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~ffHEREAS, on or about the 10th day of February,1950~ the City
of Bremerton and McDonald & Taylor, Inc., a corporation~ entered
into an agreement concerning logging certain of the City's water-
shed on Anderson Creek and which contract provided for a division
of the net proceeds from the sale of logs from the said land on a
basis of 25~ to the City and 75~o to McDonald & Taylor, Inc. after
payment of costs of advertising the sale of the logs~ and
WHEREAS~ the first lot of logs has been sold under call for
bids therefor and some provision is necessary for the authorization
to pay McDonald & Taylor, Inc. and to pay the costs of advertising,
NOW, THEREFORE, BE IT RESOL~/ED that all funds arising from
the sale of logs from logging operations on the watershed of the
City of Bremerton shall be deposited in the "Cumulative Reserve
for Water System Improvements Fund" and from such deposit in the
"Cumulative Reserve for Water System Improvements Fund" there
shall be paid the costs of advertising the proposals for bid for
the sale of said logs and 75% of the remaining net proceeds from
each sale of logs shall be paid to McDonald & Taylor, Inc. as
their proportionate share of the proceeds of the sale of said
logs under the agreement of February 10, 1950, and it is further
RESOLVED that the balance of the proceeds after payment of
the advertising costs and the share to McDonald & Taylor~ Inc.
shall remain in the "Cumulative Reserve for Water System Improve-
ments Fund" until such time as the Council of the City of Bremerton
shall determine to expend the monies in the fund for the purposes
intended, and be. it further
RESOLVED that a copy of this resolution be forwarded to
McDonald & Taylor, Inc.
PA~SED UNANIlqOUSLY by the City Council of the City of Bremerton~
signed by the Mayor and attested by the City Clerk in authentication
ATTEST:of such adoption this 5th day of April,.~~~ ~950..
~ ~' ~ Lo "HUM" KEAN, Mayor.
E. .T. _Cit