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November
<br />
<br />1918
<br />
<br />At a~ adjourned special meeti~ o£ the City~ Caunci! November 22nd there were
<br />
<br />Messrs-- M. P. Claud, W. H. Culpepper, C. D. Deaths,
<br /> J. T. Hanvey, C. H;~ Iterbert, E. H. ~right,.
<br /> Also the City Manager.
<br />
<br />present:
<br />
<br />The ?cail}~ having been read, the Dep~rtment of Finance presented the following report:
<br />
<br /> -Hon. City Co~ucil.
<br /> The Department of -Finance havin~ been authorized to receive bids for
<br />$800)000.O0 Water Bonds would respectih~tly report ~Jaa% ~bids were received up to ~ P. N., Novem-
<br />ber ~2,-1918, as follows, and i~ediately opened in the presence of representatives of all
<br />bidders, which were nine in number, the largest number of bidders bidding bn City bonds ina.
<br />good man~yea~s:
<br />
<br />Si!verman, H~eh Co.,
<br />R. N. Grant & Co.,
<br />Geo. A. Gibbons & Co.,
<br />HOrnDlower & Weeks,
<br />E. J. Var~Engen,
<br />J. P. Andre Nottu,
<br />Prudden & Co.,
<br />Baker, ~atts & Co.,
<br />Seasongood & Mayer,
<br />
<br /> par and discount of $2,~0G. for expenses.
<br /> par and $*,800.G0 premix, blank bo~s free to CX~y.
<br />
<br />par and of $ ,5oo.oo.
<br />par and dmscount of $6,600. for e~enses.
<br />.993/~.
<br />p~ less 5 ~/~% for expenses.
<br />p~ ~d bl~k bo~s ~d legal e~nses ~ee to City.
<br />p~ and premb~ of $28.00.
<br />
<br /> After considering the various b~ds, your Department of Fin~ce recommends that the bid..
<br />of R. M. Grant & Co. (~d~ich was $80~,800 for the $800,000.00, ~%,. ~0 year, ~ats.r Bonds, dated
<br />December 1, 1918,~to mature December 1, 19~, interest payable semi,annually ~ bemng the highest
<br />bid, be accepted, and that $~00,000. Water Bonds be awarded to R. ~. Grant & Co., as per their
<br />bid.
<br /> ReSpectfully submitted,
<br />
<br />~C. H. Herbert, Chairman.~
<br />
<br /> Whereupon, the followLug resolution was presented and adopted:
<br /> "W~EAS, R. ~. Grant &
<br />Compaq, of New York City, are the 2~Ighest and best bidders for the Six Hundred ~ousan~ Dol-
<br />lars City of Portsmouth, Virginia, Wa~er Bonds, to be issued by the City of Portsmouth, Va..
<br />dated DeQeraber 1, t918, be. ari~g interest at the Pate of f~ve and one half per centum per an~m,
<br />payable semi-anti, ally, said bonds to mature as specified f~ their bid, bearing dateof November
<br />2~, 1918.
<br />
<br /> ~NO~, T~ER~ORE, BE IT RESOLVED, that the said bonds be and the same are hereby awarded
<br />%o §aid R. M. Gran~. & co.m~ and the President of the Council and City T~easurer and City
<br />Cte~k are hereb, y~ authorized and d~ected to~ exec.?te sa.id bonds, and when executed to deliver
<br />the same to samd R. ~. Grant & Company on compliance wroth the terms of their bid on file in
<br />t~he office of the City Clerk.~:
<br />
<br /> On'~otio~ of ~. ~right, seconded by Mr. Culpepper, the ~bove resolution was adopted
<br />by the affirmative vote of the following members, to-wit:
<br /> Ayes--Claud, Culpepper, Deans,
<br /> Hanvey, Herbert, ~right, 6.
<br /> No members voting against said resolution.
<br />
<br /> Culpepper, the matter of borrowing ~150,000. to pay bonds 'becoming due
<br />the Portsmouth, Berkley & Suffolk Water Compaq, was referred to the Fi-
<br />
<br />On motion,
<br />
<br />adjourned.
<br />
<br />~'~%' CLERK AND AUD)TOP.
<br />
<br />
<br />
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