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Home My WebLink About00456 Minutes of Regular Session of Oct. 20/36 continued.L i i , u, 248 Iiinutes of Roettlar Session of Oct 20136 continued walk on the Taylor Street side of the Central Iiotel. Tank will be installed in accord- ance with Underwriters rules and the City Ordinances. Respectfully submitted, Central Hotel By A. I. Smith. The said application tins referred to the Street Committee and the City Engineer. From ;'rs. L. S. Ingraham, to -wit: Port Townsend, Washington, Oct. 20,1936. To t'.:e liayor and Council of Port Townsend, Washington. Gentleman: 'dill you grant me a permit to build a garage on my property at 606 Adams Street. Estimated cost, $125.00 . Respectfully submitted, Mrs. L. S. Ingraham. REQUISITIONS. Plater Department: The "later Department presented a requisition for the following: 1108 ft. 4" - 250t head wood pipe. 1329 ft. 4" - 3501 head wood pipe. 5 ft. 6" - 350' head wood pipe. 1 - 11 E 15 degree bend 1 - 4" II E 90 degree bend 4 - 4" wood plugs for pipe 1 - 4" x 1I inch reducer 1 - 4" gate valve 4 - valve boxes 24 - 3/4' Brass corporation cocks 2 - 1" brass corporation cocks 24 - 3/4" Service Stops 2 - li' service stops. 30 service boxes 1 - set flanging tools 1 - set 1/2" dies 1 - act 3/4" dies 460 ft. 3/4" G. I. Pipe 40'ft' 1" G.I. Pipe. Engineer's Department: 4 yds drawing paper; 3 bottles Higgins Ink. It was moved by Councilman Lmm:brs and seconded by Councilman Lafferty that the said requisitions be granted. Upon Roll Call vote, all five councilmen present voted in the affirmative and motion was declared carried. ORDINANCES AID RESOLUTIONS. Union Oil Co. franchise. At the request of City Attorney Daly, the proposed ordinance granting a franchise to the Union Oil Company, teas laid over, inasmuch as the proposed ordinance does not con- tain a section or paragraph requiring a yearly rental payment. Emergency Ordinance for Garage Bldg. The ordinance appropriating funds for alteration and repair of the City Garage, which was introduced at the last session and read in full for the first reading, was now taken up and again read in full for the second reading. 3rd Reading by Title. It was moved by Ccuncilman Lammers and seconded by Coun- cilman Hirtzler that the 3rd reading be by title only. Upon Roll Call vote, all five Coun- cilmen voted in the affirmative and motion was declared carried. Ordinance passed. It was then moved by Councilman Lammers and seconded by Coun- cilman Hirtzler that said ordinance do now pass. Upon Roll Call vote, all five councilmen present voted in the affirmative and motion was declared carried. Copy of Ordinance. The following is a copy of the said ordinance, to -wit: ORDINANCE NO. 1073. AN 0DRDIJAIICE, providing for the immediate appropriation of money for the Current Ex- pense Fund of the City of Fort Townsend, and for the expenditure thereof during the year 1936, and declaring an emergency. "nereas, the building used as a housing place for the street equipment of the City of Port Townsend is badly in need of repair and really does not adequately provide for the pro- tection of such equipment and is in such a condition that the further maintenance of said equipment in said building is a hazard, and a public emergency now; exists to provide funds for properly protecting such equipment, therefore, THE CITY COUNCIL OF ThE CITY OF PORT TW.":SEND DO ORD.�,Iil AS FOLL6,','S: Section 1. That there be and hereby is, appropriated for immediate expenditure upon the that nt certain nse Fund str cturefthe withinisaidfPort city, Townsend maintained for the purpose of repairing and altering street equipment, the sun of not to exceed :J250.00. rod for the purpose of 'rousing; Section 2. That a public emergency is hereby declared to exist for the purpose afore- said and the City Clerk of the City of Port Townsend be, and he is hereby, authorized to dra emergency warrants upon the Current Expense Fund of said city not exceeding said ar_ount, upo the presentation of properly approved vouchers. IAA, �{ " `r(e�.iM1lt xt I a r•�{y,•, tii � [ i ` V ppi }'ist7 yy. I.i�aES%£A �"� ;� U 3�. ?. S• 249 Minutes of Regular Session of Oct. 20/36 continued. (Ordinance No. 1073 continued) Section 3. That this Ordinance be published once in the Port Townsend Leader, and to take effect and be in force as provided by law. Passed by the City Council October 20th, 