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331
<br />
<br />Nnvpmbgr R4~h, lqsq _
<br />
<br />At a called meeting of the City Council, held at 11:15 A.M., on November 24th, 1959,there
<br />
<br />B.W. Baker, n.C. Bartlett, W.R. Breedloxe,. R.B. Seward R. Irvine Smith,
<br />George R. Walker, H. E, Weiseman, A.P.. Johnson,J~., City ManageV, and
<br />J.S. Li~esay, Jr., ~ity Attorney.
<br />
<br /> The following call for the meeting was read:
<br />
<br /> "You are requested to attend a called meeting of the City Council, in the Council Ch~mbe]
<br />at 1~:15 A.M., on Tuesday, November 24th, 1959, for the purpose of considering the following ordinance:
<br />
<br />'AN ORDINANCE TO APPROVE THE SALE OF SIX MILLION EIGHT HUNDRED THOUSAND
<br />DOLktRS OF GENERAL OBLIGATION BONDS PROVIDED IN THE ORDINANCE ADOPTED
<br />BY THE CITY COUNCIL ON OCTOBER 13th, 19~9, AND FIXING THE tATE OF INTEREST
<br />FOR SAID BONDS'
<br />.B~ Order of the President."
<br />
<br />59-304 - The City Mauager presentedthe following letter:
<br />
<br /> "Bids were opened today at 11:00 'o'clock A.M., for the sale of $6,800,000.00 of General
<br />Obligation Bonds. The bids were as follows:
<br />
<br />Halsey Stuart & Company at interest rate 3.740
<br />Blyth & Company 3.773
<br />Morga~ Guaranty Trust Company at interest rate 3.799
<br />Northern Trust ~o~pany " 3.809
<br />
<br /> Hal'sey Stuart & Company being the low bidder, I reconLmend that the bonds be awarded
<br />to this concern at the interes~ rate prescribed by the attached proposal."
<br />
<br /> Proposal -
<br /> "%~e make the following offer for the $6,800,000.00 Serial General Obligation Bonds of
<br />the City of Portsmouth as fully described in this officisl notice of sale which hereby is made a part of this
<br />bid - this bid being for ~ot less than ~all of the said bonds.
<br /> These bonds shall be dated January l, 1960 and payable in annual installments, without
<br />option of prior redemption by the City of Por'tsmouth, ~as follows:
<br />
<br />$250,000. on January 1 zn each of the years 1961 - 1963, inclusive.
<br />$275,000. on January 1 ~n each of the years 1964 - 1985, inclusive.
<br />
<br /> For the $6,800,000'.00 SERIAL GENERAL OB~IGATION BONDS bearing a rate or rates of
<br />interes~ per annum as follows:
<br />
<br />$3,225,000. bonds maturing January 1,
<br />$3,025,000. bonds m~turing January 1,
<br />$ 550,000. bonds maturing January 1,
<br />
<br />1961 to 1972, both inclusive at 6
<br />1973 tb 1983", both inclusive at 3 3/4
<br />1984 to 1985, both inclusive at 1/4
<br />
<br />per centum.
<br />per centum.
<br />
<br />We will pay Six Million Eight Hundred Fi'frees Thousand Nine Hundred and Eighty Dollars ($6,815,980.)
<br />plus accrued interes~ from the date of the bonds ~o date of payment of the purchase price.
<br />
<br />We e~close a certified or bank cashier's check or checks for $136,000. drawn upon an incorporated bank
<br />or trus~ company and payabl~ to the City' of Portsmouth, ~o secure th~ City against any loss resulting
<br />from our failure to comply with the ~erms of this proposal. If our proposal is accepted the check or
<br />cheeks will be deposited by the City and credited bn the purchase' prmce. The proceeds of the check or
<br />checks Will be retained by the City as liqnid~ted damages in case we fail to accept delivery of and
<br />pay for the bonds. The check or checks shall be returned to us if our bid be rejected,It is agreed tha$
<br />no interes~ will be paid by the City on said good'faith check o~ checks.
<br />
<br />Halsey, Stuart & Co. Inc.
<br />White, Weld & Co. and ASsociates
<br />
<br />By: Halsey, Stuart & Co. Inc.
<br /> 35 Wall Street, New York 5, New York.
<br />
<br /> Motion of Mr. Smith that the bonds be awarded ~o the Low bidder, Halsey, Stuart
<br />Company, Inc., a~ interest rate of 3.740, was adopted, by the following vote:
<br />
<br />Ayes: Baker, Bartlett, Breedlove, Seward, Smith, Walker, Weiseman
<br />Nays: None.
<br />
<br /> On motion of Mr. Weiseman, the following ordinance was placed os first reading,
<br />~%nd~ by ~the fo~e~w:'d, ng ;~e _
<br />
<br />"AN ORDINANCE TO APPROVE THE SALE OF SIX MILLION EIGHT HUNDRED THOUSAND
<br />DOLLANiS _OF GENER.a-L OBLIGATION BONDS PROVIDED IN THE ORDINANCE ADOPTED
<br />BY THE CITY COUNCIL ON OCTOBER 13th, 1959, AND FIXING THE RATE OF INTEREST
<br />
<br />FOR SAID BONDS"
<br /> Ayes: Baker, Bartlett,
<br />
<br />Approved - On motion adjourned.
<br />President.
<br />
<br />Breedlove,
<br />
<br />Seward, Smith, Walker, Weiseman
<br /> City Clerk.
<br />
<br />
<br />
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