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HomeMy WebLinkAbout03-12-1927 - Special Meeting41 NET BUSINESS. On motion of Trustee L. S. Wilkinson seconded by Trustee Harry H. Williamson and carried, the demands which were in proper form and approved by the Finance Committee were allowed and warrants to be drawn for same. The demand of the La France Fire Engine Co. was to be allowed when the proper transfer was made. The demand of the Fire Department for fires was allowed subject to investigation by the City Auditor. Upon motion of Trustee Harry H. Williamson seconded by Trustee Fred W. Young and carried, the Clerk was instructed to get the information from J. P. Greeley and H. Cardoza Sloan whether they were going to give the City a quit claim ' or a grant deed to the ocean frontage they were selling -the City at Balboa* Upon motion of Trustee Fred W. Young seconded by Trustee Harry H. Williamson and carried, the request of J. Paul. Benson for 60 days extension of time on his contract at Corona del Mar, was granted. There being no further business on motion of Trustee L. S. Wilkinson seconded by Trustee Harry H. Williamson and carried, the meeting adjourned to 7 :30 o'clock P. M. on Monday, March 14, 1927. Approved March 14, 1927 Pres cleat Board of Trustees. City Clerk. City Hall, Newport Beach, March 12, 1927- The Board of Trustees of the City of Newport Beach met in special session at 7 :00 o'clock P. M. on above date. The meeting was called to order by President Conrad Richter. ' The roll was called showing all members present except Trustee L. S. Wilkinson. The call was read as follows: - NOTICE IS HEREBY GIVEN THAT A SPECIAL MEETING OF THE BOARD OF TRUSTEES OF THE CITY OF NEWPORT BEACH IS CALLED FOR THE HOUR OF 7:00 O'CLOCK P. M. ON SATURDAY, MARCH 12, 1927, IN THE COUNCIL CHAMBER OF THE CITY HALL THEREOF, FOR THE CONSIDERATION OF MATTERS PERTAINING TO THE DISPOSAL OF THE $500,000.00 HARBOR BONDS RECENTLY VOTED. Elmer J. Kennedy was present and the matter of disposing of the bonds inasmuch as one bank could not take more -than $100,000.00, was'discussed at length, and on motion of Trustee Harry H. Williamson seconded by Trustee Fred W. Young, and on call of the roll carried by the following vote: AYES, Trustees Felix B. Modjeska, Fred W. Young, Harry H. Williamson, Conrad Richter. NOES, Trustees None. ABSENT, Trustee L. S. Wilkinson- The Treasurer of the City.of.Newport Beach was authorized to deliver to Elmer J. Kennedy $500,000.00 par value Jetty Construction Bonds of the City of Newport Beach upon receiving $500,000.00 par value of said bonds and interest thereon from March 1st to March 14, 1927, at the rate of 5a % per annum in the sum of $993.05,.less $5000.00 heretofore paid.. That he invest $400,000.00 in Third 4; % Liberty Loan bonds of the United States paying the par value of said bonds, all ,premium upon said bonds to by paid. by Elmer J. Kennedy: That he loan $100,000.00 of said money to the Orange ' County Trust & Savings Bank as an inactive deposit payable April 1, 1925, upon receiving from said Bank the proper application therefor, and the bonds provided by law as security for said loan. The said bonds to be approved by Chas. D. Swanner, hereby appointed special counsel for the City of Newport Beach to pass upon and approve said bonds. If the City -of Newport Beach does not desire to sell the Liberty Bonds $100,000.00 on June 14, 1927, $100,000.00 on September 14, 1927, $100,000.00 on December 14, 1927, then the difference between the premium paid therefor by Elmer J. Kennedy and the premium which could be obtained on said bonds on said. dates, if sold, to be paid-by the City of Newport Beach to Elmer J. Kennedy, and if the bonds be sold on said dates then all premium received thereon to be paid to Elmer J. Kennedy. 412 Elmer J. Kennedy is to pay the City of Newport Beach in cash the difference between 4 % on the $100,000.00 loaned to Orange County Trust & Savings Bank and 51 % interest thereon from the 14,t, day of March, 1927, to the .: . 14th day of March, 1928. That he also pay the City of Newport Beach in cash the difference of 4; % which is the interest rate of the above mentioned Liberty Bonds and 51- % on $100,000.00 from March 14, 1927 to June 14, 1927, and on $100,000.00 from March 14, 1927 to September 14, 1927, and on $100,000.00 from March 14, 1527 to December 14, 1927- The premium to be paid upon $100,000.00 of the Liberty Bonds to be purchased to be paid by the City of Newport Beach, and no account therefor to be made to Elmer J. Kennedy. Inasmuch as Trustee L. S. Wilkinson was not present, President Conrad Richter appointed Trustee Felix B. Modjeska on the Finance Committee for the evening. On motion of Trustee Harry H. Williamson seconded by Trustee Fred W. Young and carried, the demand of R. S. Briggs for $6,250.00 to invest.ia United States Government bonds, having been approved by the Finance Committee, was allowed and warrant to be drawn for same. There being no further business on motion of Trustee Felix B. Modjeska seconded by Trustee Fred W. Young and carried, the meeting adjourned. Approved March 14, 1527. City Clerk. Pre C F City Hall, Newport Beach, March 14, 1927- The Board of Trustees of the City of Newport Beach met in regular adjourned session at 7;30 otclock p. M. on above date. The meeting was called to order by President Conrad Richter. The roll was called showing the full Board present. The minutes of the previous regular meeting were read and approved as read. The minutes of the special meeting of March 12th were read and approved as read. The parking committee were given more time to make their report. The communications were read and acted upon as follows; On motion of Trustee Felix B. Modjeska seconded by Trustee Harry H. Williamson and carried, the communication from Henry Starck in regard to the Stone Building, was referred to the City Attorney. On motion of Trustee Fred W. Young seconded by Trustee Felix B. Modjeska and carried, the communication from Dan I. Sultan, Major corps of Engineers and Resident Member Board of Engineers for Rivers and Harbors, was filed. On motion of Trustee Felix B. Modjeska seconded by Trustee Harry H. Williamson and carried, the request of G. V. Johnson Boat Works for permission to build a floating dock at the foot of 20th Street on-the bay, was referred to the City Engineer. The communication from the Pacific Coast Association of Port Authorities to the Orange County Harbor Commission asking the appointment of a representative of the Commission to act on a committee for the revision of tariffs, was discussed., and on motion of Trustee L. S. Wilkinson seconded by Trustee Harry H. Williamson and carried, the Clerk was instructed to notify them that the•Orange County Harbor Commission had gone put of existence, but that the City was ready to take up the membership if they would send us an application blank. On motion of Trustee Harry H. Williamson seconded by Trustee Felix B. Modjeska and carried, the application of Ben Cope to construct a. pier for C. M. Merrill in front of Lot 4, Block 2, Section 4, Balboa Island, was allowed subject to the will of the Board. The communication from the Town of Emeryville was filed. UNFINISHED BUSINESS. On motion of Trustee Felix B. Modjeska seconded by Trustee Harry H. Williamson and carried, the Resolution in regard to the $500,000.00 Harbor Bonds adopted at the special meeting of March 12th, was ratified and confirmed. J