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HomeMy WebLinkAboutMinutes 06/28/1944 Proceedings of the City Commission of the City of Port Angeles, Washington 15 June 28th 19A The Commission met in reguJ.nr session at 10 A.M. and ,'/as called to ol'der by Mayor Robinson. Roll call I showed the follovting officers present: Mayo" Robinson. Commisoioners Beam and 1I11lstors. Attornoy Johnston.:, and Irene Thor.\pson. Acting Clerk. I The minutes of the previous session were read and approved. Under the heac of introduction of Resoluticn the following resolution was introduced. RES OLUT I ON I "WHEREAS the, City of Port J.ngeles has by OrdiMrtCe No. 1127 provided for the issuance and sol. of ~~ter "evenue refunding bonds to be dated July 1. 1344, in the prlncipul sum of $572.000.00, for the pu"pose of providing money. to reti.r. on Jenuary 1. 1945 the present outstunding revenue bonds dated January 1. 1930, and it is necessary that the moneys derived from the sale of said rofunding bonds be placed in an escrow, fund so us to have the same available on Jan.uary 1. 1945, when said outstanding bonds will come up for payment. and I "1'illEREAS it is necessary for an agreement to be entered into between the City, the bond pur- chasers and the First National Bank of Port Angeles, as depositary of the proveeds of the sale of said re- funding bonds. "NOW THEREFORE, Be it Resolved by the lIIe.yor and City Commissioners of the City of Port Angeles. Washington. as follows, Section 1. That an escrow agreement be now ente"ed into in the form and containing the terms of the agreement hereto attached, marked Exhibit "A", and the "'ayor and City Clerk of said City are he"eby authorized and directed to execute such agreement on the p,,""t of said City, and when so executed the City official s a"e he"eby uuthodzed and direoted to carry out the terms of said esorow agreement. "Unanimously passed by the "",ycr and City Commissioners on this 2<l th day of June, 191.4. It vres moved.by Commissioner Masters that the foregoing resolution be app"oved ....,d adopted. Seconded by Conrnissione" Beam. an roll call all members voted aye. The 1ItayO" declared the motion oa""ied. Following is tha Escrow Ag"eement provided fo" in the foregoing Resolution. ESCH07/ AGREEMENT I THIS AGREEMENT. made this 28th day of June. 1944. by und between CITY OF PORT ANGELES, a Wash- ington municipal co"poration, Pa"ty of the First ~art, hereinaftH called the "City," BLYTH & CO" INC., and FIRST NATIONAL EA}lK. of Port Angele" Parties of the Second P"rt, hereinafter called the "Bond Pu"- chasers" and FIRST NATIONAL BANK, of Port Aneles, Party of the Third Part, hereinefter called the "Esc"ow Holder" . WIT N E SSE T H: ~lEAS. the City has he"etofo"e, pursuant to Ordinance No. 1127, 8uthorized the issuance and I sale of its water "avenus refunding bonds in the sum of $572,000.00, for the pu"pose of "efunding, On Januar; 1, 1945, its outstanding water "evanue bonds dated January I, 1930, in the SUI'l of $572,000.00; and 1 \'/llEREAS, the bonds of said refunding issue authorized by said Ordinance No. 1127, have been sold to the Bond Furchasen, in confo"mity with said ordinanoe and the bid submitted by them; and ,I WHEREAS. said refunding bonds a"e to ha dated July 1. 191J+, and it is necess!l"y under the terms of saidcs..1lce that the~. be delivered and paid for at date of issue) and ,: ! WHEREAS, the outstanding water "evenue bonds which are to be paid out of the pNceeds of the sale of said refunding bonds cannot be redeemed under the ,call option provided therein until January 1, 1945, and it is necessary that the proceeds of the sale of said refunding bonds be safegua"ded sc that the .ame will be available to pay the principal of said outstanding wd.r "evenue bonds when they are called and p"esented for payment on Janua"y 1, 1945. NOW, THEREFORE. it is hereby agreed by and between the parties he"eto as follows: I 1. That said FIRST IIATIONAL BANK, of Port Angoles. is hereby designated by the City and the Bond Purchasers as the escrcw holder and dual egent ef said parties for the delivery of said p"oposed