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Septe~oer 28th~ 1944.
<br />
<br />Ayes: Fox, Grimes,
<br /> Wilson
<br />Nays: Nons
<br />
<br />~{oward, Hutchins,
<br />
<br />Warren, ~eiseman~
<br />
<br />for 1944:
<br />
<br />~&e Con,missioner of Revenue submitted '.~,s report of assessment and taxes
<br />
<br />"To the Honorable City Council,
<br />Portsmouth~ Virginia.
<br />
<br />Gedtlemen:
<br />personal property
<br />
<br />I herewith reoor/6 the following ~ax~ole values
<br />for theCity of~ortsmouth for the year 194~:
<br />
<br />of real
<br />
<br />estate 8nd tangible
<br />
<br />Re~l Estat~
<br />
<br />Colored
<br />
<br />Total
<br />
<br />- Value of Lots
<br />
<br /> 9,5l~,73o.oo
<br /> 945,925.00
<br />lO,458,655.00
<br />
<br />Value of Buildings Total
<br />
<br /> 17~96,580~OO 27,409,310~OO
<br /> 2,~09,O60.00 3,354,985°00
<br /> 20¢305,640.OO 30¢764~295oO0
<br />
<br /> C~n,.Tax 2.50
<br />
<br />83,874. o0
<br />789,107.64
<br />
<br />Each installment
<br />
<br /> 342,648.71
<br /> 41,945o56
<br /> 384,594~27
<br />
<br />Bupolemental and A~Justmente
<br />
<br /> Total 6,020°00
<br />
<br />3~800.00
<br />
<br />9,820.00
<br />
<br />245.50
<br />
<br />122.75
<br />
<br />Public Service Corporations
<br />Tots.1
<br />
<br />" 2~2.OO
<br />
<br />~08, ¢06 o 09
<br />
<br />Personal Property
<br /> Tangible Tax 2.50 M~chiner~- .Tax 1.OO_
<br />
<br />~&te. 1,533,740.O0 38,344.65 264,447.00 2,644.47
<br />Colored 503~255.OO 12¢582.11 7O0.0O 7.CO
<br />Total 2~O36~995.OO 50,9~6o,6 265,147-CO 2,651.47
<br />
<br /> Total Value
<br />1,798,187.OO
<br /> 503,955.00
<br />
<br />2~302~t42.00
<br />
<br /> Total Tax
<br />40,989.12
<br />!2~589.11
<br />
<br />53,578.23
<br />
<br />GRAND TOTAL REAL ESTATE TANGIBLE PERSONAL P~0PERTY
<br /> AND N~C~NERY
<br />
<br />TOTAL TAX CHAB~ED TO CITY COLLECTO~
<br />
<br />1944
<br />37,432,499.00
<br /> 93!,837.46
<br />
<br />1943
<br />37,063,942.00
<br />
<br /> 922,959.30
<br />
<br /> increase
<br />368,557.OO
<br />
<br /> 8,878.16
<br />
<br />9~epectfully submitted,
<br />
<br />L.E. Turlington,
<br />Commissioner of the Revenue."
<br />
<br /> Motion of Mr..HutcD&ns that the City Auditor charge the amount of ts.xes to
<br />the City Collector, was adopted.
<br />
<br />The following letter was read:
<br />
<br /> "~e are at present the owner of a fairly sizable block of Portsmouth, Va.
<br />bonds which are in fully registered form. As you prob¢o!y know, many municipalities h~ve made
<br />provision for exchanging registered bonds into coupon form. For some ssrange reaeon, most in-
<br />vestors in municipal bonds find coupon bonds more desirable than registered bonds. "Be naturall
<br />would like very much to be able ~o exchange the bonds which we own into coupon form.
<br /> It is our understanding t~ha~ in order to achieve this we must be prepared
<br />to s~and ~he expense of the printing of new bonds, that is¢ in coupon form, and also the ex -
<br />pense of hav~ng-a'.legal' opinien._Wr_i~ten by ;a reputable law fi~ covering the new bonds so is
<br />sued~ In order for us to do this, however, it is ou,r_ belief that the City ~ouncil must pass a I
<br />resolution to the effect that ~he City has allowed t~e reconvsrsion of bond~ of certain number,
<br />purp_ose~ coupon rate, maturity, etc~
<br /> We wish to point out that in the State of New Jersey every municipality
<br />hae macs provision for such exohmz~ge and in the case of State bonds of this particular State,
<br />the State Government l%e~s provided that such exchange may be made a~ no expenee whatsoever, in
<br />case of the B~ate of New York, various municipalities have permitted this to be done but only
<br />upon resolution of the various city council- or other form of government which may prevail in
<br />such mu_uicipality. W.~ believe tha~ if the matter be investigated ~horoughly, your Counsel will
<br />advise that this is not only permissable, but is to the adv~utage of ~he municipality itself
<br />that such provision be made,
<br /> ~fe should appreciate very much your taking this matter under advisement
<br />in yonr next meeting and, if the matter be decided favorably, we shall, of course, furnish the
<br />Co~ucil ~.~_th full details concerning the bonds involved.
<br /> As you well 2~_ow, if a municipality co~operates fully with dealers in mu-
<br />nicipal bonds, there is much greater possibility of an improved market for the bonds of such
<br />municipality. This, of course~ ~uld mean t~ot in the case of any contemplated borrowing of
<br />the municipality~ the interes~ rate which it would have ~o pay on any new issuances of bonds
<br />would be more advantageous. It is with this thought in-mind that we have gone to such length
<br />to try to persuade the Oity Council to consider this matter very thoroughly.
<br /> We ahall appreciate very much hearing your views on this euhj~c~ at the
<br /> earliest opportunity.
<br /> Yours very truly~
<br />
<br />8COtt~ Homer & ~aeon,
<br />
<br /> By Robert Brooke,Jr.
<br />
<br />
<br />
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