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Home My WebLink About00460 MINUTES OF REGULAR SESSION OF CITY COUNCIL, NOVEMBER 17, 1936256 Section 3. There shall be stamped on each of said bonds the following words: "Maturity of this bond has been extended to January 1, 19 , and the rate of interest thereon reduced to 41% per annum, payable semi-annually in accordance with the terms of the extension agreement entered into between the owner hereof and the City of Port Townsend, pursuant to Ordinance No. of said city." Section 4. 'There shall be levied each year a tax upon all taxable property situate within said City of Port Townsend sufficient in amount to pay the principal and interest on said bonds as the same accrue, and the full faith and credit of said city is pledged to the levy and collection of said tax and the payment of the principal and interest of said bonds Section 5. The Mayor and City,Clork are hereby authorized and directed to enter into on agreement with the owner of said bonds in substantially the form hereto attached, marked Exhibit "A", and are hereby authorized to take any and all action necessary to carry out the terms of said agreement. Section 6. This ordinance shall be published once in the Port Townsend Leader, to be in force and take effect as provided by law. Exhibit.."Al'attached to Ordinance: This Agreement, made and entered into this day of November, 1936, by and between , of Seattle, Washington, party of the first part, and the City Of Port Townsend, a round pal corporation of the third class of the State of Washington, party of the second part, Witnesseth: Whereas, on July 1, 1931, there became due and payable general refunding bonds of the City of Port Townsend dated July 1, 1911, in the sum of $41,000, bearing interest at the ra e of 5;,Oo per annum, and said city, neither at that time nor at any time since, has had any money or funds.*ith which to pay the principnl of said bonds; and Whereas, forst party, the owner and holder of said outIstanding bonds, is willing to extend the time of payment thereof and reduce the rate of interest thereon upon certain terms and conditions; and, Whereas, it is very harmful to the interest of second party to have said default con- tinue and the arrangement for the extension of the time of payment of said bonds is advan- tageous to said city, and is to its best interest, Now, Therefore, it is agreed by and between the parties as follows: 1. The date of maturity of the general refunding bonds due July 1, 1931, in the prin- cipal sum of $41,000. so owned by the first party, is hereby extended under the terms and conditions hereinafter set forth, as follows: Bonds numbered 27, 28, 29, in the principal stun of $3,000, January 1, 1938 30, 31, 32, " It " " " 3,000, January 1, 1939 33, 34, 35, " It it " " 3,000, January 1, 1940 36, 37, 38, 44, " It it " it 4,000, January 1, 1941 45, 46, 47, 48, " it " It " 4,000, January 1, 1942 49, 50, 51, 52, it It " It " 4,000, January 1, 1943 53, 54, 55, 56, 57, it " " " It 5,000, January 1, 1944 58, 59, 60, 61, 62, It It " " " 5,000, January 1, 1945 63, 64, 65, 66, 67, " " It " '' 5,000, January 1, 1946 68, 69, 70, 71, 72, It 11 11 5,000, January 1, 1947 2. Said bonds shall bear interest at the rate of 4 .' per anntun 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 No. $22.50 Gn the first dayy oi-- 19 , the City of Port Townsend, Washington, will pay to bearer at the fiscal agency o the bt to of Washington in the City and State of New York or at the office of the Treasurer of said City of Port Townsend, at holder's option, the sum of Twenty-two and 50/100 Dollars in lciwful money of the United States, being the semi-annual interest then due on its general refunding bond dated July 1, 1911, No , provided that this coupon is subject to the terms and conditions of the bond to whicift is annexed:_as modified as to date of maturity and rate of interest by an agreement between sai City of Port 'Townsend and the owner of this bond pursuant to Ordinance He. of said Oity. f Attest: CITY OF PORT TOVJNSEND By City u er Mayor 3. There shall be levied each year a tax upon all taxable property situate within said City of Port Townsend sufficient in amount to pay the principal and interest on said bonds as the same accrue, and the full faith and credit of said city is pledged to the levy and collection of said tax and the payment of the principal and interest od said bonds. 4. ''here shall be stamped on each of said bonds the following words: "Maturity of this bond has been extended to January 1, 19 , and the rate of in- terest thereon reduced to 4_y; per annum, payable semi-annually in accordance with the terms of the extension agreement entered into between the evrner hereof and the City of Port Townse pursuant to Ordinance No. , of said city." d 5.. Said City of Port 'Townsend hereby represents that the bonds herein referred to whic are to be extended are valid outstanding general obligations of the City of Port Townsend, j and that said bonds so extended constitute an unlimited general tax lien obligation, carry- ing all the rights they now have, excepting so far as the reduction of interest rate and ex- tension of maturity date is concerned. In Witness Whereof, the parties hereto have executed this above written. contract the day and year fir t s 4.Par Attest: CITY OF PORT TUNNSEND City Clerk. By Mayor Passed by the City Council November 3rd, 1936, Approved by the Mayor November 3rd, 1936 i 1 Attest: C. F. Christian, City Clerk George Bangerter, 'layer a16 11 L rl 1 ri rfxF7Xf ��. 257 y'av 4 a .( {t'1(;P,F„ ADJOURNMENT: Upon motion of Councilman Hirtzler, seconded by Councilman Naughton, the Council a voted to adjourn. x p �44a '^,�f✓ ir' r J Attest; 7� oC 4 .�� Alin . , sr; r ' ,5 r -Mayor G'.L.. T.�.., + City Clerk. MINUTES OF REGULAR SESSION OF CITY COUNCIL, NOVEMBER 17, 1936 PORT TOXNSEND, WASHINGTON, NOVEMBER 17, 1936. The CITY COUNCIL of the City of Port Townsend, Washington, met in regular session this i+ 17th day of November, 1936, at 7:30 o'clock p.m., in the Council XChambers of the City Hall, '1. Councilman Vim. Lammers, Mayor pro tem. presiding in the absence of Mayor Bangerter. " ROLL CALL. Upon Roll Call, those answering present were City Attorney W. J. Daly, City Clerk C. F. Christian, and Councilmen H. L. Hirtzler, Sam McGee, 'llm. Lammers Sr., and Vi. S. Laffer ty. Mayor Bangerter and Councilman Naughton arrived later in the session. MINUTES APPROVED. The minutes of the regular session of November 3, 1936, were read and approved as read. REPORTS OF OFFICERS. Warrant to Tax Commission. The City Clerk reported that he had issued a warrant in Ifavor of the State Tax Commission in the amount of $229.91, in payment of Business tax due on water receipts for the months of September and October. Traffic Lights Shipped. The Clerk further reported that he had received notice that the traffic lights ordered some time ago, had been shipped from Moline, Illinois on the 12th of ' November. r t n TREASURER'S OCTOBER REPORT. The Treasurer's report for the month of October, 1936, was presented, read, and re ferred to the Finance Committee. WATER SUPT'S OCTOBEH REPORT. The report of the Vlater Superintendent for the month of October, 1936, was present read, and referred to the ';later Committee. BUILDING PERMITS. -` Applications for Building Permits were presented, read, and disposed of, as follows: From H. H. Hill, to -wit: Port Townsend, Washington, November 17, 1936 To the Honorable Mayor and City Council, Port Townsend, Washington. Gentlemen: - Permission is requested to re -shingle the dwelling house at 518 Fillmore Street. Respectfully submitted, H. H. Hill. �. �+ From Widner Motor Company, to -wit: x Port Townsend, Washingtoh, November 17, 1936. To the Honorable Mayor and City Council, Port Twansend, ,lashington. Gentlemen:- ' Application in hereby made to make necessary changes and re -modeling, for ser- i