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HomeMy WebLinkAboutMinutes 05/24/1950 I~ 'I I I Proceedings of the City Commission of the City of Port Angeles, Washington Wedne sda" . Mav 24. 19.ESh.. ,"". '"~". ""'CO "!""""' ...,...!c..... .... I The Commission met at 1:00 P. M.,and was called to order by Mayor Feeley. Officers present were: Mayor Feeley, Commissioners Robinson and Taylor, Attorney Trumbull, and Clerk Law. , Under the head of unfinished business, Frank Fountain read an amendment to proposed agreement for refunding I of Industrial Water Bonds. I. Honorable Mayor and City Cor;mlissioners Port Angeles, Washington. I Gentlenen: j Reference is made to a proposal under date of May 22, 1950, to purchase a runr issue of $705,000.00 i Port Angelefl Water First Lien Revenue Bonds which woUld provide $300,000.00 of new money for capital outlay , and refund $405,000.00 of outstanding 2% Wa ter Revenue Bonds. I In the event of eny Wlcertainty as to the amount of new money. needed for capital outlay purposes, the I proposal is hereby amended to cover a new issue in any amount up to $705,000.00 First Lien Water Revenue ~ Bonds with the understanding that any reduction in the proposed .S~5,000.00 amount of the issue will reduce I in equal amounts the annual installments of prihncipal due under the "serial maturity schedule" as set forth in the original proposal. For example, if the amount required is reduced tloo,ooO.OO, there shall be a I reduction of $10,000.00 in .each of the annual principal payments. I This amendment to the proposal is made with the condition that the dsfinite total amount of bonds to be I sold will be fixed and conveyed to us by the City Commission on or before June 1, 1950. All other terms and conditions of the original proposal shall remain the same, Respectfully submitted, BLYTH & COMPANY, INC., SEA1'1'LE THE PACIFIC NATIONAL BANK OF SEI\1'I'LE 1\'11. P. HARPER " SON " CO., SEATTLE FIRST .NA'TIONAL BANK IN PORT ANGELES BY: FIRST NATIONAL llAllK IN PORT ANGELES By: F. O. Fountain I Vice-President The above amendment to offer to p'.lrchase up to $705,000.00 par value of bonds is hereby accepted by proper I authorization of the City of Port Angeles, and we hereby acknowledge receipt of the good faith depoeit i check in the amount of $55,250.00. l : AT1EST: I J. E. Law City Clerk Frank A. Fe e ley Vernon J. Robinson Ed. B. Taylor ColJ)fllissioners , Commissioner Taylor informed that if arterial paving project did not materialize, only a portion of proposed I bond issue would be necessary. Also cited ~mo~t'ofcbonds'pu~chased by the City; contemplated capital I i outlay expenditures, and estimated normal receipts,and expanditures. It was the opinion of Mr. Taylor that i the proposition should not be considered at this time and so moved to postpone the matter until a later date for more consideration and study. There was no second. llayor Feeley reminded that the Water Department has employed an Engineer to conduct survey, and the work should be done. It was moved by Co"lltlissioner Robinson that the Commission accept pr.oposal as amended. Seconded by Mayor Feeley. At this time, the meeting was again recessed for fifteen minutes to re-ccnvene at the City Hall. I I City Hall, 2:15 P. M. I Mayor Feeiey alillounced a motion is before the house and more discussion followed. I Commissioner Taylor had not fully arrived at amount needed, and re'luested Attorney's opinion if entire , amount of bonds must be issued and used for Indust.rial system ouly. Mr. Trumbull confirmed that according , to amendment, an amount from $405,000.00 to $705,000.00 could be issued, and money used for Industrial or I Domestic S.'stem after required amount for periodical bond redemption is available. Commissioner Taylor then decided in favor of the bond refunding, decision being based on the following: That the bonds to be issued will be cellable after five years from date. That any surplus from either the Domestic system or the Industrial system may be used to meet expenditures in either system for maintenence and otherl'lise. That there will. be available from the Industrial system for use ir, meetirlg costs of ! improvements to the Domestic systed the following: $72,000.00 Bonds now held by the City, $59,CXJO.OO I receipts from sale of water for the year 1950. I I Commissioner Robinson. then called for a vote on the question. On roll call all members voted Aye. The I Mayor declared ths motion carried. I I The Corr~ission then discussed Ordinance No. 1226 pro';iding for submission to qualified electors of the City I a proposition .authorizing construction and i.nstallation of certain storm sewers and paving certain 'streets, 'and fixing date for specie,l election. Attorney Trumbull recol!Jr.lended that the Commission reconsider the I Ordinance at the next meeting, amending the same, fixing date of election for Jul.' 25, and place on firet and second reading. It was moved by Commissioner Taylor that the recommendation be accepted and.Ordinance I amended. Seconded by Mayor Feeley. All voted Aye. !\otion carried. I ., . H. 'W. Kramer of Carey & lliraiDer, Consulting Engineers, appeared with salary schedules comparing salaries of other cities with Port Angeles. Also discussed power contract with the F. li. D., and informed of progress I rr.ade in survey of the Light Department. There baing no further business, tha meeting was adjourned. # C. ~ .i-wv Cle r k ~J!~ Il LAt Iv! ":. r . 7 ' .....