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01/12/1960 - Minutes OU HUNDRED SIXTY FOURTH REGULAR MEETING TIGARD WATER DISTRICT TIGARD OREGON January 12, 1960 Pres t, C. Tigard president, A.G.Aaes, C.F.Nicoli, A.J. C Chaves, E/C. Phillips Commissioners J.P.Lohres Supt. C.E.Whee.ock Atty glden W. Carter Engineer and three visitors. The meeting was opened in the regular manner by the president. The minutes of the previous meeting were read and approved. A.J.Chaves was nominated for president for the year 1060. A.G. Ames moved and C.F. Miceli seconded that the nominations be closed and that A.J.Chaves be declared president. The motion carried. A.J.Chaves took the chair to preside for the remainder of the meeting. A.G.Ames was nominated for treasurer for the year 1960. E.C. thillips moved, c. Tigard seconded that the nominations be closed and that A.G. Ames be declared treasurer. The motion carried. C.F.Nicoli was nominated for secretary for the year 1960. C. Tigard moved and A.G.Ames seconded that the nominations be closed and that C.F. Nicoli be declared secretary. The motion carried. It was decided that a special meeting be called for January 21, 1960 at 6.30 P.M. in the office of the District at $841 S.W. Commercial Street Tigard Oregon, to open bids for the construction of the new tank at Well # 3. G.F.Nicoli moved and E.C. Phillips seconded that the purchase of a billing machine be posponed for one year. The motion carried. C.Tigard moved l.G.se ondsd that the salary of H.M.Propst be increased t33.06 retroactive to Oct. 1, 194 The motion carried. A.G.Ames moved C.F.Nicoli seconded that any service connection before the party comes into the district which is out side of the district that a $160.00 charge be made. For any connection after the comes into the district, the $160.00 shall not be made. It tarlifferstood however that the cost of the line and the usual metercharge shall be made in addition. The motion carried. C. Tigard moved, A.G. Ames seconded that the petition of Hustles'., Hartig, and Powell ler annexation to the district be acaeptode The motion carried. C.Tigard moved E.C.Phillpps seconded that the renters deposit be increased from $5.40 to $10.00. effective Feb. 1, 1960. The motion carried. C.Tigard moved C.F. Nicoll seconded that a resolution as stated in C.E.Wheeiock's letter of January 11, 1960 become a part of the minutes of the Distridt. The resolution is as follows:- To establish a sinking fund account or accounts in order that there will be available adequate fundi- to pay accruing interest and principal. The bonds will mature as follows: $4,400.40 Nov. 1 1960 5,000.00 Nov. 1 1961 5,000.00 Nov. 1 1962 6,000.00 Nov. 1 1963 6,000.00 Nov. 1 1964 7,000.00 Nov. 1 1965 3 Minutes of January 12th minting continued. 47,000.00 Nov. 1 1966 7,00©.00 Nov. 1 1967 8,000.00 Nov. 1 1968 8,000.00 Nov. 1 1969 8,000.00 . Nov. 1 1970 . 9,000.00 Nov. 1 1971 9,000.00 Nov. 1 1972 , 9,000.00 Nov. 1 1973 9,000.00 Nov. 1 1974 10,000.00 Nov. 1 1975 ' ' 10,000.00 Nov. 1 1976 10,000.40 Nov, 1 1977 11,000.00 Nov. 1 1978 12,000.00 Nov. 1 1979 Total---- 4160,0€0.00 'he interest cost rouird for the purpose of establishingthe sinking fund account n . #, 0`"a ine` the? aa�at- b1'�a �ti Vis!` fsa�tic- e I ; ' &Ct�a * mak, s "`{ 4'4 wi l �'" `Y av+lr the maturity life of the particular issue $243,000.00 or $12,150.00 per `year, , and when reduced to months, 41,012.50, The applications to the account 01101114 begin with the month of Nov- ember 1959, and thus, there should be three monthly applications or a total of 41.037.50. 41,232.51. of this sum should be taken from the proceeds of the cheek enclosed, this being the accrued interest, and the balance of 41804,99 should be transferred from the general account. An, application of /1,012.50 thus would begin each month with the month of February, 160. The motion passed. . C.Tigard moved, C.F.Nicoli seconded that the Board of Commissioners . should determine a depositor* wherein the funds to pay the principaal and interest on this account be established. Since under present reg- ulations, commercial banks cannot accept savings frcm a corporation it would be our advice that you consider establishing a bond account with an insured savings institution. The District presently main- tains its account for fundingthe former two issues with Washington Federal Savings & Loan Assocation at Hillsboro, and ttis account had a balance in December of in excess of 47600.00. and it is my advice that you use this Association on, account of the insurance provided for this fund. Likewise, The Association. uses Bent. Franklin Savings & Loan Association of Portland for the Bull Mountain Improvement Account, and I believe that