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January 25th, 1921
<br />
<br />which said bid is_in words an& figures as follows:
<br />
<br />'City Clerk,
<br /> PortSmouth,
<br />
<br />'New York,
<br />
<br />January 24th, 1921.
<br />
<br />'Dear Sir :--
<br />
<br /> We will pay ~580,000. which is 100%~and accrued interest less $23,000. for
<br />expenses in connection with the sale of this issue by us for
<br />
<br /> $550,000.00 CITY OF PORTSMOUTH, VA. IMPROVEMENT 5 1/2~ BONDS.
<br />to be dated January l, 1921, and to mature January l, 1~51, without option of prior redemption.
<br />
<br /> 'Bonds to be in coupon form with the privilege of registration in $1,000 denomination,
<br />both principal a~d inter~st to bs made payable~in New_York City, at our office at 62 Cedar
<br />Street and the Charge will be mt the rate o~ 1/8 of 1~ for each $1000.00 for interest and
<br />1/10 of 1% for the principal amount when due.
<br />
<br /> 'The mpproving legal opinion of John C. Thomson, Esq., is to be furnished to us prior to
<br />de$ivery without cost to us or full papers evidencing to the satisfaction of our attorneys
<br />the legality of these bonds and the authority to levy sufficient taxes for the payment of the
<br />principml mhd interest thereof a~e to be furnished to us prior to the d~livery of the bonds.
<br />
<br /> 'We enclose herewith our certified check for $6,000. payable ~o the order of H. L. Hudgins,
<br />Treasurer of the City of Portsmouth, Va , which check'is ~o ~e returned to the undersigned if
<br />~his bid be no~ accepted, otherwise, it is to be deposited hy said City, andwhen the bonds are
<br />delivered and paid for under the terms of this bid, is to be considered as an advance par~
<br />payment therefor, or to be retained as mhd ~or liqutdmted damages in case we fail to t~ke up
<br />and pay for the bonds.
<br />
<br /> 'Yours very truly,
<br />
<br /> 'A. B. Leach & Co., Inc., ~
<br /> "By Frank H. Morse.'
<br />
<br /> "THEREFORE,BE IT RESOLVED, TH~ said revised bid is hereby accepted and the bonds are here-
<br />by awarded to said A~ B. Leach & Co..~ Inc., in accordance with the terms and conditions thereof."
<br />
<br /> Whereupon, ~r. JB~ook~ moved, seconded by Mr. Esleeck, that the action of the Council
<br />on January ltSh~ 1921: in accepting bid of A. B.~Leach & Co., Inc., for $5~0,000.00 City of
<br />Portsmouth, Va., Improvement 5~1/2~ Bonds, be rescinded, and that the above resolution of Mr.
<br />White of even date, be adopted.
<br /> The motion was adopted, and by the following vote:
<br />
<br /> Ayes-- Brooks, Esleeck, S~ith, Hall, Hutchins, Oast, White, ?.
<br />
<br /> At this point, Mr. Bosman, City Attorney, stated that he was handling the matter of charge
<br />for delivering telegrams and express packages in the Eighth and Ninth Wards and wou~d be able
<br />~o make a report on same in a very sho~t time.
<br />
<br />On motion, adjourned.
<br />
<br />
<br />
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