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¸42
<br />
<br />November 22, 1983
<br />
<br /> Gordon Wheatley, Virginia Chemicals Building, representing Portsmouth Redevelopment and
<br />Housing Authority, responded to questions from Councilman Holley.
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following ordinance was adopted on
<br />first and final reading, and by the following vote:
<br />
<br />"AN ORDINANCE CLOSING A PORTION OF FAYETTE STREET."
<br />
<br />Ayes: Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 83-430 - Letter from the City Manager recommending adoption of an ordinance authorizing
<br />the closure of a portion of Rahdolph Street.
<br />
<br /> "Portsmouth Redevelopment and Housing Authority (PRHA) has made application to close a
<br />portion of Randolph Street. The Planning Director, in a report submitted'by the Planning
<br />Commission on August 2, 1983, recommended closure of the unimproved street and the appointmenl
<br />of viewers. The Planning Commission concurred with the Staff recommendation and appointed
<br />viewers on September 13, 1983.
<br />
<br /> The viewers have submitted their report, as required by law~ and have indicated that no
<br />inconvenience would result from the closure of this street.
<br /> It is, therefore recommended, and I concur, that the attached ordinance be adopted by
<br />Council."
<br />
<br /> On motion of Mr. Beamer and seconded by Mrs. Webb, the following ordinance was adopted
<br />on first and final reading, and by the following vote:
<br />
<br />"AN ORDINANCE CLOSING A PORTION OF RANDOLPH STREET."
<br />
<br />Ayes: Beamer, Gray, H~lley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> ~3-~3t - Letter from the City Manager r~commendiBg adoption of a resolution authorizing
<br />~h~ ~ppr0Va~ aha payment o~ ~n~res~ o~!eS~ta~,i0~ ~r~s~e~ed:in%~r~i'd~ ~z-the~6~t~
<br />o~ P0r~smouth, Port Improvement Bon~s Series of 1975~
<br />
<br /> "In May of this year, Council passed a resolution authorizing the payment of interest
<br />on bond coupons lost by the Federal Reserve Bank of Richmond. Recently, the Director of
<br />Finance was advised that the Federal Reserve Bank supplied twenty wrong coupon numbers. The
<br />enclosed resolution authorizes the payment of those few coupons which carrects the error.
<br />
<br /> The interest on the coupons lost amounts to $3,550.00. An indemnity bond, a copy of
<br />which is attached, has been provided to the Director of Finance by the Federal Reserve Bank
<br />of Richmond and the Commercial Union Insurance Company naming the City of Portsmouth and
<br />Virginia National Bank beneficiaries. The City Attorney has reviewed the indemnity bond and
<br />has deemed it to be satisfactory.
<br />
<br /> This resolution authorizing the payment of interest now due on these coupons is subject
<br />to the approval of the State Commission on Local Debt as provided by Section 15.1-209, Code
<br />of Virginia. I recommend its adoption."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE APPROVAL AND PAYMENT OF INTEREST ON CERTAIN LOST
<br />OR DESTROYED INTEREST COUPONS OF THE CITY OF PORTSMOUTH, VIRGINIA, PORT IMPROVE-
<br />MENT BONDS SERIES OF 1975.
<br />
<br /> WHEREAS, the Federal Reserve Bank of Richmond and Commercial Union Insurance Company hav~
<br />advised officials of the City of Portsmouth, Virginia that the hereinafter-described interest
<br />coupons have either been lost or destroyed.
<br />
<br />Twenty (20) coupons No. 14 due 11~1-82 at $177.50 each detached
<br />of Portsmouth, Virginia, 7.10 percent Port Improvement Bond No.
<br />issued 10-15-75 at $5,000.00 each due 11-1-92.
<br />
<br />from City
<br />481/500
<br />
<br /> WHEREAS, ~15.1-209, Code of Virginia,
<br />Bestroyed bonds and the interest coupons,
<br />due upon compliance with the provision of
<br />Commission on local debt.
<br />
<br /> 1950, provides for the replacement of lost or
<br />if any, and the payment of such interest coupons the
<br />such section and subject to the approval of the Stat
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that
<br />approval and payment of the interest on the hereinabove lost coupons is hereby authorized
<br />pursuant to the provisions of §15.1-209, Code of Virginia, 1950, upon compliance of the pro-
<br />visions of such section and subject to the approval of the State Commission on Local Debt ~
<br />which is hereby requested."
<br />
<br />Ayes: Beamer, Gray, Holley, Webb, Whitlow, Johansen 'u.~
<br />Nays: None
<br />
<br />
<br />
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