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

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i 6 1 u to 1 meeting. City Manager Mead asked if the report could be held over until the first of the year because of this being tak time. Councilman Britschgi accepted Councilman Armstrong's amendment with the exception that the report be held over until the first of the year, seconded by Councilman Armstrong. Motion passed unanimously. Councilman Granger asked if anything had been done in regard to the ambulance situation. to which City Manager Plead replied that he.had been unsuccessful in contacting Dr. Gans and he would continue to try to see him. Councilman Granger moved that the report of the auditor be accepted and that the necessary steps be taken to carry out the recommendations of the finance com- mittee. Councilman Armstrong was of the opinion that two specific motions were regUired to carry out these recommendations. Councilman Granger withdrew his motion. Councilman Armstrong stated that in the matter of investment of general 4 funds in securities there wou4d always, be an overdraft until the condition is rectified. He believed it could best be done by the'Council granting authority for the Water Department to purchase from the general fund at cost•.plus accrued interest the negotiable securities nova held by the City with the exception of the City of Bandon, Oregon bonds and moved that the Council authorize the transfer from the general fund to the Water. Department all of the securities owned by the city with the exception of the City of Bandon, Oregon bonds at cost plus accrued, interest, seconded by Councilman Granger. Councilman Anderson asked the value of these securities and was advised by Councilman Armstrong that the total amount was $52,566.18. Councilman Britschgi ;acid he would like a.little more time -to study the matter and Councilman Fletcher was of the opinion that it should be placed on the agenda. He asked City Treasurer Dodge for his opinion who advised, that he had advocated the transfer some time ago. Councilman Armstrong asked City Attorney McCarthy, f6r his opinion as to the legality of the transfer: City Attorney McCarthy was of the opinion there was no legal question involved. Motion passed unanimously. Councilman Armstrong stated that several years ago after a disaster at Bandon, Oregon, the City of Redwood City purchased a bond at $100 maturity value. He doubted If there was any value to these bonds and moved that the City Treasurer be in- structed to address a letter to the Wells Fargo Bank and Union Trast Company and/or any other reputable finance company to ascertain the financial status of these bonds. City Attorney McCarthy asked if it wouldn't be in order to also write to the City Treasurer of the City of Bandon. Councilman Armstrong amended his,motion to include this suggestion, seconded by Councilman Anderson. Motion passed unanimously. Councilman Armstrong stated that in view of the fact that $600 had been included in the budget for a part time treasurer and $600 for auditing expenses, he would move that the Council transfer $600 from the budget for part time treasurer to the budget provided for auditing ,costs, seconded by Councilman Anderson. Motion passed unanimously.