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November ~, 1916.
<br />
<br /> At a special meeting of The Council on the above date there were present:
<br />
<br /> Messrs--Oscie Dashiell, J. T. Hanvey, C. H. Herbert,
<br /> W. D. Morgs~u, Chas. T. Pa~rish,~. 5.
<br />
<br /> The object of this special meeting of the Cou~cil w~s. to consider a proposition from J.
<br />~Mayer & Co., of Cincinnati, to take up again the Cz%y's notes to amount of $200',000.00, due
<br /> January 1, 191~. ~
<br />
<br /> 'The matter was discussed by Mr~ Chas. H. Ireland, Agent for said Company, and finally
<br /> the following propositio~ presented by the President of the Council, was adopted:
<br />
<br /> "November ~, 1916.
<br /> "Honorable Mayor & Council,.
<br />
<br />Ce
<br />
<br /> "PortSmouth, Va.
<br /> ".Gentlemen:--
<br /> "We will pay you par and accrued interest for your $200,000. Portsmouth,
<br />Va., Four and O~e Half Percent Funding Notes, ~o be dated January. 1,'1917, in denomination~of
<br />$1,000. each, wath ~rincipal amd Semiannual interest payable at the Hauover National Bane New
<br />York, N. Y., said bonds maturing as follows, viz., '
<br />
<br /> $ .o0o. Jan?r 1919
<br /> ~0,000. 1920
<br />~0,000. " " 1921
<br /> o,ooo, " "
<br />~0,000. " " 1923
<br />without Option Of prior pa.vment.
<br />
<br /> ' "The notes are to be legally and r~gularly issued, and in proper form to the ~atisfaction
<br />of our Attorneys, you furnishing them wmth all papers necessary for their examinatmon prior to
<br />the delivery of the notes to us in Cincinnati, Ohio. It is understood that a tax is to he levied
<br />sufficient to pay the semiannual interest as the same accrues and to create a sinking fund which
<br />will retire the no,es at mmt~,tiSy. ~t is also understood that we are to furnish the blank bonds
<br />free of expense to the City and pay the fees of the Attorneys whom we employ to examine the va- ~
<br />lidity of these notes.
<br /> "Respectfully submitted, I
<br />
<br />"J. C. Mayer & Co.,
<br />
<br />And by the following vote:
<br />
<br /> "By Chas. H.
<br />
<br />Ayes--Dashiell, Hanvey, Herberm,
<br />Mor~, Parrish, 5.
<br />
<br />Ireland, Agent."
<br />
<br /> A petition was-r~ad from the Chairman of the Dale Memorial Committee, Fort Nelson Chapter,
<br />Do A. R., for permission to erect a monument to Commodore Richard Dmle on Washington street,
<br />between Glasgow and North streets.
<br /> On motion, Said petition was g~anted, the work to be done under the supervision and
<br />to approval of the City Engineer.
<br />
<br />On motion, ~adjourned.
<br />
<br />
<br />
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