BOOK 27_1957-06-17 to 1960-07-25

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12-,,t opinion that times have changed and they should give consideration to the request of the other banks. Councilman Weymouth stated that he could understand the feeling of all the banks; however, he suggested that they give consideration to placing $100,000 each in the American Trust Bank, First Western Bank and the California - Broadway Branch of the Bank of America, and x¢2502000 each of the Bank of America #32 Branch and Wells Fargo Bank, Councilman Weiss stated that they had a recom- mendation from the City Auditor and City Treasurer and perhaps they should give this consideration. The Mayor read the recommendation of the two department heads. Councilman Stout moved that the recommendation of the City Auditor and the City Treasurer be approved (American Trust Company, First Western Bank and Bank of America, Broadway -Jefferson Branch, and Wells Fargo Bank each received $175,000). This was followed by discussion in regard to how often or when this could be re- considered by the City. The City Auditor stated that this could be changed after any ninety day period. The present banks are now holding two active commercial accounts in which they do not pay interest and that,is why they made their recom- mendation in the manner that it was presented. Councilman Weiss asked that the maker of the motion add that the City Auditor and City Treasurer make a check of the record and if they can find money place some of it under 180 day call basis. Council- man Stout agreed to this and Councilman Weiss seconded the motion. Councilman Wey- mouth amended the motion to place $100,000 each in the American Trust Bank, First Western Bank, and Bank of America California -Broadway Branch and place $250,000 each in the Bank of America #32 and Wells Fargo Bank. This was followed by discussion. Counbilman Granger seconded the amendment. Councilman Herkner amended the amendment and moved to place $112,500 each in the American Trust Bank and Bank of America California -Broadway Branch; $75,000 in the First Western Bank; and $250,000 each in the Bank of America #32 and Wells Fargo Bank. This amendment lost for lack of a second. This was followed by discussion after which Councilman Weymouth changed his amendment to place $112,500 each in the American Trust Bank and the Bank of America California -Broadway Branch; $75,000 in the First Westerh Bank; and $250,000 each in the Bank of America #32 and Wells Fargo Bank, seconded by Councilman Granger and carried with Councilmen Stout and Weiss voting N0. Mr. Lubohenko addressed the Council and thanked them for their consideration. He suggested that they notify the other banks and put them on notice that they go along with.the City on bond issues in the future. EER REPORT ON THE YACHT HARBOR LEVEE. The Clerk read the following report: "We wish to recommend acceptance of the Yacht Harbor Levee, constructed by Oscar C. Holmes, Inc. A committee consisting of Councilman Sidney D. Herkner, Chairman of the Yacht Harbor Committee, Councilman Ray A. Weymouth, City Manager E. A. Rolison, City Engineer Glenn M. Jain, and Deputy City Engineer Melvin I. Men, met Friday, June 21, to consider this project. It was the unanimous opinion o? the committee that the contractor had performed all work required by the plans and specifications, and that the project should be accepted. The levee has cracked, and a portion has settled on the west side adjacent to the Leslie Salt Company pipe trestle. Due to the instability of the foundation in this area, there will probably be additional settlement over a portion of the levee, but we do not believe the levee contractor can be held responsible for unstable conditions beyond the limits of the levee. It might be necessary for the.City to perform some additional work at a later date to again raise the completed levee to final established grade, and to perform some additional work to realign the Leslie Salt Company pipe trestle." Councilman Herkner stated that the letter from the City Engineer covered the findings of the committee. Councilman Herkner moved approval of the City Engineer's recom- A �T II' r