BOOK 19_1942-09-08 to 1945-05-07

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objections to. the sign. Councilman Fletcher moved, seconded by'Councilman M' McNulty, that permit be granted subject to supervision of the Building Inspector, the sign to be no larger than the present one. Councilman Armstrong asked if the provisions of this permit met the provisions of the ordinance, to which City Attorney McCarthy replied that they did in a general way. It is only an application to repair present sign and that whUe.no drawing was submitted, he believed thAt was covered by the statement in Mrs. Crawford's letter to the effect that the sign was to be in the same place. It was his opinion that the application wa's substantially -in compliance with the ordinance. Motign passed unanimously. Councilman Armstrong, chairman of the Finance Committee,.reported that the committee had held a meeting in, the past week and had considered the possibility of in- venting City funds in government securities. Several of these securites were not a suitable investments in that they would probably not be saleable so as to realize the amount of the full investment. He stated that the committee,is prepared to recommend that the $25,000 post-war fund be invested in 7/8o CTF's of Indebted- ness, Series'A-19+5, which will mature on February 1, 1945- It was the committee's • opinion that there was little likelihood that the fund would be.required before that time. This particular security is negotiable, has a ready market and the committee feels it .is a safe investment. Councilman McNulty moved that recommen- dation of Finance Committee be accepted and that the 25,000 post-war fundca'be invested in Series A Bonds. City Attorney McCarthy, as a member of the committee stated that he had telephone Mr. Youngberg of Stone and Youngberg, San Francisco, ` who had informed him that he was of the opinion that the'242o bonds are fully r negotiable at any tim+nd that the bonds would be worth par at any time within •' two or three years. He suggested that the motion be broadened to include'the purchase of these bonds. City Manager Mead asked if this would not be specula- tion. Councilman Armstrong said it was true that the interest rate is 2+o but -there were two reasons why not more than 7/8o interest would be realized, one being that it would be necessary to bpy the security on the open market and woule probably have to pay more than par. Also if bonds were sold before maturity datc, there would be a stamp tax on the sale, therefore, it was his opinion that the City would not re&lize more than 7/80 on the 2}o bonds whereas the Series A bonds would be bought at`par and would be negotiable at any time. He believed it was a, very safe investment and suggested to the maker of the motion that he include in his motion that the interest on this investment be credited to the Dost -war fund. Councilman Fletcher, as a member of the Finance Committee, acquiesced Mr. Armstrong's recommendation. Councilman McNulty included in his motion that the interest on the investment be credited to the post-war fund. Motion was seconded by Council Hilton and passed unanimously. The rezoning of Lot 7, Block A., Vera Avenue Villas, was next brought up for die- '�cussion. The,City Clerk read a communication from the Planning Commission recommending that Lot 7, Block A, Vera.Avenue Villas, be removed from the fire -zone. Councilman Fletcher moved, seconded by Councilman Britschgi, the recon- sideration add adoption of -the ordinance removing Lot 7, Block A, Vera Avenue Villas, from the fire zone. Under the question, Attorney 0. F. Nuckolls ad- dressed the Council to the effect that the Planning Commission had postponed taking any action on the proposed amendmentt3 the zoning ordinance in order to V 0 0 Is N