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At a regular meeting of the City Council held March 27th there were present:
<br />
<br />Messrs-- Vernon Brooks, J. C. Dunford, E. W. Ma~pin,
<br /> Arthur Mayo, J. Alden Oast, J. R. Stewart,
<br /> L. G. White, 7.
<br /> Also the City Ms~ager.
<br />
<br /> The minutes of
<br />13th at
<br />
<br /> the joint meeting with the Norfolk County Board of Supervisors held March
<br />ll a. m. ~ud regular meeting held March 13th at 8 p. m. were read ~nd were s~proved.
<br />
<br />(Mr. Maupin excused from further attendance)
<br />
<br />UNFINISHED BUSINESS
<br />
<br /> The followir~ ordinance, which had been placed on first resoling by Council March 13th,
<br />was t~ken ~pandread; AN~6RDINANCE AUTHORIZING THE ISSUANCE OF ONE HUNDRED AND TWENTY-THREE
<br />THOUSAND DOLLARS OF REFU~ING BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA; MAKING PROVISION FOR
<br />THE FORM OF SAID BOND~ AND FOR THE PAYMENT THEHEOF.
<br />
<br />On motion of Nv. Stewart, the ordinance was adopted, ~ud by the following vote:
<br />
<br />Ayes-- B~ooks, Dunford, Maya, 0~t, St~ws~vt, ~hite, 6.
<br />
<br /> On motion, the Oity Man~ger a~d City Olerk & Auditor were instructed to h~ve the bonds
<br />prepared and secure bids on the same.
<br />
<br />NEW BUSINESS
<br />
<br /> The following communication and report were
<br />Honozable City 0ouncil.
<br />
<br />read from the
<br />
<br /> "Portsmouth,
<br />
<br />Sinking Fund Commission:
<br />Va., March 2?, 1928.
<br />
<br />Gentlemen:--
<br />
<br /> The Sinking Fu~d Commission respectfully sub~%~s, to you the attached report.
<br />
<br /> In commenting on the =eport~ we feel that the acts of the Council in endorsing
<br />General Jervey's report making a stabilized Sinking Fund from which no monies could be .borrowed
<br />by the City ~ud vesting the entire FUnd in ~ disinterested O~mmission with~a~thori~y to invest,
<br />is the best piece of governmental legislation the 0ity has ever done.
<br />
<br /> The Sinking Fund Commission is highly elated over the mamner in which the fund
<br />has been maintained a~d oongrs~ulate~.the City i~ having more than $1,tO0,O00.O0 in the Sinking
<br />Fund, which amount has accrued in about five years.
<br />
<br />Very truly yours,
<br />
<br />SINKING FUND CO~ISSION,
<br />
<br />Robt. A. Hutchins, Jr., By
<br />Chairman.
<br />
<br />L. C. BRINSON,~S~cretary.
<br />
<br />STATEMENT OF SINKING'FUNDS AS OF MARCH 31, 1~28.
<br />
<br />CITY SINKING FUND
<br />
<br />Cash Bs~tance Mar. 31,
<br />Securities:
<br />City Note ........................................ $112,585.30
<br />
<br />~ City ~f Portsmouth Bonds,
<br /> ~e~ption
<br />%, due 1~30, Nos. 11 1~ 2~, $100. each .......... 300.00
<br />~Clty of Portsmouth ~av~nE& ~radi~ng Bonds,
<br />~, due 1933, Nos. 27.28 6~-65 66, $1000. each... ~5,000.00
<br />
<br />5 City of Portsmouth Water Bonds, 5%, due 19~8,
<br />Nos. D 386-387-411-~23-~24, $500. each ........... 2,500.00
<br />
<br />2 City of Portsmouth Water Bonds, 5%, due 1948,
<br /> ?49-?5o $1ooo. each ........... 2,000.00
<br />NOS. , .............
<br />
<br />3 City of Portsmouth School Bonds, %~, due
<br />1932-1936, Nos. 13-38-39, $1000. each ............ 3,000.00
<br />
<br />Total ...........................................................................
<br />
<br />1928 ....................................................... $239,181.61
<br />
<br />125. ~85. ~o
<br />$36~, 366.91
<br />
<br />WATER SINKING FUND
<br />
<br />Balance ~ar. 31, 1928 ...................................................... $410,078.00
<br />
<br />
<br />
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