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HomeMy WebLinkAbout1955-12-20; Municipal Water District; Minutes"-? im s .J 5 -.. .. ?sts .$#i0061 J<oider:$g,F,& Eii~abe-Li-~ i(ienzie 0.250 shares and $l.O062 No Fledsee 0. '250 skiares Amount due $15.03 FenaEty a '5'6 Total $15 -7'6 -,. !.here being nc bids for ZT'ILS delinquent stock, the Frzsident .I . mounced tha.t it will become Company stock and wiLi be put on the )oks of the ~~crnpeny r' immediately, ssbject to any redemption provided >r in the By-lav~s. I 1 /- ' ik /. 1. .I\ i* ; r. iv DL\-x.. ..I. . .." - .... L c.-: L, L/ g" f+y' (3. A$' & Secretary " J x j\AIi\,kiTEs ,SF TElz RZGLiLL3 ~~EETING of the of the Eg$$JJ ,2F L3-pLE<-rrJSbS C,ilRL5B23.D jJi-jTc>-I, ?q7dATEA C3);PAl,J\( The regular meeting of the Board of Directors of the l- rLeqular I Meeting 1955 3rlsbad 1v";utua.l Water Company w.s held in the office of Deceinber 20, le Company in the City of Carlsbad, County of San Diego ~d St~~ate of California on Tuesday, Cecember 20, 1955, at E:OO F. M. '' c, I-:. Ingels W. We Rogers 3. 2. Robinsori Directors C. .A. Anthony Present Arnold 3rilhar-l Director Arriving later Also present were Shareholders C. De Field, Conald Bri~;ss, X. S. 3vage, 0. A. SchuPtz, J. T. Boyd, '?!alter Srussov~ and Frank B. Smith; !so Attorney Ray C, zberhard, Manager W. Dennis Wood, Superintendent 1ber-t: ?,;e Earbin, ,703 I-Serredia, reporter for the Carlsbad Journal, .... id Maribee Bzl.Com, stznographer, - ;he Fr-csident called the meeting to order at 9:07 P. At. I I I b Minutes Director Robinson moved, seconded by Director Anthony and carried with four votes, Director Brilhart being absent: ... . I. Ai 55-153 BE IT ORDERED that the minutes of the regular . .I meeting of November 15, 1955, and the special meeting of November 28, 1955, are approved as written. .. Invoices Director Robinson inquired about the charge for storage in San Vicente and Director qogers explained that this charge was due to the fact that we took 5.2 acre feet more than our quota of Colorado River water and were therefore billed for storage in San Vicente for that amount of water at the rate of $5.80 per foot. Director Robinson moved, seconded by Director Anthony and carried with four votes, Director Brilhart being absent: 55-154 BE IT ORDERED that the invoices for November, 1955 in the sum of $18,614.92 are approved. Financial After discussion of’the financial report, Director Report Rogers moved, seconded by Director Robinson and carried with four votes, Director Brilhart being absent: 55-155 BE IT ORDERED that the financial report for the month of November*is approved as presented. Correspondence: “9 Letter from City of Oceanside dated 12-9-55 reporting the reading on Test Well f13E to be 29.92. ” Letters from Fallbrook Publik Utility, District dated 11-17-55 and 12-13-55 reportin g no diversion from the , San’Luis Rey River for October and November, 1955. Letter from V. L. Camerori dated J.12-25-55 dnd’addressed to the City of Carlsbad and by them forwarded to us.concernjng ‘water tie claims is available in the San Luis Rey‘River Basin. The Directors discussed this letier and authorized the Manager to write letters concerning primary water and Mr. Cameron to the . .. -.. . .rj F, "p 'd b Ii 7-2 Ed Fletcher Company of San Diego, the Ezstern I!!unici.paf Water 2istrict at !-:emet and the Fallbrook Pcblic Utility District- Letter from Carlsbad b?z.~ici.pal Water District dated '12-5-55, thanking the Company for having made a car ava-ilable for the use of Engineer ;-jarding when he was nakinq a survey of tl"e Dlstrict. Letter fron EscondLdo Mutual ?5!a:'ater Company dated Escondido fiLutual vjater aecember 8, 1855, offering $42.50 for five shares of their Company Stock '3" stock owned by the Carlsbad Mutual TWater Company, after discussion, General Rogers noved, seconded by 3irector lobinson and carried yfith four votes, Director Erilhart king absent: BE IT ORDERED that the Manaaer is herebv ,,": " c,L VV Id" asthorized and directed to ascertzin the current price for "Brr stock in the Escondido 4 MiiutuaL Water Company ; and BE 17 Flj:3Ti;'Ef? Q2DE32:D t>st -if such- currer,t price is $42.50 for the five shzres: the Manac;er is hereby ord-ered to sell the five shares 6f ,suck stock now owned by the Carlsbad Mutual YJater ComFanjr a The Manager then presented the laboratory regor-bs Laboratcry f 3r, Carl iiililsoa and explained thema T-. Tieports Mre zber'nard stated his opinion ;:hat stock pur- Release Fee on Delinquent .