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January lt, 1921
<br />
<br />A. B. Leach & Co., Inc;,
<br />
<br />"Par (100%) and accrued interest less the sum of $23,000 .
<br />for our expenses in connection with issue of
<br />City of Portsmouth, Va., 30 Year Improvement 5 1/2% Bonds.
<br />"In addition to the conditions in our bid this bid is con-
<br />ditioned upon the entire issue of $580,000. bonds des-
<br />scribed therein being delivered to us as soon as bonds
<br />are ready and upon payment by us for same; this entire
<br />payment is ~o be deposited in some bank in New York City
<br />that is mutually agreeable and at the same time a draft
<br />drawn on saii bank by the proper City Officials for $
<br />$400,000. is to be given to us and then we will immedia-
<br />tely deposit with some bank in New York City that is mu-
<br />tually agreaable four of our notes paymbls to the City
<br />of Portsmouth, Va., for $100,000. each, one note for 30
<br />days, one note for 60 days, one note for 90 d~ys, and
<br />one note for 120 days, all notes to bs non-interest bear*
<br />ing and we will also deposit with said bank as trustee
<br />coliaterai such as bonds, stocks, etc., to bs designated
<br />by us to secure payment of said not es when due.
<br /> We are to have the~right.to s~ostitute collateral for
<br /> the oollaleral so meposited of equal market value and
<br /> as our no, es mrs paid a pro-rata ~mount of said collate-
<br /> ral is to be released to us.
<br /> If you so desire, we can probably arrange to give you
<br /> surety bond to cover these notes instead of this colla-
<br /> teral."
<br />
<br /> We would recommend that the bid of the Bank of TidewaTer for ~20,000. be accepted and
<br />that the bid of A. B. Leach & Co. for $580,000.00, at par and accrued interest, less $23,000.
<br />for expenses, be accepted.
<br />
<br /> The price received for these bonds is approximately ~6.17 a~d after a conference with the
<br />different banks of the City and upon their ~dvi~e, we are making the above recommendation.
<br />
<br />(Signed) L. G. ~ite, Chairman.
<br />
<br />vote:
<br />
<br />On motion,
<br />
<br />~he recommendations
<br /> Ayes-- Brooks,
<br />
<br />of the Committee were ~dopted~ and by the following
<br />Esleeck, Smith, Hall, Hutchins, Oast, White, ?.
<br />
<br /> In connection with the above issue o£ bonds, the Finance Committee presented the follow-
<br />ing ordinance and asked that the same be placed on its first reading:
<br />
<br /> ~ An Ordinance Authorizing
<br />the ~ssuance of Six Hundred Thousand Dollars ($600,000.00) Bonds of the City of Portsmouth, Vir-
<br />ginia, for the Pturpose of Constructing ~ School House, Fire House, and ~ublic Building,
<br />Making Street Improvements in-said City; Making Provision for Form of said Bonds and fo~ the
<br />Payment ThereOf.
<br />
<br /> On motion of Mx. Hall, seconded by ~r. Hutohins, the recommendation of the Finance Com -
<br />mittee was adopted and the ordinance was placed on its first reading, and by the following
<br />vote~
<br /> Ayes-- Brooks, Esleeok, Smith, Hall, Hutohins, Oas~, White, 7.
<br />
<br />On motion,
<br />
<br />adjourned.
<br />
<br />
<br />
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