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Ne~embe~ .~th. t948.
<br />
<br />to equip High Street with c tossing signals~ as above described,~ it shall, in addition ~ereto
<br />and at its own expense, erect and maintain two ordinary traffic signal lights in the center of
<br />High Street -- one on the east side of its tracks and the other on the west-side of its tracks
<br />said lights shall be of the same type and size as those maintained by the City o f Portsmouth is
<br />High Street. Each light shall be 'on a line with the signal posts on that side of the t racks,
<br />and each shall be on a level with the regular traffic s&gnal lights maintained by the City of
<br />Portsmouth on High ~reet. Said lights shall-be so equipDed that they shall automatically sho~
<br />red, commencing at 'the time the crossing s ignal c0~ences to operate a~d contznu~ng until ~ e
<br />crossing shall have been cleared by the train, a~d that at all other tames they s hall show ares:
<br /> After High Street crossing shall have been so equipped, the Norfolk
<br />and Portsmouth Belt Line Railroad Company is authorized~to discontinue crossing gates and/or
<br />crossing watchmen on that crossing. ~
<br /> All ordinances and resolutions in confflict with t he above, in whole
<br />in p art, are hereby repealed.~
<br />
<br />0n motion of Nr. Howard, said resolution was_adopted.
<br />
<br />Sanitation Bonds:
<br />
<br />~ne following communications w ere presented by ~he City ~anager:
<br />
<br />1st - ~ne following bids were received tod~y on the $1,700,000o00
<br />
<br /> Bidder
<br />
<br />Le~hman B~others
<br />Investment Corpn.
<br /> Norfolk
<br />
<br />of
<br />
<br />Cost Premium
<br />$796,050.00 $ 1,343.00
<br />797,700.00 493.00
<br />
<br /> Net Cost
<br />794,707.00
<br />797,207.00
<br />
<br />American National Bank 805,040.00
<br />
<br />3,870.00
<br />
<br />801,170,00
<br />
<br />Blyth & Company
<br />
<br />W..Hutton & Company
<br />
<br />805,0&0.00
<br />807,500,00
<br />
<br />2,618.00
<br />
<br /> 510.00
<br />
<br />802~422o00
<br />806,990.00
<br />
<br /> H~lsey,. ~tua~t & Co. 812,550.00 125.00 812,425.00
<br />
<br /> The fi~m of Lehman Brothers offered the lowest cost to the City, that
<br />o~ $794,V07.00. T~e~efo~e. I ~e¢ommend that the attache~ ordinance be adopted which autho -
<br />r~zes me to mkke thzs sale.~ '
<br />
<br />Bid of Lehman Brothers:
<br />
<br /> "Subject to t he provisions of the official notice of saie~ w~ich is
<br />hereby made a part of this prQposal, w e will pay One Million Seven Hundred and One Thousand
<br />Three Hundred and Forty-th~.~ee Dollars ($1,?01,3~3.00) Dollars an~a c:cz~ed int,erest for ~ll, butf
<br />no part less than all, of Si,T00,000. CITY OF PORT~0UT~,. VIRGINIA, SANITATION B0~DS~ to. be
<br />dated December l, 1948, maturing December l, 1950 to December l, 1978, both ihclusive, as morel
<br />fully descrSbed in the official notice of sale, the $500.000. bonds maturing fro~ '50 to ~58,
<br />both inclu~mve, ~earing i~terest kt the rate of 3%; the ~540,000~ bonds maturing fr°m '~9 to
<br />'67, both znclus~[e, be~rmng interest at the rate of 2 3~%; the $660,000. bonds maturing from
<br /> ,68 to ~78, both znclusive, bearing interest at the rate of 2.90~, and the $ bonds
<br />maturing from to , both inclusive, b earing interest at the ra~e of
<br /> ~,' without optibn of prior redemption and with interest payable s~mi-annually June
<br />i and December 1.
<br /> The bonds are to be in coupon fomm, of $1,000. denomination, register-
<br />able as to principal only or as to b otb principal a nd interest, b~th principal and interest
<br />payable, at the Chase National Bank of New York. The bonds are to be valid and legally binding
<br />obligations of the City o f Portsmouth, Virginia,
<br /> The final ~approving legal opinion o f Messrs. ~ood, King and Dawson,
<br />New York, N.Y., as to the legality of th~s~ bo~ds, stating in substance that s.aid bonSs v~ll be
<br />valid and legally Binding obligations of the City of Portsmouth, Virginia, smd said City has
<br />power and is obligated to levy ad valorem taxes f0~ ~he payment of said bonds aud the interest
<br />thereon upon the property within said City, subject to taxatmon by said City, without limitatim
<br />as to rate or amount, is to be furnished to us upon delivery of the bonds,
<br /> In accordance with the provisic~s or'said notice of sale, there is in-
<br />closed herewith a Cashier's check in the ame~mt of $3~,000.00~ which, in the event that the
<br />above described:bonds shall b e awarded to the undersigned, is to be retained by you as part
<br />payment against delivery o f and payment for the bonds by the undersigned, or is t o be retained
<br />as liquidated damages in the event that the undersigned should fai[ to take up and pay for the
<br />bonds in compliance with the terms of thi? proposal, or is t~ be returned by you to the tunder-
<br />signed on the failure on your ~art to deliver the b~nds in compliance with the terms of t~s
<br />p~opesal.
<br /> Very truly yours,
<br />
<br />Lehman BMothers,
<br />Stone & ~ebster ~ecurmta~s Corpn.
<br />Eastma~u. Dillon & Company.
<br />Scott, ~orner & Mason, Inc.
<br />Tripp,& Company, Inc.
<br />
<br />By Lehman Brothe~s (sfg~ed)
<br /> Aceoun~ Managers.
<br />
<br /> Motion of Mr. Grimes to concur in the ~anagor's recommendation, w as
<br />adopted, and by the following vote:
<br />
<br />
<br />
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