issue of bonds, the deposi.t of the purchase price the"eof, and the application of such pu"chase money and other specinl funds depcsited with it for the cancellation and retirement of the principal and inte"est of the unpaid and outstanding \Vate" "evenue bonds dated January I, 1930, on Janua~' I, 1945. i I 2. thE' City 8..j!;rees to execute and deliver to the escrow holder, on or beforo July 1, ~9L.4, aaidl enti"e issus of refunding bonds dated July 1, 1944. in the principal sum of 'S572,OOO.00. issued ln con- formity Ylith Ordinance No. 1127 of said City, and in compliance with the terns thereof. I 3. The Bond Purohasers hereby agree to. deliver to the Escrow Holder, sir.ultaneClusly with thl!: delivery to it of the above described "efunding bonds, the full pu"chase price of said bonds, to-wit: [I the swn of $577.720.00, and upon delivery of s.id pu"chase price to s.,d Escrow Holder it is hereby autho- ril.ed and directed to deliver said refunding bonds to said Bond PurChaser. . I 4. The City further agrees to deposit with said Escrow Holder, simulllaneously with the delivery, of said bonds, the present cash balance of $13.760.00 in the bond fund heretofo"e creatsd to pay t!;e prin- 'I cipal and interest of said water revenue bonds dated January 1, 1930, which are payable on January 1, 1945, and seid City hereby agrees, on or before NO'Vl!lmber 15, 1941., to deposit with said Escrow Holder all funds' nacossary; in addition to the foregoine; sums, needed to pay the principal and interest of all the water rel venue bonds dated January 1, 1930, which may be outstanding and unpaid on Janu!lry 1, 1945. " 5. It is further agreed that ~ll funds deposited ..ither by the City or the Bond Purchasers with the 8scrow Holder shall constitue a trust fund, and shall be held in a specid esc"ow acaount. and not commingled with the general assets of the Escrow Holder, nor with ~ny other deposit of the City. 6. It is agreed that the City will. beforo the deposite of said special fund, ca~se its T"ellsil- "er tc file her designation rith tha Ole"\-. of said City, designating the Eso"ow Holder as the depositery for said funes to be held in escrow, and said Escrow Holder hereby agrees to. .deposit in the Trust Depart_ ment of the PACIFIC NATIONAL BANK OF SF.ATTLE United States Certificates of Indebtedness inc j;he ,l?rincipal sum of $625 000.00 as security for said moneys sod.posited in said es..row fu.'ld, and the lty lrea,urer of said City is he;eby authorized and directed to designate said PACIFIC NATIONAL BAliK OF SEATTLE as the ,16 Proceedings of the City Commission of the City of Port Angeles, Washington June 28th 1944 _ II holder of said seourites, as required hy the statutes of the State of Washington, and to receive and hold I the receipt of said PACIFIC NATIONAL BANK OF SEATTLE for said securities. 7. The City hereby agrees that it will, after deposit of said funds with the Escfow Holder, and intime to conform to the option gllven it to call the outstanding bonds dated January 1, 1930, duly call Sai~ ' bonds for payment on January 1, 19h5, and publish notics of said call, as required by the te"ms of said bond iosue. When said cdl has been made said Escrow Holder is hereby authorized and directed, and hereby agrees, to pay and redeem all of said water revenue bonds dated January 1, 1930, ..men presented to it, out " of the esorow funds delivered to it as he"ein provided. to the extent of the esc"ow funds delivered to it, as herein provided. Said bonds, ..men sc paid by the Escrow Holde", shall thereupon be returned to the Ci tYi and be immediately cancelled. It is agreed that ..men all said bonds have been taken up and paid, s:nY sur- I plus remaining in said special fund in the hands of said Escrow Holder shall be transfened to said City, ' and s..id bank shall be entitled to the "eturn of the securities deli116r.d by it to said PACIFIC NATIONAL BANK OF SEATTLE as security for said escrow funds. I Executed this 28th day of June, 19W.. CITY OF PORT AIlGELES !I By Vernon J. Robinson .ts "ayor Attest: I"ene Thcmpson City cr.rk~ BLYTH & CON., INC., and FIRST NATIONAL