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360 '
<br />
<br />December 20, 1921
<br />
<br />At a special meeting of the City Council Decembez
<br />
<br /> 'Messrs-- Vernon Brooke,
<br /> R. A. Hutchins, Jr., J. Alden Oast,
<br /> L. G. White,
<br /> Also the City
<br />
<br />20ththere were
<br />
<br />Hall,~ Jr.,
<br />J. C. Smith,
<br />
<br />The following directions were read for the special meeting:
<br />
<br /> ,Portsmouth, Va., December 19, 19Bl.
<br />~Sr. L. C. Brinson,
<br /> City Clerk ~ Auditor.
<br /> City.
<br />Dear Bi=:--
<br /> YOu will please call a special meeting of the City Council for Tuesday,
<br />
<br />December 2Otb, at 8 o'clock P. M., to consider:
<br />
<br />1st. An Ordinmnce for Issue of $250,000.00 School Bonds.
<br />
<br />2nd. Report of the Finance Committee on sale of $250,000.00 School Bonds.
<br />
<br />Very respectfully,
<br />
<br /> R.A. HUTCHINE, Jr., P~esident."
<br />
<br /> ~aereupon, Ur. Fall moved that the following ~r. dimamce for the issue of $250,000.00
<br />School Bonds be placed on its first reading:
<br /> AN ORDINANCE~AUTHOBIZING THE ISSUANCE OF TWO
<br />
<br />HUNDRED AND FIF~¥1THOUSAND DOLLARS %$250,000. O0) BONDS OE THE CITY OF PORTSMOUTH, VIRGINIA,
<br />
<br />FOR THE PUP~POSE OF BUILDING AND EQUIPPING PUBLIC SCHOOL BUILDINGS IN SAID CITY; MAKING PRO-
<br />VISION FOR FORM OF SAID BONDS AND FOR THE PAYMENT THEREOF. (See Ordinance Book}~
<br />
<br />The motion was adopted, and by the following vote:
<br />
<br /> Ayes-- Brooks, Esleeck, Hall, Hutohins, Oast, SmiSh, White, ?.
<br />Then the Finmnoe Committes submitted the following report:
<br />
<br /> "Hon. City Council.
<br /> Gentlemen:-- Your Finance Committee begs leave
<br />advertising for smle the SZ~O, O00. School Bonds and opening bids at lZ
<br />17th, the following bids were received therefor:
<br />
<br />to report that, a~ter
<br />o~olock noon Seoember
<br />
<br />NATIONAL CITY BANK:
<br />
<br />~ill pay 100.619 and accrued interest, for 5~ School Bonds, which
<br />is equivalent to Par, Accrued Interest, and $15~.50 premium.
<br />
<br />A. B. LEACH & CO.:
<br />
<br />Bid $251~O00.00 for 5~ Bonds, on deposit plan.
<br />For 5~1/~ Bcnds~ bid i06 1/~, which is equivalent to
<br />Inter~st, and $16,E50.00 premium.
<br />
<br />Par, Accrued
<br />
<br />R. M. GRANT & CO.:
<br />
<br /> For 5~ Bonds', bid~5,400.10 and Accrued Interest, which 98.16.
<br />For 5 1/~ Bonds, they bid P~r, Accrued Interest, and $15,775.00
<br />mlum.
<br />
<br />WEIL, ROTH & CO.:
<br />
<br />Fo= 5 1/a~ Bonds,
<br />For 5's, 97.60.
<br />
<br />they bid 105 1/2;
<br />
<br /> The bid of The National City Company for ~ Bon~s being the best bid, we recommend
<br />that theb~nds be awarded to said Comp~my, for 100.619 and. accrued interest.
<br />
<br />(Signed) L.G. White, Chairman.
<br />
<br /> On motion of Mr. Cast, seconded by Mr. Hall, the recommendation of the Finance Committee
<br />wa$~adopted, and by the following vote:
<br />
<br />Ayes-- Brooks, Esleeck, Hall, Hutchins, Omst, Smith, White, ?.
<br />
<br />~ motion, adjourned.
<br />
<br />
<br />
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