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March 12th, 1957.
<br />
<br /> Corporation of Norfolk & Associates with an interest rate of 3.571%
<br />
<br />Northern T!~ust Company and Associates ,,. ,,, ,, ,, ,, 3.595%
<br /> 3.606%
<br />~alsey Stuart & Company and Associates " " " 3.687%
<br />
<br /> InvesTment Corpation of No~fol~ and Associates being ~he 'low bidder, I recommend t~at the
<br />bonds he awarded to this concern at the interest rate prescribed by the attached proposal."
<br />
<br /> :'P~oposal for Bonds - March 12th,'I957
<br />
<br />I.G.. Vass, City Manager,
<br />Portsmouth, Va.
<br />
<br />Dear Sir:
<br /> We make the following d~er for the~City of Portsmouth Bonds described in the annexed
<br />Notice of Sale, which is hereby made a part 'of this bid.
<br /> For the $2,200,000.00 Serial School Bonds, said bonds o£ consecutive maturities to bear
<br />the interest fate or rates per annumas follows:
<br />
<br /> $440,000.00 bonds maturing 1958 to 1961 inclusive at 5%
<br /> $ bonds maturing 19 to 19 inclusive at %
<br /> $1,760,000.00 bonds maturing 19---62 to I9~ inclusive at
<br />
<br /> est to date of delivery° We will pay Two Million Two Hundred Thou~and Dollars ($2,200,000.00) plus accrued inter-
<br /> The net interest cost determined in the manner prescribed by the Notice of Sale is
<br /> $825,000.00.
<br /> We inclose herewith a certified check for $44,000.00 payable to the City of Portsmouth,
<br /> Virginia, to secure the City against loss resulting f~om failure on our part to comply with the term~ of this bid.
<br />
<br /> Investment Corporation of Norfolk
<br /> By: Gl powell Dpv%s, Vi~e.President~' '.
<br />
<br /> . For Acct: Edward G. Webb & Co. Inc.,
<br /> . Scott, Morner & Mason, Inc~
<br /> . Investment Corporation of Norfolk
<br /> Peoples National Bank of Charlottesville
<br /> Strader and Company, Inc."
<br />
<br /> Mption of Mr. ~irb~ to concur in the recommendation of th9 City Manager and that the
<br /> bonds be awarded to Investment CorporatiOn of Norfolk and Associates, was adopted.
<br />
<br /> Motion of Mr. Scott to place' the following ordinance on f,irst reading, was adopted:
<br />
<br /> ~7-98 - "AN ORDINANCE TOAPPROVE THE SALE OF TWO MILLION TWO HUNDRED THOUSAND
<br /> DOLLAR~ OF SCHOOL BONDS PROVIDED IN THE ORDINANCE ADOPTED BY THE CITY
<br /> COUNCIL ON FEBRUARY 12th, 1957 AND FIXING THE RATE OF INTEREST FOR
<br /> SAID BONDS" ' ' '
<br /> am reporting on the questio~ referred to me concerning the zoning of propert~
<br /> 57-99
<br /> of George S~l located on the northeast corner of Centre and Oak Sts. in Brig~hton.
<br />
<br /> I am attacb_~ng hereto a report from the B~ilding Inspector outlining the
<br /> tions of Code under Which he was prohibited from granting a permit.
<br /> aec-
<br />
<br /> ~Seetion 32-17.4 reads as fgllows: "Lot area per family. There ~hall be a lot
<br />area of not less than 2500 square feet per family provided however, that where a lot has less area than h~rein
<br />required a~d was no~ of record at the time of theeffective date 6f this Chap%er, said lot may be ~cu~ied only by
<br />single fami;y dwelling, provided any dwelling constructed prior to the effective date of this ordinance, upou a
<br />lot of size prescribed for 'B' Single Family dwellings, district may be converI~d toa TwO Family Dwelling', also
<br />Section 32-57 which reads as follows: 'No existing building or premise devoted to use not permitted by this Chapterl
<br />in the distric~ in which such building or premise is located~ except whoa required to do so by law or ordinance
<br />shall be enlarged, extended, reconstructed or structurally altered unless such use is changed to'& use permitted
<br />in the district in which such building or premise is located'.
<br />
<br /> Et is my understanding that Mr. Small is requesting a permit ~o alter or en-
<br />large .... the building. . to be used. by two businesses and to be occupied by two families, and under the Zoning Law, this
<br />is not permitted. At a previous Councilmeeting, we :were discussing the question Of the Building Code; however,
<br />after further ~nvestlgat~on I ebserved that you are acting on the reconnnendation of the Zonin~ commission in refus-
<br />~J/g to rezone this property and ~otwhether or not the permit complies with the Building Code."
<br />
<br /> Moti6n ckf M~. Kirby zo~concur im the recommendation of the Planning Commission in deny-
<br />ing the application of George ~Small~ ~as adopted.
<br /> Mr. Baker voting 'No'.
<br />
<br /> 57-100 - "I submit the attached letter from the League of Virginia Municipalities on
<br /> public hearing on Eminent Domain and reco~mmend that the~ity Attorney be directed ~o attend this hearing in the in
<br /> retest of the City of Portsmouth, Va."
<br />
<br /> Motion of M~. Minton to c~oncur in the recommendation of the City Manager, was adopted.
<br />
<br /> 57-1~1 - '"I submit the attached reques~ from the United States Government for an ease-I
<br />ment for a storm drain south of the Norfot~ Naval Shipyard a ·
<br /> ~d recommend that the proper City officials be autho-
<br />rized and directed to execute the easement for and on behalf of the City of Portsmouth."
<br />
<br /> Motionof Mr. Scott that the proper city offi~cials be authorized to sign the easement,
<br />was adopted. ~
<br />
<br />
<br />
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