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December 10th, 1958.
<br />
<br /> At a called meeting of the City Council, held on December 10th, 1958, at twelve o'clock
<br />noon, there were present:
<br />
<br />B.L. Baker, W.R. B~eedlove, R~B. Seward, R. Irvine Smitb,.Ggorge R. Walker,
<br />H. Earl Weiseman
<br />
<br /> The following call for the meeting was read:
<br />
<br /> "Please attend a called meeting of the City council in the old Council Chamber, Judicial
<br />Building, on Cou~t Street, at twelve o'clock aoon, on Wednesday, December 10th, 1958, to consider bids on
<br />$850,000.00 General Improvement Bonds, which will be opened in Richmond,~Va. on that date.
<br /> By Order of the President."
<br />
<br /> The following letter from the City Manager was read:
<br />
<br /> 58-369 - "Bids were opened today at 12 o'clock noon for the sale of $850,000.00 of General Improvemen~
<br /> Bonds.
<br /> The bids were as follows:
<br />
<br />~r& Ra~pt &~Commp~uy-,&:.~ssociates,
<br />F.W. Craigie Company, effective interest ra~e
<br />First Boston Corporation, effective interest rate
<br />Halsey Stuart & Compamy, effective interest rate
<br />Francis I. 'Dupont & Company, effective interest rate
<br />Phelps Fenn and Company , effective interest rate
<br />Wachobia Bank & Trust Company
<br />
<br />effecti~ve interest rate - 3.32186 - 3.32291
<br /> - 3.3496
<br /> - 3.3969
<br /> - 3.4292
<br /> - 3.4705
<br /> - 3.4762
<br />
<br /> Ira Haupt & Company & Associates being the low bidder, I recommend that the bonds be awarded
<br />to this concern au the interest rate prescribed by the attached proposal."
<br />
<br />Attached - "To the Council of the City of Portsmouth, Virginia,
<br /> c/o State Commission on Local Debt,
<br /> Room 222 Finance Building, Capitol Square,
<br /> Richmond, Virginia.
<br />
<br />Dear Sirs:
<br />
<br /> We hereinafter bid for the $859,000.00 GE~krERAL IMPROVE~!ENT BOI~DS of the
<br />City of Portsmouth, Virginia, as more fully described in your official NOTICE OF S~I,E which is hereby made a part
<br />of this bid - this bid being for not less than al/ of the said honda.
<br /> These bonds shall be dated January 1, 1959 and payable in annual install-
<br />ments, without option of prior redemption by the City of Portsmouth, as follows:
<br /> $45,000.00 on January 1 in each of the years ~907 ~o 1977, both inclusive
<br /> $40,000.00 on January 1, 1978
<br />
<br /> For the $850,000.00 GENERAL IMPROVEMENT BONDS hearing a rate or rates of
<br />~hterest per annum as follows:
<br />
<br />$135,000.00 bonds maturing January 1,
<br /> 715,000.00 bonds maturing January 1,
<br /> bonds maturing January l,
<br />
<br />1960 to 1962, both inclusive, at 4 per centum
<br />1963 to 1978, both inclusive, at 3.30 "
<br />19 to 1978, both inclusive, at " "'
<br />
<br />we will pay Eight Hundred Fifty Thousand and Fifty Eight Dollars 00/100 Dollars,
<br />$850,000.00. We will pay accrued ihterest from the date of the bbnds to date of payment of the purchase price.
<br /> We enclose a certified or bank cashier's check or checks for $17,000.,
<br />drawn upon an incorporated bank or trust company and payable ~o the City of Portsmouth, to assure the City agains~
<br />any loss resulting fro~ our failure ~o comply with the terms of this proposal. If our proposal is accepted the
<br />check or checks will be deposited by the City and credite~ on the purchase przce. The proceeds of the check of ~
<br />checks will be retained by the City as liquidated damages in case we fail to accept delivery of and pay for the
<br />bonds. The check or checks shall be retur~d to us if our bid be rejected. It is agreed that no interest will he
<br />paid by ;the City on said good faith check or checks.
<br />
<br />Certified To be a true copy of bid filed
<br />STATE CO~ISSION ON LOCAL DEBT
<br />
<br />Secretar~
<br />
<br />By
<br />
<br />senting vote.
<br />
<br />Ira Haupt & Co. - ~ianagers
<br />Laidlaw & Co.
<br />J.C. Wheat & Co,
<br />R.H. Brooke & Co.
<br />Mackall & Coe
<br />J.C. Wheat & Co.
<br /> By: /S/ William A. Stevens
<br /> William A. Stevens
<br />
<br />No addition or alteration, except as provided above, is to be made to this proposal."
<br />
<br />Notion of Nr. Smith to concur in the Nahager's' recommendation was adopted, without dis-
<br />
<br />On motion of Mr. Breedlove, the following ordinance was placed on first reading:
<br />
<br />Approved -
<br />
<br /> "AN ORDINANCE TO APPROVE THE SALE OF EIGHT HUNDRED FIFTY THOUSAND DOLLARS OF
<br /> GENERAL IY~PROVE~ENT BONDS PROViDED IN THE ORDINANCE ADOPTED BY THE CITY COUNCIL
<br /> ON NOVEN~ER 11, 1958, AND FIXING THE RATE OF INTEREST FOR SAID BONDS"
<br />~n motio~ adjourned. ~~ ~
<br />
<br />President.
<br />
<br />City Clerk.
<br />
<br />
<br />
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