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.At a regular meeting of ~the City Council, held on June E3rd, 1959, there were present:
<br />
<br />B. W. Baker, A.C. Bartlett, W.R. Breedlove, n.B. Seward, R. Irvine Smith,
<br />George R. Walker, H. E. Weiseman, A.P. Johnson,Jr., City Manager, and
<br />J.g. Livesay, Jr., City Attorney. .
<br />
<br />The meeting was opened with prayer by Mr. Breedlove~
<br />
<br />Minutes of the regular meeting of June 9th,.1959 were read and approved.
<br />
<br /> 59-135 - In regard to the request for indefinite ~ostponement of advertising the rezoning
<br />requests of Edwin T. Gresham, Jr. (15-59) and David A. ~ritg~rd Jr., (16-59), the City Clerk was instructed
<br />to advertise same for public hearing to be held at the next regular Council meeting, on July 14th, 1955.
<br />
<br /> The fol~owi~g~co_mm~u_pJ~cations from ~he City Manager were read:
<br />
<br /> 59-169 - "I submit t~e followSng mgreemen~ b~tween.the City of portsmouth and the
<br />United States of America. 'This agreement ~llows _the Government to construct and maintain~be~ow the surfaces of
<br />Crawford and Water Streets, footings to support the new Federal Building.
<br /> tt will be necessary for the City to cut off and plug a water mash and sewer
<br />main, but in return the Government is to install e~rbs and gutters and sidewalks around these blocks.at its ex -
<br />pease. This has been approved DY~ the Director of Public Works, Superin.tendent of the Water Department a~d the
<br />City Attorney. I recommendlthat the proper city officials ~e authorized to sign this agreement."
<br />
<br /> Motion of Mr. Smith to concur in the recommendation 'of the C~ty.Manage¥ and that the
<br />proper city officials be authorized to sign the agreement, was adopted, without dissenting vote.
<br />
<br /> 59-170 r "I submit the following ordinance and regommend that it be placed on first
<br />reading. This ordinance covers employees of the. City Collector's office and any other employees that are being
<br />transferred under the City Treasurer and Commissioner of Revenue.
<br /> Under this ordinance their vested rights in the City Retirement Fund will be
<br />protected, based on the number of years of employment."
<br />
<br /> ~otion of Mr. B~rtlett to concur in the recommendation of the City Namuager and that the
<br />followin~ ordinance be placed on first reading, was adopted:
<br />
<br />~'AN ORDINANCE TO AMEND AND RE-ORDAIN SECTION 20 OF THE ORDINANCE TO PROVIDE A
<br />SUPPLEMENTAL RETIREMENT SYSTEM FOR~ CITY EIfPLOYEES, ADOPTED AUGUST ZSt~, . 1953
<br />AS AMENDED, IN QRDER TO PROVIDE_ CONTINUED MEMBERSHIP FOR LIMITED PURPOSES FOR
<br />CERTAIN EMPLOYEES TRANSFERRED TO THE OFFICES OF THE CON~{ISSIONER OF THE
<br />REVENUE AND THE CITY TREASURERt'
<br />
<br /> 59-171 "Since July 4th falls on a Saturday and May 30th of this year fell on a ~atur-
<br />day, thereby elininating two holidays this year for City employegs~ I recommend that the employees be granted
<br />holiday on July 3rd, 1959."
<br />
<br /> Motion of Mr. Weiseman ~o concur in .the recommendati~ of the City Manager was adopted, I
<br /> without dissentingvote.59_172 - "The City Collector's office has submitted to me a list of ~pproximately thirty-
<br />
<br /> five taxpayers who are due refunds on their 1958 Real Estate taxes. These are the results of .changes in assess -I
<br /> me.ts by the Board of Equalization after the taxpayers had paid their 1958 taxes. This will require an appropriag.
<br /> tion of $1,038.00. I recommend that this appropriation be placed on first readings"
<br />
<br /> Motion of Mr. Weiseman to concur in the recommendation of the ~ity Nanager End that an
<br /> appropriation of $1~038.00 for said purpose, be placed on £irst reading~ .was adopted, without dissenting vote.
<br />
<br /> 59-173 - "! am submitting the attached letter from the Portsmouth City Employees Local
<br /> Union No. 733, also a letter from the Trnstees.of'th~ Sup~l~me~tal~Rgtire~ent Fu~d~ ~ais zs for your information
<br />
<br /> "It is the understandin~ of the Union that the duties of the administrators of the Pension
<br />Fund for the employees of the~City of Portsmouth are to invest fu]lds entrusted to their care in a wise a~d profitable
<br /> manner. The Union has reviewed the progress an~status of the Fund and has come to the conclusion ~hat it has
<br /> been badly mismanaged and urge that immediate action be taken. In review of the Pension Fund, tke Union has
<br /> found that the following are specific examples of mismanagement:
<br /> 1. From the very beginning of the Pension Fund, the City has employed a con-
<br /> sultant at a cost to the taxpayers of approximately $3,000.00 a year, and has
<br /> appropriated $3,900.00 for the next fiscal year. It isn't necessary to employ
<br /> a consultant, any brokerage firm will furnish this service free of charge.
<br /> Thus, the City has spent over $~0,000.00 that could have been saved. The worst
<br /> feature, we believe~ is that the consultant has given very bad advice to the
<br /> City. In that, upon the consult~ult's advice, 75 per cent Of the securities
<br /> recommended have dropped in value. If the City would sell the bonds today,
<br /> the City would lose over $65~000.00. This does not speak well for those manag-
<br /> zng the Fund because as everyone knows, the Stock Market has gone up a great
<br /> deal in the past six years.
<br />
<br />2. The auditors have poxnted out in recent audit that the fudd had in it ~on
<br />December 31, 1955, $104,722.51, laying idle and recommended that the funds be
<br />invested in something that would give some kind of return on the taxpayers'
<br />dollar. We would like to point ou~ here tha~ if the idle funds had been in -
<br />vested, they could have earned at least $5,000.00 for the Pension Fund.
<br />
<br />3. According to the auditors report for the year ending December 31, 1958, tko to-
<br />tal income received from the funds given over to the Pension Fund Managers were
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