- hased at delinquent stock adction sale :;voulc! not be Stcck Sold ubject to any. area release fees upon its re-location by urchaser, Mr. Eberhard saLd that the Corporation Commissioner Re-issuing Treasury quired his consent for the sale of Treasury stock and Stock Lso fixed the price for same. On the subject of sandbagging Slavers Dam in Sandbagging ,~alavnr-. +A a cder to increase its capacity, Xr. Eberhard stated that D am !e consent of the aivision of D.ms of the Division of Water ~"so~lcces would be required e !:Tf-J 2-1 4 North ?$- .LA. Eberhard then discussed the proposed annexation Carisbad Annexation of North Carlsb2.d to Oceanside aad the manner in -LO Oceanside whlch the stock and facilities of the Carlsbad Mutual ? 711 vrater Conpang: in that area might be handled. Ee said tha5 the Board of 3irectcrs has legal per~issicn to sell a portio of 4-1 ine assets9 with some linitations, The sale of a large amouct of the assets would requirn the consent of the majority of the shareholders, but as ~orth ~arlsbad OI-J.~ represents about 11% of the total, the Board !r\to~.ld have the power to Regotiate tine sale, Mr. Eberhard tnen explained the d.ifr'erence betwen a regular corporation and a mutual., and the difficulties of sellin5 our fsczllties in North Calsbad in tkhe event that scme of the sharehclders objected, Fe said the proisLen; of the dissenting shareholders could be solved by a contract with the City of Ccear side to serve such dissenting shareholders for t,be Carlsbad Mutuz Water C0i;lpan-y e ... 1\21. Eberhard stat-& that the Eutual could sell th,e -. i ~orth Carlsbad facilities to the City of Oceanside or to a group or Company, but it wolzld be necessary to have a contract that wot continm service cf water 'LO dissenting sharehclders Mr . Eberhard Eurther said that if Cczansidc '~,ook we: the stock for serving the North Carlsbad ;;rea, Cceanside wou.ld bl a shareholder and would hzve to pay assessments if any are leviel Se said that the MutaaE would not be zllowed. to buy its own stcc! Director Brilhart then entered the meeting; alsc Reporter Parry I the Sac Diego Union. Direc+or Fiobinson said that it would be a good idea nave t:h?e assets of North Garlsbad appraised by a physical survey - - .. 6 s2 9 as well as the book value, Le said the Board. ci’d - not wish to stand in the way of the annexaticr! of North Carlsbsd to Oceanside, nor did they wish to help such annexation, and probably an in- dependent appraisal would be the best way to arrive at an equitable price B There was some discussion of the pipelines and the present value of Reservoir No. 4 which are part of the North Carlsbad ,, facilities, 3irec-k~~ Robinson -tl?en n~l~ed, seconded b\r 3irec’ior Rogers and carried unanimously: =.? ” 4”A3 I BE IT 3RDZREj3 that the Manager is hereby .- ia North CarLsbad, L-~LCPLLL -,/ OF” r *- OUT nazn .. titans- St Lney prefer an a?spraisal, the Soard DF 3irectsrs of Ai-e Carl‘ ..,Sad Fhu-tual ;?!ater Compan;r is w;ltmg . .. -3 ii?structed to VJrite the city of ?-- ibt;ans~iae, setting a price of $513,000 for the faci-li’cics mission lines; and stating further that if LLL to accept the aepraised value, ’ rovidFng the one to be.selected by the City of Oceanside, one by the Carlsbad Xi/;.utual iYater Ccmpa~y, and. these -two to select a third person; ” appraisal is ma6.e by; three cuallfied e- ?ersons, JLSc, STJqT I IGG FT T< T v iZ2 L LA...