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1918
<br />
<br />to the City, have the same recorded in %he p~oper Clerks' 0ffices.~'
<br />
<br /> On motion of ~..Claud, seconded by Y~o Wright, the resolution was adopted bythe
<br />ing vote:
<br /> Ayes-- Claud, Culpeppor, Deans, Hanvey, Herbert, ~ight, 6.
<br />
<br />follow-
<br />
<br />On motion, adjourned
<br />
<br />to meet-Tht~sday,
<br />
<br />January 2nd, 1919.
<br />
<br /> ~IIY CLERK ~'~ ~CDITO~
<br />
<br />Januar$~ 2, 1919.
<br />
<br />At an adjourned special meeting of the City Council january 2nd there were present:
<br />
<br />Messrs-- M.LP. Claud, W. H. Culpepper,
<br /> Bq H.~Herbert, E. H..W¥ight,
<br /> Also the City Kanager.
<br />
<br />C. D. Deans,
<br />5.
<br />
<br /> Whereupon, the following ordinance in relatio~ to the issue and sale of water bonds, which
<br />had been laid over December ~Oth ua~til this meeting of the body, was taken up and ~ead:
<br />
<br /> AN ORDINANCE IN R~-TATION TO Tt~- ISSUE Ah~ SA~ 0F WATER BO!~S PURSUAA~T TO T~ AUTHORITY
<br />COIfF~RRRD BY AN 0RDII~N~ ENTIT '~LED: ~'AN ORDINANCE TO AUTHORI~ T~ZISSUE 0F TWO MILLION
<br />SEVEN HU~OR~ THOUSAkqD DOLLAR~ 0P BO~S TO BE F~OV~N AS ~WATER., BONDS' PURSUANT TO SECTION 12V,
<br />CLAUSE B, OF THE CONSTITUTION OF VIRGINIA, .A~ AN ~&CT OF T~ GEi~UA~AL ASSumaBLY OF VIRGINIA, AP-
<br />PR0~qED DLARCH 16, 1918, ENTITLED, ~AN ACT TO ~AUTHORIZE T~ COUNCILS OF T~ SEVERAL CITIES OR
<br />TOWNS OP'TEYE STATE TO ISSUE B0kMDS FOR A SUPP~ OF WAT~ .OR 0T~R SPECIFIC UE~DEHTAKING FROM WHICH
<br />T~ CI~ff OR T0~N ~ DERIVE A REVENUE, PURSUA~T TO SECTION ONE ~EB~-TY_-S~ B OF Ti~ CONSTITU-
<br />TION OF VIRGIN-~, ~' _~])0PTED ~P~EI~ 10, 1918, AND APPROVED BY A ~JORI~ OF T~ QUALIF~
<br />VO~S 0F TP~ CI~ 0F PORT~0UTH, VOTING UPON ~ QD~STION AT ~-E~CTION ~ NOVE~ 5, 1918:
<br />~NG PROVIS'iON FOR ~ FORM 0F $2,01V, 500. ~ ~ BO~S, T~ ISS~ AI~ ~E 0F SA~ B0~S
<br />A~D T~ PY~i~NT T~OF.
<br />
<br /> ~. Wright moved that the last two paragraphs of Section 5 of the ordinance be struck out,
<br />tbmt is the sections reading as follows:
<br /> "Each of said T~t Companies is hemeby authorized
<br />on behalf of the City of Portsmouth not only to ~ke exchanges of bond~ hereby authorized but
<br />also at-the request Of argf holder of a bond constituting part of the bonded indebtedness of the
<br />Water Company as above specified, and upon the pmesentatton of his bond for that purpose, to
<br />stamp thereon on behalf of the City of Portsmouth the following legend:
<br /> 'The City of-Portsmouth
<br />under an o~dinance, duly adopted, has lodged with the Trustee under the mortgage-securing this
<br />bond, water bcmds.of said City in an amount equ~l to the par value of the bonds outstanding
<br />in the hands of the public under the mo~$gage securing this bond, and this bond is exchangeable
<br />at an~ time prior to January l, 1929, provide~ this bond be then ~u~atured, at the option of
<br />the holder fQr a.wat~ bond. of the City of Portsmouth so lodged with the Trustee of a like prin-
<br />cipal amount due ~djustment of the interest represented by the first mat. urinE coupon;col said
<br />~eter bond afte~ the date of transfer to be made at the date of transfer. This legend is placed
<br /> re0nbY the Czty of Port~outh at the request of the holder of this.bond.'~
<br />
<br /> The motion was adopted, and %b~n the ordinance was adopted,
<br />vote:
<br /> Ayes-- Claud, Culpepper, Deans, Herbert, Wright, 5.
<br />
<br />as amended,
<br />
<br />and by the. follow-
<br />
<br /> The following resolution was presented and adopted-:
<br /> ~'BE IT EESOL%'~/D, That the Finance Com-
<br />~%tee. b$ and it is hereby dir~cted to have prepared the engraved bonds authorized~y the ordi-
<br />nance a~opted Januar~r 2, 1919.
<br />
<br /> Then the following resolution was presented and adopted~
<br />"BE IT EESOL~ ~rf T~ 'COUNCIL
<br />~ CI~ OF PORTS~i0UTH, That the F~a. nce Department is he~eby authorized to employChas. F.
<br />Ha~pe~ tO negotiate loan for Seventy-five Thousand Doli.a~Ts ($~8,000.00), be~u~ one-half of_
<br />certain_ loan of One ~ndred and ~ifty ~nousand Dollars (~150,000,007 authormzsdby a~ act ~r
<br />Councml on Thursday, June 2dth, 1918. Thatbrokerage for such servmces sh~ll net exceed §~.
<br />
<br />! That said loan be issued for part payment for purchase of Portsmouth,
<br />W~ter Ce, ~
<br />
<br /> ~0LVED ~UR~, ~t zhe ~eas~e~ a~ the C~ty Cle~k & Audito~ be
<br />~ toa~ on be~ of t~ Ci~.'
<br />
<br />.And by the fo!towir~ vote:
<br />
<br />Ayes-- Claud, Culpepper, Deans, Herbert,
<br /> On mo~ion~ a~journed.
<br />
<br />Bsrkley and Suffolk
<br />authorized to executm
<br />
<br />Wright, 5.
<br />
<br />
<br />
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