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July 26, 1921
<br />
<br />the following bids therefor:
<br />
<br />Seasongood & Mayer,
<br />
<br />~9.50%and accrued interest; to take up and Pa7 for $50000.
<br />bonds on approval of John ~. Thomson and $50,O00. each 30
<br />days thereafter, they to have the option of a~tlcipating
<br />said deliveries in all Or part at any time by paying amount
<br />they bid plus accrued interest to date of said deliveries.
<br />
<br />Pruddsn & Company, 90 1/~ and accrued interest thereon to date of. delivery.
<br />
<br />Mottu& Company,
<br />
<br />Par and accrued interest from date of bonds, less
<br />to cover expenses and commissions incident to the handling
<br />of this issue.
<br />
<br />A. B. Leach & Co.,
<br />
<br />Par and scoured interest, les.e ~L!~,~0;O0 for expenses, com-
<br />missions, &c.
<br />
<br />R. M. Grant & Co.
<br />
<br /> Bid as follows:
<br /> "For the $~00,000. City of PortsmOuth, Va.,
<br />Street-Improvement Bonds, begin, rig interest at the rate of
<br />' 5 l/~psr annum, more fully describedon the attached notice
<br />of sale, (The attachednoti~e of sale is made a 'part of this
<br />hid), we will pay you $192,000.00 ar~i accrued interest. We
<br />understand the~n~l~ are the direct general ob~lgations of
<br />the entire City of Portsmouth, Va., you agreeing to furnish
<br />~with a full unqualified approving opinion o:f Hon. Jfohn C.
<br />smpson of New Y~rk City. As evidence of good faith, we en-
<br /> close herewith our check for $2000 payable to H. L. Hudgins.
<br /> This check is to be held by you pending, the carrying out of
<br /> the above proposal by us, ~h~uld.ou~ bid be accepted, or i~
<br /> the event our bid is not accepted, the check is to be immedi-
<br /> ately returned toUs."
<br />
<br />~The following conditions were attached tO the bi~ of R. M.
<br />~rant & Co~: ,The attached bid, of which this memorandum
<br />is made a part, %e conditionedup0n the deposit arising fro~
<br />the sale of the $~200,000. Street Improvement-Bonds being
<br />placed on deposit with us, free of interest, subject' to with-
<br />drawal by the City as~n~eded for the proposed ~$provsment,
<br />But'not in excess of $3~,000. lmmediatel~ and.$~O,000, every
<br />month thereafter until the funds are all expendecL By 'im-
<br />mediately' we mean as soon as~the bonds are taken up and paid
<br />for. We will guarantee the deposit in a manner satisfactory
<br />to the City, and without expense,e
<br />
<br />It is recon~ended tha~ the bid of.R.M. Grant & Co. be accepted.
<br />
<br />(Bigned) L.G. White, Chairman.
<br />
<br />On motion, the report of the Committee was adopted, and by the following vote.
<br />
<br />Ayes-- Brooks, Esleeck, Smith,~Hutchins, Oast, White,
<br />
<br /> The Special Committee appointed July 12th to consider bids for granting franchise fo~
<br />a passenger ~us line between theCity of Portsmouth and Suffolk, m~de the ~ollOwing report.-
<br />
<br />"Hon. City Council.
<br /> Gentlemen:-- Your Committee appointed July XYt~,.19~l~. to consider
<br />
<br />bids for granting franchise for a passenger bus line btween the City of Portsmouth andSuffolk,
<br />
<br />recommends adoption of ~he following resolution:
<br />
<br /> WHEREAS, A proposed ordinance entitled, 'An Ordinance Granting a Franchise for the Use
<br /> of Certain Streets, of the. Oi~y of Portsmouth for the
<br /> City of Portsmouth to the City of Suffolk, Virginia,' has! the
<br /> City of Portsmouth, Va~.,- and published for four successi~ wee~s in tsmouth Star, a
<br /> newspaper published ix~he Cityof Portsmouth, which sai dia~vertisement invited bids for the
<br /> franchise, stating that said bids were to. be in w~i~ingand de!ivered to tko presiding Offi-
<br /> cer of the City Council in open~ession at a meeting~be held on'the l~h day of July,
<br />'~1921, at ~gh~ o'clock p. m.,
<br />
<br />AND WHEREAS, At said meeting the following xbmitted in w~iting and delivered
<br />to the presiding offiOer of the Council in open the franchise covered by said
<br />proposed ordinance: Portsmouth, Suffolk l~Co., ~ ~y~ble ~afollows: 1/~ in cash
<br />~d 1/5 on Aug. 1, 19~, Aug._~, 1~3, Aug. 1, 1~, 1, 19~, ~efe~ed pa~ents tO
<br />bear i~erest ~t the r~te of 5~ per ~n~; Atl~nt~ ~ COrporation, ~50,00, R. G. E~erton
<br />& ~., $1255.~, wi~h the ~foXloWing o0n~tions: In the event 'of mhY i~fri~ememt upon the
<br />frmnc~se and sh~ld mny ~ter C~rt decision ~stroy the effect of the fr~chise y~ will
<br />refund to us mny ~ of money which we mmy hmve paid you, ~ of course f~her ~ents upon
<br />the fr~chiae w~ld cede. Also if bid is accepted, we ~11 expect to pay ~. ~numlly,
<br />in mdv~ce, ~ we would ~ ex~ct to opermte the line ~t~ the, concrete ~=o~ between Ports-
<br />mouth mnd ~ff~lk ~s been completed.
<br />
<br /> AND WHEREAS, Said Bi~s were reads.loud at said meeting and an inquiry was made by the
<br />~residing officer if any further bids were offered;
<br />
<br />
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