^^^*. that 3 contract would. be requ.ired wi-th Cceanside -to Serve water for the Carlsbaci Xutual ?!atsr Zompan:~ to those share- holders who see xlx TO retain their stock. Eoard is neither to ~ncocrage nor discourage tks annexation program. r-. I . ;A,JSo STfl‘,”’ l-.~ ~IYG fi;rther tha-t th?e ~n-,ent .. of the ALSO STATIDJG FL%T9EFL that this $60,000, or appraLsed valce, whicl?ever met.hcci of arrj-vling at value is accepted, mzy be paid OR the installment plar,, carrying a LP’ ’/O -Interest - rate. 7“ 7- 1.. LI~S Managei- then read a letter fzon -the zxec~cr-tFve Offers to ;ecretary of the Garlsbad i\Junici.-al ?!c!,~--- r ItTJ- Q)istric+, 2s Furchase ’ollows : “Flease be advised !:?at as 2 :TesiL;lt or’ a motion duly made and passed at last eveni:>g’s mee-tiag of the 3oard of Birectors of th?.e Carlsbad Idunicipat ne - $..9 0 w $2 G3 'Yater i3i~tric-t~ the Board is n~xor! record as being prepared, to purchase the Carlsbad Eilutzal Yates uompany oc the same terms as may be offered by the City of Carlsbad, subject to t5e formatior: of ar! appropriate Improvement Distrrct for effecting such purpose ,,I' n The President then presented ai? offer from d s 1. 3oyd, Mrs. -r- I!. ukh . 1 Zagee, N. 5, - Savage, 3. A. Schultz, Re 3;. SheffLer and associates9 as follows: tfr:rLrz $lvLiLFiE.A3: We, the .i'ollowinq, J. I . 3oyd F Mrs. r-fugh Xagee? N. S. Savzge, C, ?A, Schultz, 3* X. Sheffler, and sssociates, are amenable to making an offer to parchase the pk,;ysical ar,d. intangible assets of tile Carisbad Z?:';ut~?al Water Coapzny for the purpose of serving the stockkold~rs that are now being supplied 5y the Carlsbad Mu",rjal Water Company, and any additisn- at ownezc, of dry land, if and when additionsl water is available; and - Clj:V 7Cq E,qS : I.' ?illLl. fv?, the abcvz-named associates: recognize thzt it has the obLigation to continue with distribu- b.Lo~ 60 all present lznds to which the stack in the Mutual Water Company is presently- zppurtenant. 7-7 ,. ";,JQi;:j, Ti<E2EFoPLE, We. the :I.ssocj.ates T h3relvvith offer to purchase all t!~e physical and intangible assets, including all iJTJzte: rights 7 iI,r!lether st;ch water rights exist h-y means of deed restrictions, prescriptions, or permit, from the Division of Y!!ater ?esoxrces, fron the Carlsbac! i"Ji.utua.1 ';i\rater ~ornpany, v.pon the terns and conditions hereinafter stated e hiutual Water Company for all physical and intangible assets the sum of Four hundred Tweaty-sLx ~ho~sznd 'Dollars ($426,000.00); Tea ihousand 3oLlars ($10,000) cash and as;x,tzer; inousand aollars [$~~,ooo.OO) -to the Berkeley Bani.: +,a liauidate the mortgage nhich they hol balance to be paid direct to holders of stock in the arno~~nt of not less thaa 15% of the annual gross reven3 obtai~eci by ti?e ~ssociates Eron! ths proposed sale of water. The condition of the flrst cayment is thzt the Carlsbad X,utual Water Company tzrn over to the Associ- ates all- records, accounts, maps, etc. and all physic: and tangible sssets, and a cozplete list of all stock- holders, thc?ir addresses, and xne amount of stock helc by- each; that the ~npaid balance due and o!;?iing by -the Associates shall not bear raterest and shall be subjec to an accelerated pay-ment at the option of the Associates. IC. 11 .; -. Lnat the Associates shzll pay to the Carlsbad. "1 -_ IT. - ",. T. 11 " -. . P q 7 00, l*LI, The Associates offer to agree to contiaue te furnish water to all lands to which stock in the Carlsbad Mutual. Water Company is appurtenant at the time of. accep-lancs of this offer. "III. The Associates, herewith, furth3tr offer aad agree to assume a11 c~rrent liabilities thhzt are agreeable to the Assoclates at the time of acceptaace. "IV. The Associates further offer to covenant. to respect all territorial limitations on the distribution of water that is produced fron the wzter r5gh-t~ of the Carlsbad Mutual Yater Company in +he Mssion Basin of the San Luis 2ey River, as such limi?ations on distribution may appear by way of contract, agreenent, court order9 usage, or ?errnit from th? Divisior! of water resources. rllJ . -1 inis is a condition31 offer made with incomplete information, to purchase 2h- ~L~~~ assets heretofore set forth, and this offer is made with the understanding and. con- dition that if the Carlsbzd M1~tua.l ::later Company shall accept this offer, then in such event the Associates reserve the right to submit the zlna3 approval of -the acceptance or' this offer at a Stockholders' Meeting of the Carlsbad MutxaL Water :mmpany, VI. This offer shall continue to be in force and effect until the first day of April? 