it would be unwise to use ' 'this Association for the sage reason. Although it might well be - ascertained under the insurance regulations affecting savings and loan associations that the Bull Mountain Account is a trust account as such for the benefit of the Bull Mountain people and therefore insured separately from an acc©nnt directly in the nave of the District. However, the District without question as to insurance on accounts could coaster Pacific First Federal Savings & Loan Associa- tion, PortlandFedsral Savings St Loan Accociation and Oregon Mutual Savings Bank, all Provide insured accounts and payin current interes on savings. The first at 4 percent compounded quarter-annually, the second at 4 per cent compounded semi-annually and the last at , 3j per cent Computed on monthly balances. We would like to point out that in the allocation for the funding and payment of bond principal and interest, er have not taken into coup sideration any interest that the savings account would earn and that there sill , thus, be an increment in the account over and above the amount cecessary to pay bond principal and interest which will inure to the District. It is our suggestion that this accruing interest be left in the funding account during the lifetime of the bond issue. Minutes of January 12th continued You have received the proceeds of the bond sale, and in discussing the interim, use of the funds, the indersigned requested the District's engineeer to submit a schedile estimating the dates when the funds will be required. Also, the indersigned has discussed the short term in- vestment ofthe proceeds of the bond sales with Mr. Curt Tigard the President of the Board of Commissioners, in United States Securities. After discussion, based upon the engineer's forecast, we would recoms- end that the District, by appropriate resolution, purchase with a per- tion of the proceeds of the bond issue such United States Securities. It may be that in interim interest you will be able to recover a sub- stantial portion of the discount taken by the bond purchaser. Certification to the United State's National Bank of Portland Oregon that it was by resolution of the board of co issioners held September 22 1959 designated as the place for the payment of bond interest and principal for the bond issue. We are enclosing herewith a copy of the resolution which should be certified to by the Secretary and forwarded to said bank. You will note under the terms and provisions of the resolution that the president and secretary of the district are auth- " orised to enter intosuch agreements as the bank may deem necesesary in order to disignate isid bank as the agent of the district for the place of payment of bond principal and interest. The abovS reiioiutions carried. C. tigard moved and C.F.Nivoli seconded, Now Therefore, Be It Resolved: That the United States National Bank of Portland, Oregon, Trust Dep- artaent, is hereby employed to act as the paying agent othis body and the treasurer of this body is hereby authorised, seasonably in ad- vance of the due date of the coupons and bonds payable at the time above set forth, to remit by check to said bank, from funds available for that purpose, the full amount ceceasary to pay coupons and/ or bonds next maturing, or in the discretion of said disbursing officer, to deliver to said Nank an order directing said Bank to charge the account of this body in said Bank with said amount, together with in either case, the additional sum of of 1% of the face value of the said coupons and 1/10 of 1% of the face valueof the said bonds, as and for the compensation of said Bank for performing such service; provided, however that the minimum annual fee for performing such service shall be $50.00. Said Bank is thereupon authorised to pay out the money so placed with it in payment of the coupons next maturing, as the , same shell be presented upon their due date, and likewise in payment of the principal of any of the above listed bonds when called or due and presented. BF IT FUTRER RESOLVEDthat coupons and bonds so paid by said Bank shall be cancelled by it, listed and shipped to the District's representitive treasurer who is hereby authorised to receipt therefor to said Bank. BE IT FUTHER RESOLVED, that any coupon or bond which said representat ive shall consider not in order for payment for any reason must be returned by said representative to said Bank within two days of re- dei pt of the same by him. BE IT FUTMER RESOLVED, that said Bank will not be liable for money paid out by it in payment of any bond or coupons,unless such payment shall result from said tank's own negligence of misconduct; and will not be liable even for such cause, unless such bond or coupon so paid shell be returned within saitwo days after receipt by said reprentative. The resolutions carried. 