HomeMy WebLinkAbout84-041BPo~t ~, N~shin~to~
Resolution No. ~-~ I
A RESOLUTION REQUESTING THE UNITfI) STATES BANKRUPTCY COURT, WESTERN DISTRICT
OF W~SHINGTON TO APPROVE THE SALE OF CERTAIN ASSETS OF THE ESTATE OF SEATTLE
AND NORTH COAST RAILROAD TO THE BRAE CORPORATION.
~E~S, Seattle and North Coast Railroad filed for protection under
Chapter Eleven of the Federal Bankruptcy Code on June 8, 1984, and
I~}~3~E~S, no rail movement has taken place since July 1, 1984 due to
uncertainties in the operating and financial status of Seattle and North Coast
Railroad, and
WHE~E~S, an operating railroad is an asset to the Port Townsend
conmunity and provides flexibility to existing industries as well as those
that may be part of the future growth in the City and county, and
I~3{[f%S, Brae Corporation has been identified as an interested party
to resume operation of the line and has submitted a plan that is satisfactory
to Mr. John Cary, Trustee of Seattle and North coast Railroad, and
I~3~S, Brae Corporation has made a cash offer to purchase certain
assets of the Seattle & North Coast Railroad, (per notice of intent to sell
assets No. 84-01887-YllRR) and if such a purchase was approved by United
States Bankruptcy Court, West District, it would allow restm~ption of rail
service before the end of 1984, and
S~{EI{E~S, a hearing on the Seattle & North Coast Trustee's request for
approval of the sale of assets to Brae Corporation has been set for December
11, 1984.
NGW, TI{EI~ORE, BE IT RESOLV]~), that the City Council of Port Townsend
requests that the above mentioned sale to Brae Corporation be approved by the
United States Bankruptcy Court, Western District, at the conclusion of the
hearing on December 11, thereby allowing rail service to begin again serving
industry on the Olympic Peninsula.
~ at Port Townsend, Jefferson County, Washington this 4th day of
December, 1984.
Brent Shirley, Mayor
Attest: