Minutes 02/14/1922 - Laserfiche WebLink

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393 February l~, i922 The following is the Act ~s forwarded ~o o-~tr representatives in the Legislature: ,~N ACT To amend Sec.ti~ons~ 80, 81, ~d 8~ of the ChUte= of ~he City ~f Portsmouth approved ~arch 10th, 1908, to prov~e ~o~ ~ Sinking Fund ~d the ~ement the~eo~ by a Board of ~ink- ing Fund Commissioners. ~u By the General Assembly of Virginia that ~ections 80, 81, mhd 8a be ~ended BE IT so ~s to ra~d as follows: ~_ · ~,.~e~ ~* such bonds, excepting serial bonds, ms m~y ~e~ ~ ~0 For the ~edempt~on mt ~r~ ~-~. ~ ~1~ ~ tb~ ~tv of the Council oi s~id City to pro~i~e ~d the ~City T=emsu=~= ~ ~ . · oh bonds hal~ per cent. o~ hhe pm= vmlue~ or,said bonds, ~d ~o~ the ~edemptmon a~ mmturity of su as m~y he=e~te= b~ is4U~d by ~ne ~itv of Portsmouth, it shall be bhe duty o~ t~* Council of . -. ~ ~ * ids ~nnually ~ sum sufficient to r~ti~e ~f~ Cctv to Drovzde and the C~ty Transfer to ?e~ a~ ~ ~ ~-- ~ ..... +-~nt sh~ll nay unto the City Trem~=e~ a~uu~lly m s~ equmm ~o one ~m ~-~ ~ ~ and pu~chasi~ standing bonds, excepting serial bonds,> issued for the purpose of provi~ng for th~ W~t~r Works property of the City. The said s~ so s~t msi$ sh~ll be unde~ the supervision . . e m Board of Si~ihg Fund Co=issioners, composed o~ ~he_~esid~t of_t~ ~ud m~ merit o~ .... ~a +~o ~ ~ C~cil- the ui~y rre~sur~-~, aha ~.. _ Co~ci!, tn$ Chazrm~ - - · · ~ed b the Jude of the Oo~t o~ nuam qualified cmtizens ~esiding im th~ ~md Cmty to be mppoin~ y g ~ b ings for the City o~ Portsmouth. The terms of o~fice of the members ~ppointe~ y the Ju~e o~ the Co~ of H~stings fo~ the City of Portsmouth sh~l be ~or m period of ~our ye~s, and shall co~ence on'the first dmy of July, 1922, excepting thmt of the first two members appointed, one shall hold office fo~ ~ t$~ of two ye~s, ~nd the~eafte~ one ~smber sh~ll be appointed every ~wo years by the Ju~e 0f s~id Co~t~ The members o~ s~id Board sh~ll serve without com- pensation mhd shoed vacancies oc~ in the office o~ the two appointed members the said vacu- oles shall be filled by appointment by the Ju~e o~ the said Cou~t. Section 81. T~e Tr~ms~er~of the City shmll mot ms T~emsure~ o~ the Bomrd of Sinking C mmissioners and shm~ be ~s~o~ of ~11 s~s ~d sec~ities held i~ the Sinking ~nd, and ~ -- - '~ ~ ~ ~ ~e'~e~ui~ed bv the Council of the ~Cit~. He- sh~ll keep ~ book o~ sna~z g~ve su~ ~T~T .... ~ i _ ~ - ~ ~+ -~ ~ .... ~ ~nd ~n ~oco~t of ~11 ~eoeipts and books in which shmll be recor~ea m s~mme=~ u~ ~ disbursements of the Sinking ~nd, and~ch other m~tters pe~t~ining thereto ms mmy be presorib- ~ by ordinmnoe. He sh~ll receive no zees for the m~mgement of s~id f~d, ~t only such com- pensation ~ mmy be milowed by the Co,oil of the City. The books of the Tremsurer shmll mt ~ll times be open for inspection to the members of th~ Bo~d ~nd the Co,oil of th~ City, mhd t~e Treasurer shall f~nish the Bo~d detailed statements whenever they desire the s~e. The ~emsurer sh~l before the iSth d~y of J~u~y of emch yemr f~nish the Council of the City full, de~iled statement of the Si~ing ~nd, showing the ~ount mhd character of i~s sscurities~ ~nd its receipts and dis~rsements for the preoe~ng year. The f~ds mhd othe= se~ritlss belonging mo the Sinking Fund sh~ll be deposited in such