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At a regular meeting of the
<br />there were present:
<br />
<br />City Council, held April 23rd, 1935, at 8:00 P.M.,
<br />
<br />Vernon A. Brooks, Leslie T.Fox, W.R. Hutohins S. B. Moore, J. Alden Oast,
<br />J. R. Stewart, Oity-Manager. ' -
<br />
<br /> Minutes of regular meeting held April 9th and
<br />were read and approved.
<br />
<br />special meeting of April 15th
<br />
<br /> The following communications from the City Manager were read~
<br />
<br /> let - "I wish to report that the $67,500.00 of 4% Refunding Bonds have been
<br />sold at par, as authorized under the ordinance.
<br /> In recommending that these bonds be sold at par, I had ascertained from
<br />reliable Bo~d Brokers that par'was as much as ~he bonds could be expected to bring. Also, I
<br />had a~certained Ghat th~ Sinking Fund Commission would buy them at par.- The Sinking Fund Com-
<br />mission has a large amount of cash in banks and the legal rate of interest on deposits has
<br />been scaling downward~ · .
<br /> Before.recommending the change from 4~% thirty~year bonds to 4~ serisl
<br />bonds,Bonds: I secured current ormce~ opinions, which were ~s follows, on ~% thirty year Refunding
<br />
<br /> Gertler & COmpany,~ Inc., ~hiladelphia $ 103~ to 10~
<br />- Stein Bros. & B0Yce, B~ltimore @ I02~ to 10~
<br />Investment 0orpn.,-Norfolk. @ 103~ to 10
<br />F.W. Oraigie & ~ompany, Richmond @ 102-
<br />W.L. Renu, Norfolk @ 10~
<br />
<br />As a matter of oompar£son,
<br />
<br />sults as follows:
<br />
<br />i used the highest price, viz1~0~, with re-
<br />
<br />Interest on $67,500.00 @ ~% for 30 ye'ars - aggregated
<br />To this, add.the ~mount necessary to retire the
<br /> bonds at maturity - _ _
<br />
<br />Total cost to the city in 30years
<br />
<br />Less amount to be realized from sale of bonds @ 104.22
<br />
<br />Net ocs% to the Oity for the period of 30 years
<br />
<br />$ 91,125.00
<br />I58,625.O0
<br />
<br />$ 88,276.00
<br />
<br /> tubstituion of ~ Serial Bonds, with an
<br /> average
<br /> maturityofl~ years, ~t Rat.
<br />
<br />Interest on $6Y,500.O0 @ ~. - average l~ years
<br />To this add the amount neceasary to retire the bonds
<br />
<br />$
<br />
<br />Less amount to be Tea!izod at
<br />
<br />Net cost to the City, through
<br />
<br />On motion ordered filed.
<br />
<br />the period of 28 years
<br />
<br /> ~06, 650. O0
<br />
<br />$ 37,150.00."
<br />
<br /> 2nd - "This is to advise you that I have approved Yecommendations of Ohief
<br />of Police Oherry that R.O. Journee and H.Ao Eden be appointed as Patrolmen in the Police
<br />Department, to fill existing vacancies on the force."
<br />
<br />On motion ordered filed.
<br />
<br /> The following communications from the City Attorney were read:
<br />
<br /> 1st - "At your meeting on April 9th, 1~35, you referred to me a letter from Mr.
<br />Charles ~....H~.rp?r, asking that he be rel~ ved of penalties and interest on unpaid taxes for
<br />the year 193~,-in the sum of $1,200.00. I have investigated the facts concerning this matter
<br />and find the'same as follows:
<br /> At s conference of the Oity Council held on December 12, 1933, the sum
<br />of $1500.00 each, was agreed upon as the pay_for the assessors. This amount was placed in the
<br />193~ budget, which was adopted on December 265h, 1933.
<br />Portsmouth, apoointedOn December 28th, 1933, Judge of the Co~rt of Hustings for the City of
<br />January 3,.1~3~. ~harles ~. Harper and F. Nash Biliso!y as assessors. They qualified on
<br />
<br /> At the meeting of the City Council held on Jsmuary 23rd, 1935, the asses-
<br />sors appeared in-person and presented a letter to the City Council, a copy of which is hereto
<br />attached: This letter stated that the assessors purposed to proceed with the work and accept
<br />whatever the Council should see fit to pay:hem, "under protest and without prejudice as to
<br />our legal or moral rights as to future adjudication as to what may be decided to be a reason-
<br />able compensation after the work has been finished., They stated that upon completion of the
<br />work, they would ask for a just compensation.
<br />
<br />in the minutes~ At the meeting of the City Council on June 12, 1935, the following appears
<br /> "Privilege cf the floor was granted the assessors who made a statement as
<br />
<br />
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