1956. And if not accepted. prior to that time, shall. become null and void. c. /-. [ Siis;\JED) x, s. S$>$$,GE \.>Li? r: G . A. SCHULTZ f 0 T ,ry?J 1 fSICr?JEq J. T. ~(2~3 by G.E.B.'~ Mr. 0. A. Schul-tz ther, took the floor and stated that all of the Associates who a.re making this offer are a11 responsible parties and are all shareholdeps, r:z said they had no axe to grind .with anyose, but wanted t=, Ssy the CompaRy azd serve +.he people to the best of their ability at the lowest rate possible. 2e said there would. be no more special assessments. He stakd that no one seemed to object to the water Sills but they did object to the assessments. 2e rea.lized tha2 the Board had to levy assessments on accoilnt of the deterioration of the pipe lines9 but said the Associates were goiac;t to try to come ir; and 77 - .. cp2 .., d AJ perate the Company economically and give the people the best rate hey can. :--le stated that.. all of the people connected with this ffer ?.re people of coosiderable means wh~) are able to go through i-th this and to branch out, Fe said they intend to forn a Public tility, which would be subject to. the rules of the Tublic Utility 3mmission. .Ze also pointed a.;t that the offer was $26,000 nore nan the City of Garlsbad :?zd offered. Director Rogers said he was oppased to all of the offers ~ich nad bzen received b3cazse none of then provided for the pay- ?nt of interest, M:ca SchuPtz further said that the Associates had consulted :E? $an niego YJate3r Authority and hope some day to put in a pipeline ,rge enough to serve our cornrnunity from the end of the Gceanside- ~llbrooic lateral. !-!e said the Authority ha5 informed them that ley would build another line if that ~rie is not large-enough, 2:Frecto-r Robinson said. that it tilouid be advactageous if .. Schuitz cocid obtain a letter along those lines to present to e shareholders, as this is the first indication the bard has d that the CGUII~~ Axthority is willing to b~iild another lzteral. Director Wogers inq~ired how long ago such stat;-tmer,t of e Authority had. be2n made, and upo~ Learning that it was a year 3, said that the policy of -the Authority had been changed sirxe Z!"'. Shareholder Frznlc B, Smith then took the floor 7 rra.nk 3, Smi-th 3 read the following Letter, which he as'ked be placed in 2 records: "Yhy the Carlsbad Mutual Water Company shouAd not be sold to the City of Carlsbad. 683 "(1) Nater is getting scarcer every dav. I.rle scarcer a thillg "! gets, the nore valuable it becomes, f'(2) NO~V, water can or,ly go on 2,000 acres. ~f the City took cver, the City could put it on all the land, now d,ry, soui cf the Agua I-::eci.Londa (Carisbad CLty has 5,000 acres o ) Thj would be less water for eadi? acre, - and water is qetting scaycer and more valuable. "(3) he price and terzs offered are ridiculous:- $2.50 per sh; ct.own, and the balance to be paid in yearly instzlments, fron wat revenue, [which comes Erom the moiley charged and paid for by the former owner^ of the Carlsbad. Mutual YJater Go, commodity is getting scarcer and the cost of replacing pipelines, etc, would cost so much mere now, There is only one San Lgis %ey Basin. "(4) Stocks are not belng sold for hzlf the book value, when t! - "((s) LL^~ the sole object of taking over the Water Company is to give cheaper water to the people, v:ouldn't consolidati: Carlsbad with Oceanside? (where they