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November 22. 1983
<br />
<br /> 8~452 - Letter from the City Manager recommending adoption of a resolution authorizing
<br />~h~ ~ssua~ce~and[r~gi~tFeti~f ~ duplicate city of Portsmouth P~blic Improvement Bonds Serie~
<br />of 1980.
<br />
<br /> "The Director of Finance has been advised by Mr. L. W. Bonsib
<br />Portsmouth Public Improvement Bond, Series 1980, in the amount of
<br />has been stolen.
<br />
<br /> that a certain City of
<br />$5,000 with attached coupons
<br />
<br /> Mr. Bonsib, the owner of the bond, has provided evidence satisfactory to the Director
<br />of Finance of the loss of the bond and has provided surety in the'form of an attached indemnit,
<br />bond issued by Seaboard Surety Company in the amount of $5,000 payable to the City of Ports-
<br />mouth as provided by law. The indemnity bond has been reviewed by the City Attorney and is
<br />deemed to be satisfactory.
<br />
<br /> The Code of Virginia provides that upon such evidence being presented the City may issue
<br />a duplicate bond for one which has been lost or stolen with the approval of the State Commis-
<br />sion on Local Debt. Once the duplicate bond has been approved for issuance, the Mayor, City
<br />Clerk, and Director of Finance will manually execute the bond.
<br />
<br /> The attached resolution would authorize the issuance of the duplicate bond and request
<br />approval of the State Commission on Local Debt."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE AND REGISTRATION OF A DUPLICATE CITY
<br />OF PORTSMOUTH PUBLIC IMPROVEMENT BOND SERIES OF 1980.
<br />
<br /> WHEREAS, L. W. Bonsib, the owner, and Seaboard Surety Company, the Surety,. have advised
<br />officials of the City of Portsmouth, Virginia, that the hereinafter-described City of Ports-
<br />mouth's Public Improvement Bond was stolen from L. W. Bonsib and have provided evidence satis-
<br />factory to the City of Portsmouth of the ownership of such bond and have furnished indemnity
<br />satisfactory to the City of Portsmouth; and
<br />
<br /> WHEREAS, said bond is described as "$~,000.00 General Obligation Bond, City of Portsmouth
<br />Virginia, Public Improvement Bond No. 851, dated July 1, 1980, due July 1, 1993, at 6.3 percen
<br />interest, bearer bond 1-83 and subsequent coupons attached"; and
<br />
<br /> WHEREAS, Section 15.1-209, Code of Virginia, 1950, provides for the issuance of a substi-
<br />tution bond for the replacement of stolen bonds and the interest coupons, if any, and the
<br />payment of such bonds and interest coupons then due upon compliance with the provisions of suc[
<br />section and subject to the approval of the State Commission on local debt.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />approval of a replacement bond for the hereinabove-described stolen bond is hereby authorized
<br />pursuant to the provisions of Section 15.1-209, Code of Virginia, 1950, upon compliance with
<br />the provisions of such section and subject to approval of the State Commission on Local Debt
<br />which is hereby requested."
<br />
<br />Ayes: Beamer, Gray, Holley, Webb, Whitlow~ Johansen
<br />Nays: None
<br />
<br /> 83-433 Letter from the City Manager recommending adoption of a resolution authorizing
<br />the conveyance of real property to Portsmouth Redevelopment and Housing Authority (Colony
<br />Theatre Building).
<br />
<br /> "On September 22, 1983, City Council authorized the purchase of the dilapidated Colony
<br />Theatre Building. The estimated cost at that time to rehabilitate the structure was as high
<br />as $1 million. The land is assessed at $S0,000 ~ the building at $91,690.
<br />
<br /> City Council authorized that the Colony Theatre Building be purchased for $65,000. It
<br />was anticipated that the structure would eventually be demolished to provide for more parking
<br />space for the 1846 Courthouse site. However, with the revelation of the Priority Action Pro-
<br />gram for Central Portsmouth, the Portsmouth Redevelopment and Housing Authority (PRHA~ has
<br />received considerable inter~st for the potential reuse of this structure.
<br />
<br /> It is, therefore, requested by Mr. Michael Kay, Executive Director of PRHA, and I concur,
<br />that the Colony Theatre Building ownership be transferred to the Portsmouth Redevelopment and
<br />Housing Authority (PRHA). It is to be understood that the purpose of this transfer is to
<br />market the property to a private developer.
<br />
<br />It is, therefore, recommended that the attached!resolution be adopted."
<br />
<br />"A RESOLUTION AUTHORIZING THE CITY ~NAGER TO CONVEY REAL PROPERTY TO PORTSMOUTH
<br />REDEVELOPMENT AND HOUSING AUTHORITY (COLONY THEATRE BUILDING).
<br />
<br /> WHEREAS, the City owns certain hereinafter-described real property known as the Colony
<br />Theatre Building; and
<br />
<br /> WHEREAS, said property is not required for public purpose and is, hereby, deemed to be
<br />excess property; and
<br />
<br /> WHEREAS, said property is located in the Crawford Redevelopment Plan for the Crawford
<br />Urban Renewal Project; and
<br />
<br />
<br />
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