Laserfiche WebLink
December 1Sth~ 1956. <br /> <br /> Motion o£ Mr. Hinton that this meeting be held zn conference with the press to be present <br />and that the Mayor set the time and date of the meeting, was adopted. <br /> <br /> NEW BUSINESS - <br /> <br /> 56-388 - Motion df 'Mr. Baker that the C~ty Mafiaier~ be instructed 'to discuss with the <br />radio stations the feasibility of the City COUncil meetings being broadcast, was adopted. <br /> <br /> 56-389 - The following letter from the Portsmouth Retail Merchants Association was read: <br /> <br /> "This is in reply to your request for an expression of opinion from this Association rela- <br />tive to the term and interest rate for the proposed bond issue of $300,000. to finance off-street municipal parkin~ <br />lots in Portsmouth. <br /> Representatives o£ our Association, along with our counsel, have conferred with several <br />persons locally and with officers of our financial institutions. After these conferences, it is our opinion that <br />the bonds might not be marketed successfully here at an interest rate of less than ~ <br /> 3~%. We further believe that <br />the ten year term as proposed would make the bonds attractive for local subscription. <br /> On behalf o£ our Association, I should like to thank you, the other members of our City <br />Council, and our City Manager, for the prompt action you have taken on the Wilbur Smith report. Should the proposed <br />bonds for off-street parking be offered at the term and rate as he~einabove outlined. I can pledge to you that the <br />members of this Association will do all in their power to see that the issue is fully subscribed locally." <br /> <br />Motion of Mr. Weiseman to place the following ordinance on first reading, was adopted: <br /> <br />"AN ORDINANCE TO ISSUE THREE HUNDRED THOUSAND DOLLARS OF BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, TO BE KNOWN AS OFF-STREET PARKING BONDS, FOR THE PURPOSE <br />OF BUYING LAND AND PAVING AND INSTALLING T]tEREON PARKING EQUIPMENT TO PROVIDE <br />FOR OFF-STREET AUTOMOBILE PARKING FACILITIES, MAKING PROVISION ~FOR THE FOR~ OF <br />SAID BONDS AND FOR THE PAYMENT THEREOF" <br /> <br />On motion adjourned. <br /> <br />Approved - <br /> <br /> <br />