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The resolution also requires the Director of Finance to ensure that the bonds have been
<br />cancelled by perforation and to sign a certificate to that effect.~
<br />
<br />I recommend adoption of the resolution."
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted, an
<br />by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE RETENTION OF CERTAIN PAID AND CANCELLED BONDS
<br />THAT HAVE HISTORICAL SIGNIFICANCE FOR DISPLAY, PRESENTATION AND DISTRIBUTION
<br />PURPOSES.
<br />
<br /> WHEREAS, on December 1, 1918, the City sold two (2) Water Bond issues totaling Two Millio
<br />Six Hundred Forty-Seven Thousand, Five Hundred Dollars ($2,647,500), the proceeds of which wer~
<br />to fund the purchase of a water system for the City; and
<br />
<br /> WHEREAS,~ on April 1, 1949, the City sold Ferry Bonds totaling Two Hundred Fifty Thousand
<br />Dollars ($250,000), the proceeds of which were to fund the building and purchase of equipment
<br />for the Norfolk-County~Ferries; and
<br />
<br /> WHEREAS, both of these bond issues provided funds for projects which were significant
<br />historic steps in the development of this City; and
<br />
<br /> WHEREAS, §11-19 of the Code of the City of Portsmouth, Virginia, 1973, as amended, permit~
<br />the retention of certain paid and cancelled bonds which have historical significance for displ~
<br />presentation and distribution purposes.
<br />
<br />the
<br />tion as items of historical significance in the development of the City:
<br />
<br /> City of Portsmouth Water Bond, issue of December 1, 1918, consisting of 589
<br /> bonds with the face value of $500 and 1723 bonds with a face value of $1,000
<br /> aggregating $2,017,500. Bond Nos.: 601-611; 616-625; 641-644; 652; 655-657;
<br /> 660-661; 663-644; 666-675; 677; 681-682; 692-698; ?04-705; 709-725; 731-748;
<br /> 794-801; 904; 906-908.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />following paid and cancelled bonds may be retained for display, presentation and distribu
<br />
<br />City of Portsmouth Water bonds, issue of December 1, 1918,
<br />bonds with a face value of $1,000, aggregating $600,000.
<br />27-3S; 51-57; 61-65; 68-69; 71-79; 84-8S; 88-96; 1D0-103;
<br />157-168; 171-176; 178-i86; 190.
<br />
<br /> consisting of. 600
<br />Bond Nos.: 3-15;
<br />125-130; 143-148;
<br />
<br />City of Portsmouth Ferry Bond issue of April 1, 1949, consisting of 250 bonds
<br />with a face value of $1,000, aggregating $250,000. Bond Nos.: 201-250 inclusive.
<br />
<br /> BE IT FURTHER RESOLVED that the Director of Finance shall certify prior to the release
<br />from his custody of any such bonds that same have been cancelled by perforation."
<br />
<br />Ayes: Barnes, Beamer, Gray, Holley, Webb, Whitlow
<br />Nays: None
<br />
<br /> 83-454 Letter from the City Manager recommending adoption of a resolution authorizing
<br />transfer of 4.919 acres of City-owned property located on Hill Avenue to the Portsmouth Port
<br />and Industrial Commission.
<br />
<br /> "Doughtie's Foods, Inc. has indicated its desire to expand its manufacturing operations
<br />in the City,of Portsmouth. In order to accomplish this expansion, it is necessary for Doughti(
<br />to acquire a parcel of land from the Virginia Port Authority (VPA) located on Chautauqua Avenu(
<br />behind Doughtie's present Wesley Street location.
<br />
<br /> VPA has indicated a willingness to exchange the 4.354 acre Chautauqua Avenue property for
<br />a 4.919 acre parcel of land on Hill Avenue presently owned by the City of Portsmouth.
<br />
<br /> It is recommended that the City-owned property on Hill Avenue be transferred to the Ports-
<br />mouth Port and Industrial Commission (PPIC) for the purpose of consummating the land exchange
<br />with VPA. PPIC would then sell the Chautauqua Avenue property to Doughtie's on the basis of
<br />appraised value, with excess proceeds reverting to the City of Portsmouth.
<br />
<br /> This action would result in the creation of 20 additional jobs in addition to the reten-
<br />tion of 45 existing jobs which would otherwise be transferred to an alternative location out-
<br />side the Commonwealth.
<br />
<br /> I respectfully recommend approval of the attached resolution transferring the Hill Avenue
<br />property to PPIC."
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Barnes, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY CERTAIN CITY-OWNED PROPERTY
<br />TO THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION.
<br />
<br />
<br />
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