HomeMy WebLinkAbout00018 MINUTES OF REGULAR SESSION OF AUGUST 7, 1956, CONTINUED.MINUTES OF REGULAR SESSION OF AUGUST 7, 1956, CONTINUED.
It is understood that for payment of stripped material, the $2400.00 contract item
for stripping will be ignored and all stripping at damsite will be paid for at the rate
of $1.75/cu.yd.It Is further the extra
expense will be considered o;Attpresenthat if athisny xdoesinotve dappearilikely. develop,
No other items of the contract are changed.
Inasmuch as this arrangement seems fair to all parties concerned, we propose to make
payments for above work on said basis.
Yours very truly,
CROWN ZELLERBACH CORPORATION
Port Townsend Division
Harry L. Deits
Asst. Plant Engineer
Approved By.: Keith F..Jonvs
City Engineer
The above communication was ordered filed.
;From Association of Washington Cities to -wit:
July 18, 1956
HONORABLE MAYOR AND COUNCILMEN
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c/o 6I1Y CLERIC
Gentlemen:
This is to call attention to Ch. 78, Laws of 1949 (RCS! 41.04.050), which re-
quires every retirement system in the State to have a periodic actuarial survey made every
Firemen's Pension Fund, a special
five years. For Cities which are under the State -mandated
has main been made with Mr.. Gordon Bingham, Actuary, 508 Northern Life Tower,
arrangement
SeattWashington, who same costa to each wouldnbeber of reducedities re
corres
pondingly.
Mr. Bingham is willing to do the work if a number of Cities desire the survey,
on the following basis:
(1) Basic Fee $650.00
(2) Plus: Cityes Fee
(a) Cities with
less then 25
firemen $200.00
(b) Cities with
more then 25
firemen $200.00 plus $2.25 per firemen in service-.60 per pensioner,.
It also should be noted that each city's share of the $650.00 item will be decreased
in accordance with the number of cities that may participate(E.G..,if 5 cities wish the
it
service, the cost of the basic fee would be $130.00, whereas, if to cities participate,
would be $65.00).
Will all cities which are interested in this matter please write Mr. Bingham direct
later than August 20th, giving the number of active firemen, together with the number
not
now on pension2 Complete information will then be recuired by September 15th. There
the$650.00 fee can
obviously must be those cut-off dates, so ,that each city's share of
be carried out on a"package basls"r.After that the
be computed in order that the work can
fee would be correspondingly higher.
We trust this service will aid your city in its compliance with the State Law. If we
can give any further help, please don't hesitate to let us know,.
letters to Mr. Bingham would be welcomed so via may know how
Copies of any written
many cities are participating.
Very -truly yours,
Chester Biesen
EXECUTIVE SECRETARY
The above communication was ordered filed,
From Blyth & Co. Inc. to -wit:
August 1, 1956
Honorable Mayor And City Council
City of Port Townsend, Washington
Gentlemen:
We understand that the City of Port Townsend desires to sell in the near future
approximately $525,000.00 CITY OF PORT TOWNSEND, WASHINGTON,WATER REVENUE .BONDS and that
the proceeds of the issue will be used primarti-r to replace the balance of the wooden mains
now used in the City's water distribution system. We also understand that prelimihnary
;;525,000.00, and that
engineering indicates that this can be accomplished for approximately
that to replace them:shbuld be taken
the condition of said distribution lines is such stops
immediately.
In ardor to facilitate the issuance of the $5251000.00 City of Port Townsend
Slater Revenue Bonds, it is proposed that the City of Port Townsend (herinafter designated
as "the City") enter into the following c6ntract with Blyth & Co. Inc.
tobuy
1.The City of Port Townsend agrees to sell and Blyth & Co.,Inc. agrees
(approximately) legally issued CITY OF PORT TOHNSEND, SlASHI1IGTON, WATER REVENUE
$525,000.00
BONDS as of a mutually agreed date, the terms, price, coupon rate,call features, and all
material dotails to be in line with comparable issues, adjusted to conditions pre-
other
valont at such date of issue, and to be subject to the final approval and authorization of
the City:
2.Blyth & Co.,Inc. and the City both realizing that in order to obtain the best
rate of interest available, should set up these bonds with a great deal of care and planning
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MINUTES OF REGULAR SESSION OF AUGUST 7, 1956.CO14TINUED.
and, therefore, the City & Blyth & Co., Inc. agree to work together to accomplish
this end. The City will make available to Blyth & Co., Inc. earnings statements, engineer-
ing data, growth trends, and all information that would have abearing on this issue.
3. Blyth & Co., Inc. agrees to make competent personnel available to work with the
City and to employ the services of Preston, Thorgrimson & Horowitz, municipal bond attorneys
of Seattle, Washington to draft the proceedings leading up to the issuance and sale of said
bonds, and to furnish their approving legal opinion covering said bonds without cost to the
City;
4. Blyth & Co., Inc. agrees to perform the services as outlined above without cost to
the City.
5. This agreement will run for a period of eighteen (16) months from date unless
terminated earlier by mutual agreement.
SIGNED AND AGREED TO this day of
Blyth & Co., Inc.
by:C.W. Easter, Vice President
and Manager, Municipal Department
CITY 07 PORT TOWNSEND, WASH.
Attest!
After some discussion of the above communication , City Attorney Stevens informed the
Council that there :was a possibility of a Government loan whereby the City could save
money. City Engineer :said that he knew the channels to go thru to see if there was that
possibility ,and the Chairman of the .Water Committee Councilman Siebenbaum recommended that
no action be taken oh the communication until the City Engineer had time to check the
proper channels.
The above communication Lives then referred to the Water Committee,&the City engineer .
ADJOURN1411-:11T
As there was no further business to come before the Council at this time, it was
moved .by Councilman:Siebenbaum ,and ,seconded by ,Councilman Avery that the meeting adjourn,.
.Motion carried.
� I�rdAY.O
A TIES T,:
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