Putnam patriot., 1929-11-27
COUNCIL VOTES TO REASSICN
 OPTION AND PURCHASE SITE
Savings Bank To Accept Un- incumbered Title.-Will Sell
 City Plot
Finance Committee to Make Bssd
 Issue Arrangements

council was held last Friday evening for the purpose of acting on matters pertinent Co the water works im- provement program. Although the meeting lasted less than half an hour the council acted on projects of vital importance Co the city.
 lt was voted that the option to land on Oak Hill, secured by the city by assignment from $. Nlkolof, be reas- signed Co the Putnam Savings Bank.
 It was voted that the water com missioners be authorized to purchase a plot of land in the rear of the old standpipe and n right of way, and that the city treasurer be authorized Co draw a check for the purchase price of $500.
 By a third vote the finance commit tee of the council was authorized to make arrangements to issue bonds to the amount Of $65. .000, Co complete the water works program.
 The city clerk was instructed to draw up suitable resolutions on the death of Alderman Edmund Dubois of the council.
 Plot soxIo0 Feet
 As soon as the necessary papers are drawn and executed the city will own a plot of land on Oak Hill, east ef Che present standpipe, where it is planned to build the new million gall lon tank Co contain the eity's reserve water supply This plnt is of the same dimensions as the old plot, s0xl00 feet.
 The right of way is across land owned by the Putnam Savings Bank, encumbcred with an outstanding op- ton originally deeded to :. Nikolof and assigned by Mr. Aikolod to the city and Co be reassigned to the hnnk under the councils vote. The right of way ls desired to save ex- pense 10 running the necessary pipe around Oak street from Wilkinson street, to the proposed new stand pipe. and begins just east of Wilkin- son street on Oak street and extends northeast Co a point on Prospect north of the site to be purchased.
 The situation which called for tho votes passed by the council, Friday evening, was created by the Savings Bank executing an option to the land, including the site desired by the city, to $. Nikoloif. Before the option was executed it was agreed, according to bank officials, that Mir. Nikolof would sell the city the plot it needs. When Mir. Nikolof returned from a trip abroad he sent communication to the council stating that he found he had been criticised for taking the op- ton and had therefore abandoned his intention to purchase the property for n public park and offering to assign the option to the city.
 Although the city did not want the whole tract of land included in the op- ton, to protect the city's interests the common council voted to take it over and this was done. Mayor Richard offered Co take the option of the city's hands if necessary. The Mayors of- fer did not have to be accepted as the Savings Bank offered to take a re- assignment of the option and to sell the city what it's needs called for for the original price of $500. When the vote of the council concerning the transaction Is carried through the city will own the plot desired and right of way and the Savings Bank will be rcinvested with an unincum- bered title Co the tract that comprises the greater part Of Oak Hill.
 Saturday, following the council meeting. the matter of the proper execution of the necessary deeds was placed in the hands of Ernest c. Morse, corporation council.
 The authority to issue bonds to the amount of S65. 900 was authorized at a special city meeting held some time ago.
 Mayor Richard stated Monday, that he hoped to see the actual work be- gun this year. The council has al- ready voted to award the contract to construct the tank to the Chicago Iron Company. The contract for building the foundation has not been awarded. This has been delayed because the city did not have title to the land on which to erect the steel structure. With this obstacle removed it is an- ticipated that the contract will soon bc awarded and work begun.
 Those present at the special coun- cil meeting were Mayor Richard, AL dermen Ames, Chadwick Dean, Mig nault and Desiardin.