1936 Approved by the Mayor October 20th, 1936. Attest: George Bangerter, Mayor. C. F. Christian, City Clerk. EMERGENCY ORDINANCE RE: DEFAULTED BONDS. A proposed plan for redeeming the outstanding defaulted bonds of the issue of 1911, was presented in writing by City Attorney Daly, together with a proposed emergency ordinance appropriating fonds for the carrying out of the plan, the commutication being as follows: Port Townsend, I7ashington, October 20, 1936 Honorable Mayor and City Council Port Townsend, Vlach. Re: Refunding General Obligation Hands - Issue of 1911. Gentlemen: - The above -entitled matter whidb:has been referred to the City Clerk, City Trees- urer and the undersigned for investigation and report has now developed to the point where- in it appears regular, logical and practical for the L:ayor and City Council to act, either rejecting, modifying oil concurring in the proposed plan. Our recommendations for refunding embraces in substance, the following: The holders of the bonds, i.e., "loodmen of the "lorld, Woman's Benefit Society, Yawkey estate and others will surrender their, physdcal securities and will be paid therefor by the purchaser at par and accrued interest To accomplish this objective the $8000.00 in the redemption fund will be used. To retire the balance of ;741,000.00, a maturity table has been worked out; Commencing January 1, 1938, the remaining forty-one bonds in $1000.00 denomina- tions, together with interest on the decreasing balances, will be paid as follows: January 1, 1938, $3000.00 and interest January 1, 1939, 3000.00 and interest January 1, 1940, 3000.00 and interest January 1, 1941, 4000.00 and interest January 1, 1942, 4000.00 and interest January 1, 1943, 4000.00 and interest January 1, 1944, 5000.00 and interest January 1, 1945, 5000.00 and 'interest January 1, IC46, 5000.00 and interest January 1, 1947, 5000.00 and interest. It is to be farther agreed that the interest rate will be reduced from five and one-half per cent per annum, the present rate, to four and one-half per cent per annum,thus saving the city, in interest alone, over the conpemplated period of ten years, the stun of $2550.00. 1' "then one considers that since the data of default in 1931, that by reason of the inhibitions contained in the so-called 40-mill bill, which has prevented a sale (I know we have twice advertised since the undersigned has been your attorney), the City of Port Town- send has annually paid the stun of $2695.00 in interest and with no reduction of principal, there is grave cause for concern and consequently, it seems to me that any plan that will ultimately relieve the tax payers of this old debt is vastly better than going on as vie are at Dresent. Your City 'Treasurer, City Clerk and myself have been assured that all ordinances, contracts, printing and incidentals will be prepared and paid for at the expense of the prospective buyer, provided however, that the City Council advance toward that end the sum of $650.00. You have placed in your budget for the year of 1937,.the sum of 0400.00 for that purpose, but as it appears now that vie will have to make a disbursement before January 1st, 1937, at the suggestion of Mr. Christian, I have prepared and present herewith a pro- posed draft of an emergency ordinance that will take care of this expenditure. In truth and in fact the proposed emergency ordinance will carry with it an appropriation of but 250.00, over and above the actual cash that will be available on January 1, 1937, and in the light of the fo:•egoirg should be good business for the city. I recommend that the Finance Committee of the City Council meet with I,r. Christfai ;.;r. Stockand and myself and go over the whole proposition with us before the attached ordi- nance can come on for final passage. Respectfully, ,7. J. Daly, City Attorney. Proposed Emergency Ordinance. The said proposed emergency ordinance, which is entitled "An Ordinance providing for.the immediate appropriation of money upon the Current Expense Fund of the City of Port Townnsend for the year 1936, for the purpose of paying and discharging necessary costs inci- dental to the refunding of the General Obligation Refunding Bonds, issue of 1911, and de- claring an emergency", was now presented, and read in full for the first reading, and in accordance with provision of law, consideration of same goes over to the next regular ses- sion. Q