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<br />
<br />December llth, 1951.
<br />
<br />present:
<br />
<br />$250,000.00
<br />
<br />At a regular meeting of the City Council, held on December llth, 1951, there were
<br />
<br />Frank N. Bilisoly, George L.GrLmes, Carl C. Houghton, Jr., James N.Howard,
<br />R. irvine Smith, E. R. Sturtevant, C. E. Warren, F~Earl Weiseman, Pearle J.
<br />Wilson, I. G. Vase, City Manager, and R.C. Barclay, City Attorney.
<br />
<br />Mr. Wilson presiding.
<br />
<br />~Linutes of regular meeting held on November 27th, 1951 were read a~d approved.
<br />
<br />The following reports from the City Manager were presented:
<br />
<br /> "?ne folicaing bids were received and opened at 11:00 A.M., today, for the sale of
<br />Refunding Bonds:
<br />
<br />Bidder
<br />
<br />F. W. Cr&ig~e& Company
<br /> Richmond, Va.
<br />
<br />Brooke~illis, Inc.,
<br /> Hic?nuond~¥a.
<br />
<br />Scott-Homer & Nason, Inc. Lynchburg, Va.
<br />F. W. Cassell & Company,
<br /> Charlottesville, Va.
<br /> i recommend that the bonds be awarded to F.W. Craigie & Come,ay, the low bidder."
<br />
<br />Interest Rate Premium
<br />
<br /> 2.10% $349.25
<br /> 2.25% 191.00
<br />
<br /> 2.2o% 756.0o
<br /> 2.25% 183.40
<br />
<br />"PROPOSAL FOR BONDS
<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 $250,000.00 Serial Refunding Bonds, said bonds of consecutive maturities to bear
<br />the interest rate or rates per annum as follows:
<br />
<br />$250,000~00 bonds maturing 1953 to 1972 inclusive at 2.10%
<br />
<br />bonds maturing 19__ to 19__ inclusive at ~i
<br />
<br />We will pay Two-Hundred-fifty-thousand, three h~_udred-forty-nine snd 25/100 dollars
<br />($250,349.25), plus accrued interest to date of delivery.
<br />
<br />The net Luterest cost determined in the manner prescribed by the Notice of Sale is
<br />$60,025.75.
<br />
<br />%Ce inclose herewith a certified check for $5,000~00 payable to the City of Portsmouth,~
<br />Virginia, to secure the City against loss resulting from failure on our part to eemply
<br />with the terms of this bid.
<br />
<br />F. W. CRAIGIE & CO. ~ Richmond, Va.
<br />
<br />LNVESTMENT CORPORATION OF NORFOLK,
<br /> Norfolk, Va.
<br />
<br />T~ BA~ OF VIRGINIA, Richmond, Va.
<br />
<br />By F.W. Craigie & Co.
<br />
<br />ByFmrk k. Smith (Signed).~
<br />
<br /> On motion of ~r. Warren, seconded by Mr. Houghton, the following ordinance was
<br />placed on its first reading:
<br />
<br />"AN ORDINANCE TO APPROVE THE SALE OF TWO HUNDRED A~ FIFTY THOUSA~ DOLLARS
<br />OF ~FJE$ING BONDS PROVIDED FOR IN THE ORDINANCE ADOPTED BY Th~ CITY COUNCIL
<br />ON NO¥~ER 13, 1951, AND FIXING THE P~TE OF INTEREST FOR SA~D BONDS"
<br />
<br /> 2nd - "At a previous meeting of the Council, you instm~cted me to arrange a date for a
<br />meeting of the Council with the members of the House of Delegates and the Senator from the City of Portsmouth pri
<br />to the meeting of the 1952 session of the Legislature.
<br /> I have conferred with Messrs. H illard, Bain and Cassell and we have agreed upon ?nurs
<br />day, January 3rd, 1952, as a suitable date. If this meets the pleasure of the Council, I recommend that ! be di-
<br />rected to arrange for a dinner meeting at the Portsmouth Hotel at this time."
<br />
<br />Motion of Mr. Sturtevmnt to concur in the recon~,endation of the City l*~uager was adopted.
<br />
<br /> 3rd - "i submit a letzer from the bonding firm of %;elton, ikd<e and Hawks, Inc., and recom-
<br />mend that the City Manager be authorized to place all city employees under a Public Employees Blanket Honesty
<br />Bond for faithful performance of duty, as set forth in the attached letter."
<br />
<br /> Motion of Mr. Ho~ea~dto refer ba~K to the ~ity F~uager for more detailed reporb on actual
<br />adopted.
<br />
<br />~th - "The matter of taxi drivers~ permits was referred to me for a report.
<br /> I recommend that no change made in the fees charged,u
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