BANK By. E. F. MAXWELL V.P.. Blyth & Co., Inc. FIRST NATIONAL BANK by: F. O. FOUNTAIN. Vice Pres. Esorow Holder To the Honorable Mayor and City Commiss ion Gentlemen. I hereby designated the First Natione.l Bank of Port Angeles Depcsitary for funds received f"om the is suanCe and Gale of Water Revenue Refunding Bonds. dated July 1, 1944, in the principal sum of $572,000.00. The said funds tc be placed in a special Escrow f'md for tho purpose of providing mOney to retire on January 1, 1945, the present outstanding revenue bonds dated January 1, 1930. Respectfully submitted, I Madge H. Nailor Ci ty Treasurer I It was moved by Commissioner Beam that the foregoing depositary for the escrow funds reoei116d from the sale 'I of Water Revenue Refunding Bonds be approved and accepted. Seconded by Commissioner Msoters. On roll call all members voted aye. The Mayo" declared the motion oarried. To the Honorable Maygr and City CommiSSion , Gentlemen I I hereby designated the Pacific National Bank of Seattle as Trustee fo" the purpose of holding !, United States securities to be deposited with that bank as security for the funds deposited in the First l"ationaI Bank of Port Angeles the "Escrow Holde"" of the funds recoived from the issuanoe and sale of Wate" I I' Revenue Refunding "onds to be dated July 1, 19WI, in the prinoipal sum of $572,000.00, for the purposes of ' p"oviding moneys to retire on Jo.nuary 1, 1945, the p"csent outstanding revenue bonds dated January 1. 1930. Respeotfully submitted, Madge H. Nailor Ci ty Treasu"er It was moved by COmmisDioner Beam that the foregoing depositary as Trustee for holding United Stato. Secur_ I '. ities as security for the escrow funds deposited in the "irat Nat1cnal Bank be app"oved and accepted. Se_ i : conded by COr.\miseioner Maste"". On roll call all members voted aye. The J:layor declared the motion oarried. II I Under the head of ~ew Business. I The United States of America. presented a Release of that certain lease with the City of Port Angeles dated April 15, 1943, for the East ?z of SV~ of the SVf-;. of Section 5, Twp 29 North; Range 5 West, W.M., Cla.llam County, Stete of Washington, for app"ovaI and signature of the Mayor. It was moved by COr.\missioner Beom that the release rerirred to above be approved and ths.t the Mayo" be instruoted to sign the some. Seconded by Commissioner Masters. On roll call all members voted aye. The b.ayor de clared the motion carried. I The Commission instructed the Cito' Clerk to issue ... colI for the purchase of One (1) 105 Cu. Ft. oapacity I gas engine driven portable air compressor. Specificstion and biddinG sheet. may be obtai.ned from the City' Clerk. Bids must be filed with the City Cle"k not later than 10 a.m. July 12~ 19W.. Under the head of applications fo" building permits the fcllowing were granted, Sound Refrigerator Co., Lot 9. BIle. 26. Townsite Frank Lindsay. Construct store, Lot 16, Blk. 20. N. R. Smith's Subd. 200.00 200.00 The Commission examined and allowed the following bills aild ordored warrants drnvm for Be.,'ne: CURRENT EXPENSE FUND ~ Port lngeles Evening News Subs cription 9.00 Proceedings of the City Commission of the City of Port Angeles, Washington June 28th 19~ CITY STREET FUND Roy Sparks 6.83 L"bor WATER FUND Montgomery Ward to Co. Hooker Electrochemical Co. S.d. tch box, etc. for reservoir f,;"- 2.98 Chlorine i1 1~.89 Expens e 22.15 Expens 0 q0 17.25 Lamp Shade .77 MD.:.ntenanoe Contra.ot go - 40.79 Rough Bcx 10.00 I LIGHT FUND Chas. E. Beam Thome..~B."P :----wi ndow Home Electric Co. National Cash Register Co. CEMETERY' FUND I J. D. Pearce PARK. FUND City Treasu"e" City TreasUl'er Peninsule, Fuel Co. Pu"chase of Lts. 1-4, inc., Elk. 152 eo 217.46 Cash paid for cheesecloth ----- .16 Stove Oil 730 13.18 STATE AID FUND The Elec!;ric Co. Clobes 4.20 ViAR LIQUOR TAX FUND John H. Thatcher Johns on Ie Bork Radio Repair Servi ce for Juno Paint &: Turpentine 20.00 7.57 r1 ,7 LID GUAlillJTYFUND City Treasurer Assts. Lot. 1-4, ino., Elk. 152 .143.52 There being no further business the Commission then adjourned. J I Keting ~ Mayor City Clark ~ \ \ ~J ~ I I 17 .~