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November 4, l~i6.
<br />
<br />A~ a special meeting of The Council on the above date there were present:
<br />
<br />Messrs--Oscie Dashiell, J. T. Hanvey, C. H. Hero.ri,
<br /> W. D. Morgan, Chas. T. Parrish,
<br />
<br />~ The.object Of this special meeting of the Council was~to consider
<br /> N~yer &.Co., of Cincinnati, t8 take up ~gmin the City's notes to amount of $200,O00.OO, due
<br /> January 1,
<br /> 'The m~tter was discussed by Er. Chaso H. Irelaud, Agent for said Company, and finally
<br /> the following, proposition presented by the President of the Council, was ~iopted:
<br />
<br />"Honorable Mayor & Council,
<br />
<br />,November $, 1916.
<br />
<br /> "PortSmouth, Va.
<br /> ~Gentlemen:--
<br /> "We will pay you pa~ a~d accrued interest for y0~r $200,000. Portsmouth~
<br />~a., Four.and One Half Pero2nt Fund£ng Not~s, to be d~ted January 1, 1917, in denomination~of
<br /> ,000.. each, with ~rincipaA amd ~emiamnual interest payable s~t the Hanover National Bank, New
<br />York, N. ¥~, said bonds mmturing as follows, viz.~
<br />
<br /> 40,o00. Januar 1919
<br /> 40,000. " 1920
<br /> ~O,O00. " " 1921
<br /> ~0,000. " " ~22
<br /> 40,000. " " 1923
<br />
<br />without option of prior payment.
<br />
<br /> "The notes are to be legally mhd r~gularly issued, and in proper form to the satisfaction
<br />of our Attorneys, you furnishingthem w~th a~l papers necessary for their examinatioh prior to
<br />the delivery of the notes to us in Cincinnati, Ohio. It is understood that a tax is to be levied
<br />sufficient to pay the semiannual interest as the same mccrues~smd to create a sinking fund which
<br />will retire the notes at ms~u~i~y. It is also understood that we are to furnish the blaak 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,
<br />
<br />"J. C. Mayer & Co.,
<br />
<br />And by the following vote:
<br />
<br /> "By Chas. H.
<br />
<br />Ayes--Dashiell, Hanvsy, Herbert,
<br />Morgan, Parrish, 5.
<br />
<br />Ireland, Agent."
<br />
<br /> A petition was-r,m~ from the Chairman of the Dale Memorial CommitSee, Fort Nelson Chapter,
<br />D. A.R., for permission to erect a monument to Commodore Richard Dale on Washingto~ street,
<br />between GlasgOw and North streets.
<br /> On motion, said petition was granted, the work to be done under the supervision ~nd
<br />to approval of the City Engineer.
<br />
<br />On motion,
<br />
<br />adjourned.
<br />
<br />
<br />
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