HomeMy WebLinkAboutCity Council Meeting - Council - Minutes - 10/18/1948 162
Kent Washington October 18, 1948.
Regular meeting of the City Council, present Mayor Mooney, Council-
men Edline, Morrill, Seeman, Sells, Thornton, Worth.
Minutes of previous meeting read and approved;
Officers reports read and filed; Budget, Treasurers, and Clerks.
Councilman Worth reported on the meeting of the finance
committee with three Seattle Bonding House represenitives, and re-
commended to the council, that they accept the offer of the
purchase of the $200,000.00 water bonds, of Foster & Marshall,
their offer being the lowest interest rate . for the improvment of
and replacment of old pipes in the water system.
Councilman Worth moved and passed the unanimous vote of the
council present, to accept the propossal of Foster & Marshall,
for $200,000.00 par Water Revenue bonds of the City of Kent, be
accepted, and that the Mavor and -Clerk be authnrizpd Anri directed
FOSTER & MARSHALL
MUNICIPAL AND CORPORATION BONDS
M EMBERS
NEW YORK STOCK E}CHANOE NEW YOgK CUPS (ASSOCIATE)
1, 820 SECOND AVENUE
SEATTLE 4
October 18, 1948
Charles Bridges, City Clerk
City of Kent
Kent, Washington
Res $200,000 City of Kent, Washington
Water Revenue Bonds
Dear Sirs
For $200,000 par value water revenue bonds of the City of Kent,
Washington, payable both principal and interest solely from the earnings
of your water department after payment of necessary expenses, we will
pay $100 for each $100 par value, plus a total premium of $200* Said
bonds will be dated November 1, 1948, will be in denominations of $19000
each, will be numbered from 1 to 200 inclusive, will bear interest at
the rates indicated below, interest payable semi-annually on the first
days of.May and November each year, payable at the office of the City
Treasurer in Kent, -Washington.
Amount Coupon Maturity Amount Coupon Maturity
$ 92000 2 3/4% 11-1-51 $11,000 2 3/4% 11-1-60
. 9,000 2 3/4% 11-1-52 11,000 2 3/4% ll-1-61
9,000 2 3/4% 11-1-53 12,000 3/0 ll-1-62
9,000 2 3/1 11-1-54 12,000 3% 11-1-63
10,000 2 3/4% 11-1-55 12,000 3� 11-1-6l�
10,000 2 3/4% 11-1-56 13,000 3% 11-1-65
10,000 2 3/4% 11-1-57 13,000 3% 11-1-66
11,000 2 3/4% 11-1-58 1.4,000 3% 11-1-67
112000 2 3/4% 11-1-59 l4s000 3% 11-1-68
The City of Kent will-have the right to redeem any or all of
said bonds at par in inverse numerical order on any interest payment date
on and after ten years from date of issue.
In addition to the above, we will pay accrued interest from date
of issue to date of delivery of the bonds to us. We will also provide at
our expense suitably printed or lithographed bonds ready for signature*
It is .our understanding that the bonds will be ready for delivery
27 : ..b
City of Kent, Washington Page 2
within 30 days. If delivery is delayed beyond that time, we reserve the
right to refuse to accept the bonds unless the delay has our prior ap—
proval.
The above bid is made subject to the approving opinion, as to
the legality of the issue, of Preston, Thorgrimson & Horowitz, bond at—
- torneys of Seattle, Washington, who are being retained at our expense.
They will also assist your City Attorney in the preparation of all the
proceedings necessary to the issuance of these bonds.
As evidence of our good faith in submitting this bid, we enclose
` herewith certified check payable to the City Clerk of the City of Kent in
the amount of $10,010.00.
Respectfully submitted,
FOS & MARSHALL
By
D nald A. Meyer, Manager
Municipal & Canadian Bond e
DAM:jp
enc.
I
V.F.W. petition was refered to the Mayor for action,There
were quite a delegation for the V.F.W' s Club, and a delegation
against, owing to the fact that it would be a bottle club.
The Mayor said he would take his time in making his decAsion
on the case.
Councilman Seeman brought to the attention of the Council
and the City Attorney that he had gathered various ordind'Les
together, on pinball violations, and would like to have this
issue brought to a close, by having the attorney draw a
workable ordinance for this City.
The Planning Commission was present and submitted an
ordinance, for the council to look over and pass at the
next meeting if it suited the conditions on applying for
plating of section in the City.
CLAIMS PRESENTED AND ALLOWED AS FOLLOWS;
Washington Bri&k & Lime Co Tile for LID 24$.15
Ben Franklin Store Supplies 1.29
H.D.Fowler Co Pumps 3610.36
Thornton Autp Parts Repair 28.99
Kent News Journal Publishing 19.74
John Turcott Dog Catcher 12.75
Columbia Ribbon Co Ribbons 21.03
Valley Cafe Jail Meals 4.07
American Elkhart Co Fire Supplies 14. 57
E.N.Hallgren Co Water Supplies 238.95
Hugo Mayr File Saw 1.$0
Kent Motors Repair Truck 1.29
Marckmann & Williams Supplies 136. 52
Valley Machine Shop Repair 13 .91
E. G.Forbes Insp. & Eng. 75.16
Trick & Murray Supplies 34.37
Clark' .Welding Shop Repair 19.37
Dept . of Labor &. Industries Ins. R, Med. 76.71
James S. Hinckley Laor on Streets 52.25
Valley Paint Store Street Paint 11. 51
Gaylord Bros Supplies 1.80
continued
164
continued
The J.K.Gi11 Co Books $9$.46
John W.Graham Co Chairs 17.30
Motion for an adjourned meeting to be held 7 O'clock P.M.
F.riday, October 22,1948. for the passing of an ordinance
for the selling of $ 200,000.00 worth of Water Bonds, for
the improvment of the water system.
Chas. Bridges,
City Clerk.
Kent Washington Oct. 22, 1948.
Adjourned meeting of the City , Council present , Mayor Mooney
Councilmen, Edline, Seeman, Sells, Thornton, Worth.
Ordinance # 802 read and passed the unanimous vote of the
council present, to sell bounds to Foster & Marshall to the
amount of $200,000.00 for the betterment of the water system
and set up a special fund to be known as the 1948 Revenue
Bond Fund.At an effective interest rate of 112.8979 for the
course of 20 years, refunding being possible at 10 years.
MEE NG A JOURNED;
Chas. Bridges
C City Clerk.,