b~ks doing business in the City of Portsmouth ~s mmy be selected by the City Council, mnd the s~ cmn be withdrm~ only upon the order of~ the ~e~surer approved ~nd certified by a m~ber to be selected by' the Bo~d ms it's President. Section 82. The Si~ing F~d sh~ll be ~dez the control mhd m~emen~ of ~he Bomrd of Si~ing Fund Com~ssioners, mhd to that end they mrs made m body politic with the right- ~o sue ~d be sued for the recovery of mny fund or se~arities belching ~o the Sinki~ Fund. The Sinking Fund shall be used for the sole- purpose of pmyi~ mt maturity the bonded debt of the. ~ty, ~d the fund paid into the Treasury by the Superintendent of the Water Department shall be used o~y for the pm~ent of 5he bonds issued fo~ the ~pOSme of provi~ng fo= mhd ~rch~s- ing the Wmter Works property of the City. The Sinkmng ~d sh~ll be investe~ in go~ be~rin se~ities, consist%ng of bon~s of ~h~.C~ty of.~or~smout~, th~ U~ited. S~tes~of.A~ricm, the State o* Virginia, or o~~ munioip~zities wnzcn provzde zor mna pro~eo~ m s~n~ng zuna :~ ~ de~ee mt least equal to that of the City of Portsmouth. The Council of ~he City sh~l ~t no time ~mish the resources of the Sinking Fund, ~t mmy, if it seem fi~, inoremse the Should ~y bonds of the City f~l due without m sufficient ~ount in th~ Sin~ln'g. Fu~ to p~o- vide for the same such fmot sh~ll be oertifmed by the Board of Sinking ~und uommzssloners mo the City Council who shmll mmke provision for retiring the s~e~ It sh~ll bs unlm~ful for ~y member of the Board of Sinking ~nd Commissioners ~o hereafter pur~mse ~rectly or in~ reotly mny bonds of the City or other s$~rities for the ~arpose of selling them to the Bomrd of Sinki~ ~nd Co~issioners, or hmvi~ the s~e p~id ~t their mmturity whereby he shmll celve ~y profit from the s~e except ~the re~lar rate of interest ~m~. on such se~rlties. Any member of the Bomrd who shmll violmte this provision shmll thsreby vmcat~ his office mhd ~y other office held by him in the City of Portsm~th, and may be punished in such m~ne~ as mmy be prescribed by ordinmnce of the City, not to exceed, However, imprisonment in Jail fo~ more th~ twelve months. Section ~-A All Acts or p~ts of Acts in conflict herewith ~e hereby rep~led." 3rd. Recommen~tion Of the ~nm~r that m deed be ~m~ ~nd issued to ~mmmice B. Langho~ne fo~m lot purchased In Oak Grove Oemetery~ 0n motion, the City Attorn~ wms inst~ucted to ~aft such a deed mn~ the proper City Officers to sign s~me. ~th. "~nclostnE m l~mse covering the coml bin mt Godwin St. This coal bin is used ~y the City in connection with the Godwin St. ~ping station and I ~lieve that it is ~doubted- ly on Is~nd o~ed by the Ss~b~m~d Air Line R.R. If we sign this lease, we mcknowle~e of ~u~se, the title of the' S. A. L. to the proper~y. If we ~ not '~si~ it, it is possible thmt the City could claim title ~o the property on mcoount of its pemoemble and dn~s~ted possession of The ~i~y of the ~mse is, however, ~o moknowle~e the ownership of the S. A. L. ~d for that reason I reoo~end tha~ the le~se be~ signed by the p~oper officer of the Co~cil. ! may add that the ~aperintendent of the Water Co. holds m ~fferent view in regard to this. The lease has been ~pproved mm to form by the City Attorney." On motion of Nr. Esleeok, the communlomtion wms ~eferred to the Finance Committee City Attorney.