1874 - Resolution - Transfer of StockRESOLUTION NO. 1874
A RESOLUTION OF THE CITY OF PORT ORCHARD, WASHINGTON
AUTHORIZING TRANSFER OF STOCK TO PORT ORCHARD VOLUNTEER
FIREFIGHTERS ASSOCIATION.
WHEREAS, the City of Port Orchard, ("City") is presently in possession of shares of
common stock in Puget Sound Energy, Inc. (formerly known as Puget Sound Power & Light Company),
under shareholder certificate title designation "Port Orchard Fire Dept." under Stock Purchase &
Reinvestment Plan CUISP: 001-031-74533210 (in excess of 452 shares) and certificated shares totaling
72 shares.
WHEREAS, the certificated shares were originally given to the "Port Orchard Fire Dept."
in 1943 (Cert. #7015 — 24 shares), 1955 (Cert. 4772 — 12 shares) and 1977 (Cert. #NY091263 — 36
shares) as gifts to benefit Port Orchard's Volunteer Firefighters.
WHEREAS, ail such shares of stock have been held by the City in a constructive trust
manner for the fire department volunteers inasmuch as the "Fire Department" was simply a department of
the City and not a separate legal entity.
entity.
WHEREAS, the Port Orchard Volunteer Firefighters have not constituted a formal legal
WHEREAS, the City no longer maintains its own Fire Department.
WHEREAS, Port Orchard's Volunteer Firefighters now serving under Fire District No. 7
have formed a Washington non-profit corporation known as "Port Orchard Volunteer Firefighters
Association" USI No. 601 975 531.
WHEREAS, Article Vill, Section 7 of the Constitution of the State of Washington prohibits
the City from owning stock in any corporation.
WHEREAS, the Port Orchard Volunteer Firefighters Association has asked that the stock
of Puget Sound Energy, Inc., held by the City be transferred to the Port Orchard Volunteer Firefighters
Association.
WHEREAS, the City Council of the City of Port Orchard deems it necessary and
appropriate to transfer such shares of stock to the Port Orchard Volunteer Firefighters Association, now,
therefore
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON HEREBY
RESOLVES AS FOLLOWS:
That all shares of stock in Puget Sound Energy, Inc., formerly known as Puget
Sound Power & Light Company, in the possession of or under the control of the
City of Port orchard under title of "Port Orchard Fire Dept." shall be transferred to
the Port Orchard Volunteer Firefighters Association.
2. That the Mayor and the City Clerk are hereby authorized and directed to
consummate such transfer and to execute any documents on behalf of the City
as they may deem to be reasonably required to effectuate such transfer of
shares of stock.
Resolution No. 1874
Page 2 of 2
PASSED by the City Council of the City of Port Orchard, APPROVED by the Mayor and
attested by the Clerk in authentication of such passage this 25" y of October 1999.
LESUE J. WEATHERILL, MAYOR
ATTEST-
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Patricia Parks, City Clerk