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Home My WebLink About00459 Minutes of Regular Session of November 3/36 continued.254 I Minutes of Regular Session of November 3/36 continued. To the Honorable Mayor and City Council, Port Townsend, Washington. Gentlemen:- Permission is requested to malts repairs to the floor of the small storeroom adjoining our main building on Adams Street. Cost is estimated at $20.00. Respectfully submitted, THE LEADER COMPANY. From George Welch, to -wit: Port Townsend, Washington, October 27, 1936. Honorable wayor and City Council, Port Townsend, Washington. Gentlemen:- Pei -mission is hereby respectfully requested to enlarge the entrance the entrant of the Pettygrove Building, at the rear, at a cost of approximately "$50.00. Respectfully submitted, Goo. Welch Agent for Owner. From George Welch, to -wit: Port 'Townsend, Washington, October 27, 1936 Honorable Llayor and City Council, Port Townsend, Washington. Gentlemen: - Permission is hereby respectfully requested to close in openings on the front and side of James -Hastings Building on the corner of Water and Tyler 6treets, including minor repairs and improvements in the building, at a total approximate cost of $600.00. hespectfully submitted, Geo. Welch, Owner. It was moved by Councilman Hirtzler and seconded by Councilman Lammers that the said permits be granted. Motion declared carried. REQUISITIONS. Requisitions for sundry supplies were presented, read, and disposed of, as follows: For the Water Department, to -wit: 2 Corey Hydrants; 2 lengths steel pipe, 80 feet; 1 length steel pipe, 30 feet. For the Park Department, to -wit: Materials to construct addition to cottage, build garage and woodshed, $ 198.00 It was moved by Councilman Hirtzler and seconded by Councilman Lammers that the said requisitions be granted. L:otion declared carried. ORDINANCES ANDRESOLUTIONS. Union Oil Company: At the request of City Attorney Daly, the proposed ordinance to grant a franchise to the Union Oil Company is carried over to the next session. Emergency Ordinance, re: Defaulted Bonds. The proposed Emergency Ordinance submitted at the regular session of Oct. 20,1936 was now taken up for final disposal and was read in full for the second reading, Read by title only. It was moved by Councilman Hirtzler and seconded by Councilman Lammers that Lhe 3rd reading be by title only. Upon Roll Call vote, all four Councilmen present voted in the affirmative and motion was declared carried. 3rd Reading and Passage. The Cleric then read the ordinance by title only for the 3rd reading, whereupon it was moved by Councilman Hirtzler and seconded by Councilman Latrmers that the said ordinance do now pass. Upon Roll Call vote, all four councilmen present voted in the affirmative and motion was declared carried. Copy of Ordinance. The following is a copy of the said ordinance as passed by the City Council llov. 3, 1936, and approved by the Mayor on same date, to -writ: ORDINANCE NO. 1074 All ORDINANCE providing for the immediate appropriation of money upon the Current Expen a Fund of the City of Port Townsend for the year 1936, for the paying and discharging neces- sary costs incidental to the refunding of the General Obligation Refunding Bonds, issue of 1911, and declaring an emergency. Y.HEREAS, it anpears to the City Council of the City of Port Townsend that a feasible and workable plan can be immediately accomplished wherein and whereby the 09,000.00 unpaid General Obligation municipal Bonds of said City, issue of 1911, can be refunded and paid on definite maturity dates anc the intersst rates thereon reduced from 5:`:- per cent per annum to 4;'1 per cent per annum, and in order to accomplish that objective it will be necessary that the opinion of a recognized and responsible attorney dealing in municipal bonds bo se- cured, the fee for which together with the cost of printing and other incidental expense is, and has been fixed at, the sum of $650.00, and, YRiEREAS, there is no money provided in the budget for the Current Expends Fund for the City of Port 'Townsend for the year 1936 for that purpose and that such expenditure could no have been reasonably foreseen at the time of the adoption of the official budget for the said year of 1936, therefore, THE CITY COUNCIL OI'' THE CITY OF PORT TO1311SEND DO ORDAIN AS FOLLOIUS: Section 1. That there be, and hereby is, appropriated for the Current Expense fund of the City of Port Townsend for expenditure during the year 1936, the sum of not to exceed i 255 $p650.00 for the purpose of providing a means of payment of the opinion of a recognized and established bond attorney; cost of printing and other expense incidental to this transa_ tion. Section 2. That the City Cleric be, and lie is hereby, authorized to issue emergency warrants upon the Current Lxpense Fund