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May 24th, 1932.
<br />
<br /> At a reg~lar ~' ~' '~ -
<br /> mee~xng of the Cxo~ 0ounoil held May 2~th, 1o~32 at 8:O0
<br />were present:
<br />
<br />P.m. there
<br />
<br />let -
<br />
<br />Ve=non A. Brooks~ W. R. Butchins, E. W~ Eaupin, Jr., Arthur Mayo, J. Alden
<br />Oast, Archibald 0gg, J. R. Stewart - 7.
<br />Also the 0ity Manager.
<br />
<br />Minutes of re~alar meeting held May lOth were read a~d approved.
<br />The following communications from the 0ity Manager were read:
<br />"0nApril 21st, The Lumbermen's Insurance Company of philadelphia,
<br />
<br />t itt ough theLv
<br />
<br />agent, cancelled one of the City's fire im. suranoe policies on buildLugs, and made a refund
<br />on the amouut of premzum paid of ~y0.10. Said amount has been dsoosited to the credit of
<br />the General Fund.. On ~roh 1st, a new oolicy was taken o~t for the balance of the year with
<br />another company and the premi~n due on ~his policy is $68.98.
<br /> I respectfully rsGues~ that an appropriation of the above s~mount be made."
<br />
<br /> Motion of Er. 0asr to oonc~ in the 0ity Manager's recommendation and that
<br />$68.98 be appropriated fo~ same, was adopted.
<br />
<br /> 2nd - ~Attached you will find a deed f~om the 0ity of Portsmouth to the County of
<br />Nansemond, conveying to the 00unty of Nansemo~d the right of way over the 0ity~s land oc-
<br />cupied by said new road, and all interest it may have in the ~wo new bridges. I respectfully
<br />reeuest that Er. Barclay bs given authority to handle this matter and Rass upon it, and that
<br />authority be given for the signatures of the proper city officials to be attached thereto:
<br /> Under our contract, when the roads leading to the bridges across Lake 0ahoon have
<br />been finally oomoleted and the b~idges accepted by the Board of Sup$~visors, the 0ity is to
<br />make payment of ~,500.00 due under the cohlraot; this money having already been app=opriated
<br />for the p~vpose.~'
<br />
<br /> Motion to refer said deed to the Oity Attorney for approval and proper officers
<br />be instructed to execute same afte~ Oity attorney's approval, was adopted.
<br />
<br /> 3rd - "~e have on hand unsold, 5% bonds to the amount of $25?,500.00 of the recent
<br />$350,000.00 bond ~ssue. I respectfully recommend that these remai~zng bondsibe o~zered for
<br />sale at the best market price on a basis not greater than 6% interest.
<br /> I feel this is necessary 'in order to sell the bonds, or cart of them at this
<br />t M~e on account of the market, and particularly for the zeason that ~imilar bonds are being
<br />sold locally at 6% interest. It is my opinion t.hat Portsmoumh has-been~fortunate in operat-
<br />ing its affairs this year with the market price for m~nicipal paper in such bad shape. For
<br />your information,, we have not had to borrow any money during the approximate five-months of
<br />this year, w?nereas last year-this time our loans at the local banks from January to May 15th
<br />amo-~ted to $2~0,000.00. Thus far we h~ve succeeded in meeting our obligations because of
<br />the receipts from tbs bonds sold, the~ collections on the pre-payment tax plan, together w~h
<br />the ~egular collections.
<br /> I believe it will be possible with the sale of the bonds to go through ~he year
<br />with little trouble, assuming that our usual collections 'will be fair for the remaining
<br />mc~ths of the year.~
<br />
<br /> Motion of Er. Hutohins that the .~ity Manager be authorized to sell on a basis of
<br />not 'more than six per cent all Portsmouth Improvement Bonds dated December 1, l~31, mattering
<br />December l, 193~ and p~ior, not already so!d, amotu~t aggregating$57,O00.O0, was adopted and
<br />by the following vote:
<br />
<br />Ayes: Brooks, Hutchins, Maupin, Mayo, 0ast, Ogg, Stewart - ~.
<br />
<br />Nays: None.
<br />
<br />- UNFINISHED BUSINESS -
<br />
<br />The followLug ordinance, placed on its first reading ~iay lOth, was take~ up and
<br />
<br />read:
<br />
<br />~An Ordinance Authorizing the Issuance of Fifty Thousand of Bonds of
<br />the City of Portsmouth, Virginia, to be known as Improvement Bonds,
<br />for the purpose of installing sewers and paving streets and oublic
<br />thoroughfares in said ~ity, making provision for the form of said
<br />bonds and for the payment thereof'.
<br />
<br />On motion o~ Mr. 0gg, same was adopted, and by the following vote:
<br />
<br />Ayes: B~ooks, Hutchins, Maupi~, Ogg, Stewart - 5.
<br />
<br />Nays: M~yo, 0ast - 2.
<br />
<br />The fotlowLug ordinance, placed on its first reading ~lay 10th, was taken up and
<br />
<br />read:
<br />
<br />"An Ordinance to Amend and. Re-0~dain Section 8 Relating to Autom&oile
<br />Dealsrs and Section 25 Relating to Contractors, of an Ordi~ance Imposing
<br />a License Tax for the City of Portsmouth, Virginia for year beginning
<br />~iay lst/ 1~32..
<br />
<br />On motion of Mr. Maupin, said ordinance was adopted, and by the following vote:
<br />
<br />
<br />
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