Minutes 07/25/1950 - Laserfiche WebLink

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July 2~th~ 1970~ "The Portsmouth Grays Baseball Club leased the Municipal Stadium for the afternoon of Sonday~ July 16th~ 1950 and paid to the City Collector the $1~.00 guarantee in advance as required in the contract.- The game was rained out and as there is no suitable date with which to replace the 16th~ we request .that the $1~.00 be refunded tAe Portsmouth Grays~ chec~ to be made payable to Phillip Walker~ whose address is 27 Carver Circle~ Portsmouth~ Va." Motion of Mr. 8turtevant to appropriate $1~.00 for said refund was adopted. The following letter from the City Attorney was read: "There are two ~released deeds of trust or mortgages on the proper- ty belonging to the ~ater Works System of the City~ and in order to get the same released~ it will be necessary to adopt the attached resolution. I have written several letters to the trustee under the deeds of trust or ~mortgages and I am unable to get it to re!ease the sum of ~167~. O0 held for the payment of a bond and coupons~which have never been presented. I request that the resolution be adopted." Resolution - "?~HEREAS~ the Chase National B~r~k of the City of New York is the successor to the Tr. ust Comp~uy of America~ who was the trustee ~uder a certamn de~d of trust or mortgage executed by the Portsmouth~ Berkley and Suffolk ~ter Company~ dated November l~ 1904 and sec~r_ng ~o Mmll~on Fmve Hundred Thou- sand Dollars ($2~00,000.00) Forty Year Gold Mortgage Bonds~ and is~ also the successor of ths Equitable Trust Company of New York~ which ~s trustee under a certain deed of trust or mortgage executed by the Portsmouth Suburban Water Company dated November l~ 1911~ aud securing Tw.o Million Dollars (~2~0~09~009~.00~).. of Mortgage Gold ~onds, and w~mao~ ~ne ~m~y of Portsmouth as the successor in title to the Portsmouth~ Berkley an~ Suffolk ~ater Company and the Portsmouth Suburban Water Company has requested the Chase National Bank of the City of New York to release said deeds of trust or mortgages. NOW~ THEREFORE~ Be it Resolved by the Council of the City of Portsmouth~ that: The City o.f Portsmouth~ virginia~ as successor in interest to the properties covered by th~ Mortgage dated November l~ 1904~ of Portsmonth~ Berkley ~ud Suffolk Water C0mpany~ hereby directs the Chase National Bank of the City of New York~ as successor Trustee under Said Mortg~ge~ to hold in trust for the purpose ~ · for which deposited the sum of ~1~67~o00 deposited to pay the principal ofa $1,000. Bond a~d $67~.O0 of coupons issued under said Mortgage. The City also requests said Bank to cancel $250~000. in pr~n- cipa! amc~mut of Bonds issued under the Portsmouth Suburban Water Compauy Mortgage dated November l~ 191! held as collateral under the_ ortsmouth~ Berkley anS. Sufxolk. ~ater Co. ~any Mortgage. dated November l~ 19~ together with ~90 shares of the capital stock of the Portsmouth Suburban Water Co~pany~ and to execute instru- ments of satisfaction of both of sa~d Mortgages." following vote: On motion of ~. D~ke~ said resolutiom was adopted~ and by the Ayes: Nays: Biiisoly~ Duke~ Hender~on~ Houghton~ Howard~ Sturtevant~ Warren~ Weiseman~ Wilson None Motion of ~. Houghton that Mayor Fox be publicly commended for his untiring efforts over a period of years toward secur~ug a new?o~t Office Building for the City of Fortsmouth~ with the idea of the City purchasing the present Post Of£ice Building.~ was adopted. On motion Approved sdjourned. Pre sident.