6 INCOME AND EXPENSE Tigard Water District TIGARD OREGON DECEMBER 1959 Dec. Nov. Total to -. 59 59 Date INC0M WATER - J6t14$ 26t3.26 1992o.90 Meter installations 350.00 210.00 3005.00 Taxes from County - - 363.29 Other income 30.00 136.91 338.28 Total income 3016.55 2970.17 23627.47 OPERATING EXPENSE Supt. salary & wages 836.00 519.00 5157.37 Supplies & expense 301.52 332.85 2977.97 Meters purchased 508.38 -151.50 281.84 Electric power 205.38 211.10 1655.69 Truck operation 60.85 2.65 200.28 Accident insurance 104.2 5.55 176.25 Filbert orchard - - 15,58 Leak report 2.00 1.00 7.00 Liability insurance - - 4S3.75 Sewer expense 5.00 5.00 30.00 Machinery rental - - 613.78 Advertising 1.60 -. 62.61 - Fire Hall expense -73.87 - -53.30 Tank Well ;a3` 494.45 - gt:t8 Well 411 658.60 - Ash Street Pipe Line 506.95 - 506.95 Junior Hi 272.00 - 272.00 Repairs on truck - - ?9.15 Expense Well '1 - - 4.00 Total operating expense 3883.08 925.65 13593.97 , ADMINI$TRATIVE EXPENSE blerks salary 60.30 64.95 388.65 Collection commission 23.14 24.62 175.11 Office supplies 65.25 103.58 415,87 Telephone expense 81.35 - 228.,25 Accountants fees - - 250.00 Interest on bonds - 487.50 487.50 Bank fees on bonds - 20.62 20.62 Bond printing 181.00 - 181.00 Election expense 14.00 29.66 79.66 Cash over & short - - 6.70 Social security 7.06 5.30 102.22 Book keepers salary 90.00 90.00 540.00 Insurance on fire hall 40.68 - -7.77 Burglary insurance 10.00 - 10.00 Loss on bad debts - 36.40 42.20 Total administrative expense 572.78 862.63 2920.21 Dec. Nov. Total to 1959 1959 Date Total operating expense 3883.0$ 925.65 13593.97 Total administrative expense 572.78 862.63 2920.21 Total expense 4455.86 1788.28 16514.18 Total income 3016.55 2970.17 23627.47 Less total expense 4455.86 1788.28 16514.18 Net gain or loss -1439.31 1781.89 7113.29 a a E.J RECEIPTS AND DIS UR3; 1 NT3 TIGARD RATER DISTRICT TIQA R 3 OREGON FOR THE MONTH OF JANUARY L200 Balance Jan. 1 1960 12312.21 Deposited during Jvnuarf 1F Checks charged by bank .QQ Less out standind check 44303 115.68 Available :2200.68 Fater charges for the month 2800.46 Cubic feet of water x:7910© ✓ Renters balance 209.00 Maintennce balance 4690.80 Bull mountain 'Balance 4111,0123 2388.65 Tax Fund 8479.59 Tax fund ,3 3037.50 MUTE,t IL ALLAT:I `1,13 No Name Meter Mater Labor Cost Plus iol or Minus .......... .... ... ......... r+���rrwa ►. .��w�.r rw. r 939 Oen. Lewis 30.30 31.87 28.00 90.17 70.00 940 D.1.Hartig 30.30 30.77 19.00 *0.07 70.00 942 J.Rireraan 30.30 25.22 15.00 70.52 70.00 943 J.villac, 30.30 32.57 34.00 96.87 70.00 944 J.Willock 30.30 31.22 34.00 95.52 70.00 946 J.Wi .ock 30.30 29.34 34.00 93.64 70.00 947 Jai : lock 30.30 14.92 11.00 56.22 70.00 948 L.1e3ch1etf 30.30 31.82. 23.00 85.12 70.00 949 E.H.3ch1*if 30190 30.02 19.00 79.32 70.00 950 x.g.Qesks 30.30 15.52 13.00 56.42 70.00 951 4. Godwin 30.30 25.29 15.00 70.59 70.00 95; ZX *IA 3. Adkins 30.30 29.57 17.00 76.87 70.00 958 . C.?.Nicoli 30.30 34.74 23.00 es.o4 70.00 960 R McCracken 64.56 34.12 19.00 117.68100.00 458.46 396.99 304.00 1159.45 1010.00 The above represents a loss of v149/42 The clerk recommends that the tax levy for next year be raisedto Z15,0300.00 , or that the rates for water be changed. This could be dons by reducing the minim allowed. The above is necessary to be able to have enough money to meet the #3 bond issue paysruts. 7' — Check # Payee Purpose Amount 4328 Larry Gilmore w;ages 60.3 4329 Boyd Howard Wages 56.18 4330 Superette Mkt. Collections 20.12 4331 Postmaster Postage 24.69 4332 Iramers Addressing Addressing 19.60 4333North West Natural Gas Heat 11.08 4334 Tigard Sanitary District Sewer 5.00 4335 Port. Gen Elec. Co Power 242,81 4336 Setnikers Shell Service Gas 38.35 4337 Art Vincent Co. Insurance 62.01 4338 J.P.Lohrens Salary 411.18 4339 H.M.Propst Salary 178.30 4340 E.M.Propst Salary 82.00 4341 Oliphant & Bates Insurance 109.35 4342 Bublic Imp Ret. Board S.S. Expense 2.05 4343 West Coast Tel. Co Telephone 35.20 4344 Tigard Lumber Co Paint etc. 9.28 4345 Pac. Water Works Supp. Pipe etc. 4135.0© 4346 Elden W. Carter Wanut Ave Ex. 677. 4347 Neptune Meter Co Meters Etc. 644.12 4348 The Printed Bag Application Cards 21,75 4349 J.P.Lohrens Maps 11.00 4350 Irvington Mach Works Rsfoun on pipe line 124.50 4351 Wash. Say. & Loan Bank faintenance 200.00 4352 Wash. Say. & Loan Bank Tax fund 400.00 4353 Pac First Fed. Sav& Loan Tax fund #3 ,� 1100.00 4354 D.L.Golsen Bull Mt. Water ight 32.20 4355 Pub. Emp. Ret. Board 3.5. 60.3$ 4356 Duplex. Tray Co Maintenance 25.70 4357 Washington Co. Permit For Well #3 35.50 . . .. . ... ...I. 12535.23