kfiow h~w to give peo' cheaper .LFylat,Sr, and because of their high assessed valuati! they have over twice as much Colorado River Water entitle nent as the whole 30,000 acre Carlsbad XuEicipzL IY!zter 3istric-t 1-12s)- k'ozfdr,'t this be OCT best cove? Then the CarYsEaSfMunicipal T?,!ater District and save a lot of ta.xes p2o z Carlsbad could. vote themselves 0v.t of the " t.5ere. "(6) if the object is to keep Carlsbad. intsct, as a city, then why not form a sub-district, for the City of Carlsbad, an1 it's 5,003 acres fin this Carlsbad Municipal dater aistri and stop subsidizing this 30,000 acre district with our zoney and water entitlement? ?, - "(7) Does not the composition of our board of directors (2 bei City of Carlsbzci officials, one being a director on the CarlsSad h'iunicipal !!dater Dist.) make it hard to determine 1,vkat is best for, the shareholders of the Zarlsbad Mutual Tjjater co? ' "(€3) If a sub-district were formed for l.,arlsbad City could not th2 Sity ;?ppoLn-t the Carlsbad h'i,utual Nater to act as its agent to s1~ppl.y fan3 not now water, (at a charge equitabf. to the present sha.rehclders of the company, and then serv wa-ker from the Colorado to land. south of the Agua Yediond n (Signed) FRANK B. SF1'1TFi" Shareholders Sch~ltz, Boyd., Field, Briggs and Spith then Left t neetifig e lv:r. ingels then suggested that Mr. zberhard take these bi " T- s 1 3 c s t:ddy * P rf 7- Kg G. Q* u T,/i?. .,Ir 7-1 c~srkard said thzt under the Constftution, the City one y~ar ~ikh~at the consent of tPie pecple. EF said IT; .. i;iou'id cannot incur an indebtedness exceedinc; its annu.a.1 re;ieriue :For be a pro",ction to have the :,.;.ic+rs of t);e City approve i-ks - purchase, he stcck could 30 into 'escrow and. t;-;e Company e>:ist nomirially until the stock is p~;d for. Any contrzct fron-i priva.-te parties for the purckzse .sf t?:c Company should inclGde !:he improvements tc be made and the len2th cf time in v&ic?i they are to be made, CLrector Briikizr- said ]-Le thcu&<~ tjlat 'when the Eoard J entertains an offer tc purchase by 2 p-ivate individual, 'it should come closer to our _j book value, as there is a vast dif-ference be-tween having the ~.-,~-ky 7. . pcrchase the Company for half the book value and al!.owins a private company to do so, as a private ccmpany kould necessarily expect to zake 2. profit. -. Xrectcor trogers said that these peopie are all ,citizens of this commGnity and may be corning in with an honest desire tc help the cornrnunity. Director Robinson ask2d IiTIhether the 5card would present these offers to the sharcnoiders with recommendations and back'- ., ground * Mr. Eberhard stat& tk:at anyc,ne lwho buys the ~ompany iTJould have to have a contract wit:? the !$unicipzl. Water Dist~ic'c: in order to get ~olclrado ~iver ivater, ,, Cirector - Rogers said he felt we shculd ask f~r a depcsit Lo guarantee fulfillment, and soxe evidence that they are prepared -to pst up funds to rehabilitate the- Company, Rather a" p 7 a g, 3 than ask $830,000 for he Loxipaany, be sure -khat these peopj,e will r2habilita.te it * L n Mr, Loerhard said that ]he tlriou::ht tkese pec;i;le sho~ld. either -3 incorpora-Le or put up a bond to guarantee the-f ir:~~id do certain things within a specified timee Certai~ly wc should have SOIX~ evidence s€ their ability to do soe .. p" ,cs~cient - - ingels inquired what the Eoard thn=uqht of an im- - prcvement pian for five years and approximate CC'S~, and then cone to some understanding as to whether they are able to do it and whether the Boa.rd could approve of their hie., -3irector Byilhart said he thougk"1; the\- should show tho Board proof cf the perpet.uation of resGurcest SO they ~o~2.d not carry it Tr~r a few years and then relinquish it. ~e also inquired whether. it would be advisable to use the Browning report as a . basis Tor a five year program of imprcvement, " girector Rogers suggested that these people be written a letter -ka the effect that inasmuch as they ars not an organizatic but ar? individuals, in order -to have their bid considered it would have to be cDl;ered with a substantial deposit sf say $1O,CC3; also that they wo~iid be reqsired to furnish bond or other cjuarzntees thzt ';;hey would be able to carry c~it irrprovement in the amcunt cf $~(>o,cOO within five years, ?