Loading...
HomeMy WebLinkAbout03-10-1934 Minutes436 9'i - CITY --COMICIL CHAS S - Special Session _ March 10th, 1934. ROLL CALL: Pursuant to a call put out by the mayor, the city council met in special session with Mayor McGee presiding and following councilmen present: Anderson, O'Herin, Partch,Kxt Skinnell and Wirth; absentees were Burns and Haylett. A letter was read from the Cox Investment Co. regarding fire p rote-otion in the city and the mayor stated would find out more about the matter and bring it up to the council again. REFUNDING BONDS OUTSTANDING WERE DISCUSSED and the following resolution was read:. "WHEREAS, it appears that there exists an opportunity to purchase Fifteen Thousand Dollars (par value) of the Refunding Bonds of the City of Pasco of the issue of the year 1914, and that the same can be purchased at par, and "WHEREAS IT FURTHER APPEARS, that there is in the hands of the City Treasurer, in the Refunding Bond Sinking Fund, the sum -of 012,492.01, and it further appears that there is in the Water Operating Fund, cash in the amount of approximately.7,000.00and that the said Refunding Bonds are bearing interest at the rate of 5- per cent per annum, payable semi annually, and that the City, by the purchase of said bonds, can effect a substantial.saving in interest thereon, "NOW THEREFORE BE IT RESOLVED, by the City Council of the City -of Pasco, that the City Treasur-er of said City, be and is hereby authorized to purchase of Pasco refunding Bonds of the issue of 1914 to the amount, of X15,000.00 par value and that the said City Treasurer be and is authorized to invest therein, monies now on hand in the.Refunding Bond Sinking Fund and monies on hand in the Water Operating Fund , such bonds to be purchased at not more than par and ae.erued interest. ."Passed this 10th day of March, 1934." Resolution was adopted as read upon motion made by,O'Herin, seconded by Anderson and carried unanimously on roll call. ADJOURNBI1ENT: Motion made by Partch, seconded by O'Herin, that the max meeting adjounr; carried. r Mayor Passed and approved the 9J0-9 day of _1934 City clerk.