of said city not exceeding the sum of $650.00 upon the presentation of properly approved vouchers. Section 3. That this ordinance be publishod once in the Port 'Townsend Leader and to be in force and take effect as provided by law. Passed by the City Council Nov. 3rd, 1936 Approved by the Mayor Nov. 3rd, 1936. Attest: C. F. Christian; City Clerk. George Bangerter, Mayor. BOIID MATURITY EXTENSION ORDINANCE. An ordinance relating to the defaulted General Obligation Bonds of 1911, and en- titled "An Ordinance providing for the extension of time of payment and reduction of inter- est rate on $41,000, principal amount of Port Townsend General Refunding Bonds, dated July 1, 1911, authorizing the Mayor and the City Clerk to enter into a contract with the owner of said bonds for such extension of time of payment and reduction of interest rate," was introduced, and read in full.for the first reading. (Sather and Naughton arrived just prior to the above reading and took their seats.) It visa moved by Councilman Hirtzler and seconded by Councilman Lammers that the first reading be considered the second reading and that the third reading be by title only. Upon Roll Call Vote, all six councilmen present voted in the affirmative and motion was declared carried. 3rd Reading and Passage. The Clerk road the said ordinance by title only for the 3rd reading, whereupon it was moved by Councilman Hirtzler and seconded by Councilman Lammers that said ordinance do now pass. Uoon Roll Call vote, all six Councilmen present voted in the affirmative and motion was declared carried. All AGREELLTiNT, referred to in the foregoing ordinance as "Exhibit A" of said ordinance, was now submitted and read in full. - It was moved by Councilman Hirtzler and seconded by Councilman Naughton that the said agreement be approved by the Council and that the Mayor and the City Clerk be authorized to sign and execute the same in accordance with the provisions of the said Ordinance #11075. Upon Roll Call Vote, allsix councilmen present voted in the affirmative and motion was, declared carried. Copy of Ordinance and Agreement. The following is a copy of the said ordinance, with which is incorporated the agreement referred to as "Exhibit A", to -exit: ORDINANCE I10. 1075. An Ordinance providing for the extension of time of payment and reduction of interest rate on $41,000, principal amount of Port Townsend General Refunding Bonds, dated July 1, 1911, authorizing the Mayor and the City Clerk to enter into a contract with the owner of said bonds for such extension of time of payment and reduction of interest rate. l'lhereas, there matured on July 1, 1931, and there is now due and owing, general re- funding bonds of the City of Port Townsend dated July 1, 1911, in the principal sum of Q41,000; and, i'lhereas, the owner of said bonds is willing to agree to an extension of time of maturi ty and a reduction of the interest rate of said bonds, and it is ;o the best interest of sa city to enter into such an agreement; now, therefore, THE CITY COUNCIL OF THE CITY OF PORT TO'SNSEND DO ORDAIN AS FOLLOVIS: Section 1. The, -date of maturity of the Port 'Townsend general refunding bonds dated Ju ly 1, 1911, in the total principal sum of $41,000, shall be and the same are hereby extends as follows: Bonds numbered 27, 28, 29, in the principal sum of $3,000, January 1, 1938. 30, 31, 32, " " It " " 330001 January 1, 1939. 33, 34, 35, It " It " " 32000, January 1, 1940. 36, 37, 38, 44, " " ° " 41000, :January 1, 1941. 45, 46, 47, 48, " " " " ° 4,000, January 1, 1942. 49, 50, 51, 52, " ° " " " 4,0001 January 1, 1943. 53, 54, 55, 56, 57, " " " " " 5,000, January 1, 1944. 58, 59, 60, 81, 62, " " " " " 5,000, January 1, 1945. 63, 64, 65, 66, 67, " ° " " 5,000, January 1, 1946. 68, 69, 70, 71, 72, " " " " " 5,000, January 1, 1947. Section 2. Said bonds shall boar interest at the rate of 4zp per annum from January 1 1937, until paid, payable semi-annually. Interest coupons shall be attached to said bonds and shall be in substantially the following form, except as to date of payments: Interest Coupon lie. $22.50 On the first day of , 19 -, the City of Port Townsend, Washington, will pay bearer at the fiscal agency�7ve She of Washington in the City and Syate of New York or at the office of the Treasurer of said City of Port Townsend, at holderts option, the sum of Twenty-two and 50/100 Dollars in lawful1 mo f the United States, being the semi-ann 1 interest then due on its general refunding �n� dated July 1, 1911, tie. , prov Med that this coupon is subject to the terms and conditions of the bond to wh c t is annexed as modified as to date of maturity and rate of interest by an agreement between %kn said dity of Port Townsend and the owner of this bond pursuant to Ordinance No. of said City. CITY OF PORT TO:7NSEND BY Attest: I;ayor I • _I i