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April 30th, 1952.
<br />
<br />At a called meeting of the City Council, held on April 30th, 1952, there were present:
<br />
<br />Fred ~.
<br />James N.
<br />Wilson,
<br />
<br />Duke, Frank N. Bilisoly, Jr., George L. Grimes, C.C. Houghton,Jh.,
<br /> Howard, H. Irvine Smith, E. R. Sturtevant, C.E. Warren, ?earle
<br />I.G. Mass, City Manager, and R. C. Barclay, City Attorney.
<br />
<br />The following call for the meeting was read:
<br />
<br /> "Please attend a called meeting of ths City Co~mucil iu bhe Council Chamber, on I~ednesday,
<br />April 30th, at 7:30 P.M., ko consider ~he following:
<br />
<br />1. The sale of $1,750,000.00 S~uitation Bonds
<br /> " " ~ 600,000.00 Refunding Bonds
<br /> " " " 300,000.00 Improvement Bonds
<br />
<br />2. The salary of the Clerk of the Circuit Court.
<br />
<br />By Order of the Preside~b."
<br />
<br /> The following letter from the City Manager was read:
<br />
<br /> "Bids were opened today at ll:O0 A.M., for the sale of $1,750,000.00 of Sanitation Bonds,
<br />$600,000.00 worth of Refunding Bonds, $300,000.00 worth of Improvement Bonds. The following bids were received:~
<br />
<br /> -Halsey Stuart & Company and~ Associates with an interest rate of .02210.
<br /> Bank of Virginia and Associates w~h ~u interest rate of .0216~.
<br /> Shields & Company and Associates with an interest rate of .02141.
<br /> Northern Trust Company and Associates with an interest rate of .02133.
<br /> Scott, Homer and Mason, Incorporated and Associates with an interest rate of .02113.
<br /> F. ~. Craigie & Company and Associates with an interest rate of .0210.
<br /> R.H. Brooke & Company for Ira Haupt & Company & Associates with au interest rate of .020&7.
<br />
<br /> R.H. Brooke& Company for Ira Haupt & Company and Associates being the low bidder, I recom-
<br />mend that the bonds be awarded to this concern at the interest rate described by the attached proposal."
<br />
<br />'PORPOSAL FOR BONDS
<br />
<br />I.G. Vass, City Manager,
<br />Portsmouth, Virginia
<br />
<br />April 30, 1952.
<br />
<br />Dear Sir:
<br /> We make the following offer for the City of Portsmouth Bonds described in the annexed Notice
<br />of Sale, which is hereby made a cart of this bid:
<br /> For the $1,7~0,000o00 Serial Sanitation Bonds, said bonds of consecutive mat~mrities to bear
<br />the interest rate or rates per ann.o_m as follows:
<br />
<br /> $300,000.00 bonds maturing i95~ to 1959 inclusive at 3%
<br /> $200,000.00 bonds maturing 1960 to 1963'inclusive at 1
<br /> $1,250,000.00 bonds maturing 196~ bo 1973 inclusive at 2%
<br /> ~ud for the $600,000°00 Serial Refunding Bonds, said bonds of consecutive m arum_ties to bear
<br />t~e Lnterest rate or rates per ann,mmas follows:
<br /> $210,000.00 bondm maturing 1953 to 1959 inclusive at 3%
<br /> $1~0,000.00 bonds maturing 1960 to 1963 inclusive at 1/3~%
<br /> $270,000.00 bonds maturing 196~ to 1972 inclusive at 2%
<br /> and for the $300,000.00 Serial Improvement Bonds, said bonds of censec~tive m~turities to
<br />bear ~uterest rate or rates per annum as follows:
<br /> $105,000o00 bonds maturing 1953 to 1959 inclusive at 3%.
<br /> $ 60,000.00 bonds maturing 1960 to 1963 inclusive at I 3/~%
<br /> $1-35,000.00 bonds maturing 196~ to 1972 inclusive at 2%
<br /> we will pay Two Million s~ hundred fifty-one thousand one hundred mud one dollars smd nine-
<br />ty-nine cents ($2,65-1,101.99) plus accrued interest to date of delivery.
<br />
<br />The net interest cost determined in mariner prescribed by the Notice of Sale is $68~,973.0!.
<br />
<br /> We inclose herewith a certified check for $50,000.00 payable to the City of Portsmouth,
<br />Virginia, to secure the City against t-ess, resultS_ug from failure on. our _Dart to comply with the terms of this
<br />bid°
<br /> R.H~Brooke & Company by RoH.Brooke
<br />
<br />for account of Ira Haupt & Company & Associates."
<br />
<br /> Motion of Mr. Houghton that the bonds be awarded to the low b~dder, R.H. Brooke & Company
<br />for the account of Ira Haupt & Company and Associates./was adopted,
<br /> and
<br /> b~the
<br /> follo~hug
<br /> 7ote2
<br /> at arf interest rate of .02047
<br /> A -
<br /> yes. Duke, Bilisoly, Grim. es~ Houghton, Howard, Smith, Sturtev~at, Warren,
<br /> Wilson
<br /> Nays: None
<br />
<br /> On moticm of M~. Houghton, seconded by Mr. Warren, the following ordinance was placed on
<br />its first ~' -
<br />
<br />"~ ORDINANCE TO APPROVE ~NE SALE OF 0~ MiV~LION SEVEN HUR~DRED FIFTY THOUSAND
<br />DOLL&RS OF SANiTATiON BOk~DS PROVIDED FOR IN THE ORDINANCE ~DOPTED BY THE
<br /> CITY COUNCIL ON ~_WRiL 8TH, 1952, M~D FIXING THE P~TE OF INTET~EST FGR SAID BONDS,
<br />
<br />
<br />
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