the City of Portsmouth
<br />easements for ingress and egress and utility easements to Portsmouth well site no. 3 to
<br />replace exisiting easements which will be eliminated by construction of the City of Suffolk
<br />tennis center; and
<br />
<br /> WHEREAS, the City of Portsmouth shall no longer be required to construct and maintain
<br />a fence around the "City Farm Property".
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />the City Manager be, and he hereby is, authorized to enter into an agreement amending the
<br />agreement of May 23, 1958, with the City of Suffolk pertaining to the establishment of the
<br />Lake Meade Reservoir."
<br />
<br />Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Holley
<br />Nays: None
<br />
<br /> 86-273 Letter from the City Manager recommending adoption of a motion to abate
<br />Sea-Land's next scheduled $10,000 payment to the "Sea-Land Maintenance Trust Fund"
<br />specified in Section 9A of ~the March 20, 1974, PPIC-Sea-Land Agreement of Lease.
<br />
<br /> "The Portsmouth Port and Industrial Commission (PPIC) has recommended that the City concu
<br />in a request by Sea-Land Service, Inc., to abate Sea-Land's next scheduled $10,000.00 payment
<br />to the !!Sea-Land Maintenance Trust Fund" specified in Section 9A of the March 20, 1974,
<br />PPIC-Sea-Land Agreement Of Lease. This recommendation is based upon the following:
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