-. 9Lrector Brilhart alss said pie felt tiley siio~ld it~dicate v{ho JibLeii would have to manage the Co~pafiYe Girector Rcgers said they vvr~uld have to go before the Public Utility Cmmission before ",hey could do anything, He also said he thsugi-~t there shoufd\ %e a minimurn interest rate of 4% on any of t5~se cffers, ~t.;e said the way these effers are, they could 7- " -. " A 22 is 0 fJ 5 tretch fGr forty years, If it is made to their interest to ay off, they v~ill do so nuch mere quick:y, Xe said he thcught !-,e bids are low enough as it is so that interest should be harqed , sirector 3rilhart moved, seconded by Director Anthhony and arried unaninously: BE IT ORDERED that P.ttorr,ei; Eberhard be request-eci tc draft lettzrs in answer to all three of these offers to purchase the Carlsbad Futual Eater Company, and. to request 4% interest on the unpaid balance;, " "? 'VI-! "d"3C Dirzctor Flobinson inquired whether the Board was going to sk the Associates a higher price for the Company, Directcsr BriLhart said he thought Ms.. Eberhard's Letter hould ba kc0 the effect that we will have to have an offer with oney and 3-mprovement guaranteed. Director Rogers explained the offer of the Municipal Water listrict,' which requires -the formation of an ImproveKent District, Mr. Eberhard then discussed the proposed replenish- Replenishment in SLR [ent district for the San Luis Rey aid its effect upon OUT djudication suit, Relea.se of Easenient, The Manager reported that in Tract 62, HotaEing Lands,Tract 52 1" I Fin+zalj.ns ~ .- buth Oceanside, the old Oceanside MutuaZl Water Company Lands !a.d had an caseaent which still. shcws on the records of the ;oumty Recorder,. Three people have asked for a auit Claim Deed )n the property, Attorney T. Bruce Smith is handlinq the matter, Director Rogers suggested that we check kith the City of Ccean- ;ide and see whether they have any use .-for this easement bafore we :elease it, FZV & ' 2, ,~ , . Director Rogers moved, seconded by Llirector Robinson and carried unanimously: s 2 - .1., .. - 1- -: -- I BE IT GRDE2ED that the Kanaser is hereby di:cected tc ascertain vhzther 'che City of Cceanside has- anv use for the old easement in Tract 62, Hotaling Lands ; 'and BE IT FLBTHER C;;iDLFiED that if Cceanside does not want this e3sersient th,at the proper officers of the Zompany'are hereby authorized to execute Quit Claim 3eeds releasing mis I. easement. Employ-ee The .Manager asked for $350 for bonuses for the Christmas " Boni;s employees, which viould amount to a $25 bonus for each regular employee and $10 for each temporary I, emplcyee,. i Ke, said he thought it would be $350 well spent. ,, Girector Robinson said that a $25 bonus under the present circurcstances of the Company is a pretty healthy bonus. After all, he said, the Company is Gnable -to borrow funds at the present X~E. 1. 3ie asked hcw about turkeys for everybody.. The Manager stated that he felt nost cf -the employees would probzbly prefer mcney. 3irecter Robinson said he thought all the employees realized the cirGumstances under which the hiutu31 is operating, Cn the ether hand, he felt that from the standpoint of morale ai;d mployee interest, it wou1a be money well spent, ., -3 ~ze ?<!anager said that,the boys g~ cut at all times during -the r;Lght on Leaks and emergencies, 2nd.. very seldom turn in any .overtime for it. ~- .-. /I. i Girector 2ogers moved, seconded by 33irzct~r Anthony and carrlled unaninousEy: .. - - ".., -, - , <I '" c, v " <, v 3E IT GRSERED that tiG;.e Xanager is hereby directed L LO give each enployee a turkey, ham or equivalent -kc the value of $fO.OC each as a Christnas bonus.