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33
<br />
<br />At s called mee~ng of the City Council/ held on October 10th, 1956, there were present:
<br />
<br />A.C. Bartlett, B. w
<br />R. Irvine Smith, H.
<br />City AtCorney.
<br />
<br /> Baker, W. E. Hinton, Frank L. Kirby, John E. Scott,
<br />Earl weisemsn, I.G. Vass, City Manager, R.C. Barclay,
<br />
<br /> The following call for the meeting was read%
<br />
<br /> "Please attend a called meeting of the City Council, in the Council Chamber, at 4:00 P.M.,
<br />on Wedmesday, October 10th, 1956, to consider the sale of $2,500.000.00 Water Bonds and $500,000.00 Improvement
<br />Bonds - By order of the President."
<br />
<br />The following reports from the City Manager were read:
<br />
<br /> 56-310 - "Bids were opened today at twelve o'clock noon for the sale of $500,000.00 Improve-
<br />ment Bonds. The bids were as follows:
<br />
<br />Phelps, Fenn & Company & Associates -with an i~terest rate of 3.159%
<br />
<br />~hite, Weld & Company & Associates
<br />Blythe & Company & Associ~es
<br />Halsey Stuart & Company & Associates -
<br />Lehman Brothers & Associates
<br />Ira Haupt & Company &Associates
<br />J.P. Morgan ~ Company & Associates
<br />Northern TrUst Company & Associates
<br />
<br />3.166%
<br />3.247%
<br />3.248%
<br />3.263%
<br />3.296%
<br />3.31%
<br />3.36%
<br />
<br /> Phelps, Fc~an & Com43any & Associates being the low bidder, I reconnnend that the
<br />bonds be awarded to this concern at the interest rates prescribed by the attached proposal."
<br />
<br />"Proposal for Bonds - October 10th, 1956
<br />
<br /> We make the following offer for the City of Portsmouth Bonds, described in the annexed
<br />Notice of Sale, which is hereby made a part of this bid.
<br />
<br /> For the $500,000.00. Serial Improvement Bonds, said bonds of consecutive maturities to
<br />bear the interest rates per annam as follows:
<br />
<br /> $100,000. bonds maturing 1957 to 1960 inclusive az 3.50%
<br /> $175,000. bonds maturing 1961 to 1967 inclusive at 3.25%
<br /> $225,000. bonds maturing 1968 to 1976 inclusive at 3.10%
<br /> $ bonds maturing 19 to 19 inclusive
<br />$ bonds maturing 19 to 19 inclusive at
<br />'$ bonds maturing 19 to 19 inclusive
<br />
<br />We will pay Five Hundred Thousand Dollars & no/100 Dollars ($ ) plus
<br />
<br />accrued interest to date of delivery.
<br /> The net interest cost determined in the manner prescribed by the ~ otice of Sale is
<br />$165,850.
<br /> We inclose herewith a certified check for $10,000.00 payable to the City of Portsmouth,
<br />Virginia, To secure the City against loss resulting from failure on our part to comply with the terms of this bid.
<br />
<br />Phelps, Fenn and Company
<br />The Bank of Virginia
<br />
<br />By: O.B. Wooldridge, Vice President. "
<br />
<br />Motion of Mr. Scott to concur in the recommendation of the City Manager, was adopted.
<br />
<br />Motion of Mr. Smith to place the following ordinance on first reading was adopted:
<br />
<br />"AN ORDINANCE TO APPROVE THE SALE OF FIVE Hb-NDRED THOUSAND DOLLARS OF
<br />IMPROVEMENT BONDS PROVIDED IN THE ORDINANCE ADOPTED BY THE CITY COUNCIL
<br />ON FEBRUARY 28th, 1956 AND FIXING 'rn~ l~k~E OF INTEREST FOR SAID BONDS"
<br />
<br /> 56-311 - "Bids were opened today at 12:00 o'clock noon for the sale of $2,500,000.00 Water
<br />bonds. The bids were as follows:
<br />
<br />be awarded to this concern
<br />
<br /> White, Weld & ComRa~y & Associates-with an interest rate of 3.096%
<br /> Phelps, Fenn & Company &Associates-" " " of 3.123%
<br /> Blythe & Company & Associates " of 3.166%
<br /> Northern Trust Company & AssociaTes-" " " of 3.217%
<br /> J.P. ~organ & Company & Associates -" " " of 3.229%
<br /> Ira Haupt & Company & Associates " " of 3.224%
<br /> Halsey S~uart & Company & Associates-" " " of 3.222%
<br /> Lehman Brothers & Associales -" " of 3.248%
<br />
<br />White, Weld & Company & Associaies being the low bidder, I recommend that the bonds
<br />at the interest rate prescribed by the attached proposal."
<br />
<br /> t~Proposal for Bonds - October 10th, 1956.
<br />
<br /> We make the following offer for the City of Portsmouth Bonds, described in the annexedl
<br />Notice of Sale, which is hereby made a part of this bid.
<br />
<br />
<br />
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