506_00001ORDINANCE No.506
AN ORDINANCE of the City of Moses Lake,Washington,
providing for the issuance,specifying the maturities
and maximum interest rate and fixing the form of
$295,000.00 par value of "General Obligation Library
Bonds,1964,"of the City of provide the funds necessary
to pay the cost of constructing,equipping and landscapingianewcitylibraryontheCivicCenterSite,and preparing
the site therefor,including the demolition and removal
of the existing building thereon,as authorized by the
qualified voters of the City at a special election held
on October 22,1963;and providing for the public sale
of such bonds .
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,
DO ORDAIN,as follows:
Section 1.The City of Moses Lake shall presently issue and
sell the total not to exceed $295,000.00 par value of negotiable general obligation
bonds authorized by the qualified voters of the City at a special election held
on October 22,1963,pursuant to Ordinance No.499,in order to finance the cost
of constructing,equipping and landscaping a new city library on the Civic Center
i Site,and preparing the site thereon,including the demolition and removal of the
existing building thereon and to pay the cost of the issuance of such general
obligation bonds.The bonds shall be designated "General Obligation Library
Bonds,1964,"shall be dated June 1,1964,shall be in the denomination of
$1,000.00 each,shall be numbered from 1 to 295,inclusive,and shall bear
interest at a rate or rates not exceeding S%per annum,payable semi-annually
on June 1 and December 1 of each year,as evidenced by interest coupons to be
attached to the bonds representing interest to maturity with full obligation
on the part of the City to pay interest at the same rate or rates from and after
maturity until those bonds,both principal and interest,are paid in full.Both
principal and interest are to be paid in lawful money of the United States of
i America at the office of the City Treasurer of the City of Moses Lake,Washington,
and the bonds shall be payable serially in order of their numbers,as follows:
Bond Numbers
(Inclusive)Amounts Maturities
1 to 10 $10,000 June 1,1966
11 to 20 $10,000 June 1,1967
21 to 30 $10,000 June 1,1968
31 to 40 $10,000 June 1,1969
41 to 55 $15,000 June 1,1970
56 to 70 $15,000 June 1,1971
71 to 85 $15,000 June 1,1972
86 to 100 $15,000 June 1,1973
101 to 115 $15,000 June 1,1974
116 to 130 $15,000 June 1,1975
131 to 145 $15,000 June 1,1976
146 to 160 $15,000 June 1,1977
161 to 175 $15,000 June 1,1978
176 to 195 $20,000 June 1,1979
196 to 215 $20,000 June 1,1980
216 to 235 $20,000 June 1,1981
236 to 255 $20,000 June 1,1982
256 to 275 $20,000 June 1,1983
276 to 295 $20,000 June 1,1984
Section 2.The City of Moses Lake reserves the right to redeem
any or all of the outstanding bonds of said issue at par,plus accrued
interest,or any semi-annual interest payment date,on or after June 1,1974,
in inverse numerical order,highest numbers first,by publishing notice of
saidle
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hdaendredemption in the officia14newspapepr
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Notice of such intended redemption shall also be mailed to the successful
bidder on the bonds not more than forty-five nor less than thirty days prior
to the call date.Interest on any bonds so called for redemption shall cease
on dates fixed for such redemption.
Section 3.The City of Moses Lake hereby irrevocably pledges
itself to levy taxes annually,without limitation on rate or amount,upon
all property in the City subject to taxation in an amount sufficient to pay
the principal of and interest upon said bonds as the same shall accrue,and
the full faith,credit and resources of said City are hereby irrevocably pledged
for the payment of the principal of and interest on said bonds .
Section 4.The bonds herein authorized to be issued shall be
in substantially the following form:
No.$1,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF MOSES LAKE
GENERAL OBLIGATION LIBRARYBOND,1964
KNOW ALL MEN BYTHESE PRESENTS:That the City of
Moses Lake,State of Washington,is justly indebted
to and for the value received promises to pay to the
bearer on the FIRST DAYOF JUNE,19 ,the principal
sum of
ONE THOUSAND DOLIARS
together with interest thereon at the rate of
PERCENT (%)
per annum,payable semiannually on the 1st days of
June and December of each year,the interest to maturity
being evidenced by and payable upon the presentation and surrender
of the attached interest coupons as they severally become due,
with full obligation on the part of the City to pay interest at the
same rate from and after the maturity date,in the absence of
coupons,until this bond with interest is paid in full.This bond
i is payable,both principal and interest,in lawful money of the
United States of America at the office of the Treasurer of the
City of Moses Lake,Washington.
This bond is one of an issue of $295,000.00 of bonds of like
date,tenor and effect,except as to maturities (and interest
rates if more than one interest rate is bid),and is issued by
the City of Moses Lake pursuant to a special election of the
qualified voters of the City authorizing the same for strictly
municipal capital purposes ,other than the replacement of
equipment,to-wit,for the purpose of providing the funds
necessary to pay the cost of constructing,equipping and
landscaping a new city library on the Civic Center Site,and
preparing the site therefor,including the demolition and removal
of the existing building thereon,all as provided in Ordinances
Nos.499 and 506.
The City of Moses Lake has reserved the right to redeem
any or all of the outstanding bonds of this issue at par,plus
accrued interest,on any semi-annual interest payment date,
on or after June 1,1974,in inverse numerical order,highest
numbers first,by publishing notice of said intended redemption
i in the official newspaper of the City at least once not less thanthirtynormorethanforty-five days prior to the call date.Notice
of such intended redemption shall also be mailed to the successful
bidder on the bonds not more than forty-five nor less than thirtydayspriortothecalldate.Interest on any bonds s>called forredemptionshallceaseonsuchcalldate.
The City of Moses Lake hereby irrevocably pledges
itself to levy taxes annually,without limitation on rate or
amount,upon all property in the City subject to taxation
in an amount s1fficient to pay the principal of and interest
upon the bonds of this issue as the same shall accrue,and
the full faith,credit and resources of the City are hereby
irrevocably pledged for the payment of principal of and
interest on said bonds.
It is hereby certified that all acts,conditions and things
required to be done precendent to and in the issuance of this
bond have been done,have happened and have been performed
as required by law,and that the total indebtedness of the City,
including this bond issue,does not exceed any constitutional
or statutory limitation.
IN WITNESS WHEREOF,The City of Moses Lake,Washington,
has caused this bond to be signed by its Mayor and attested
by its City Clerk and its corporate seal to be hereto affixed
and the interest coupons attached to be signed with the
facsimile signatures of said officials this lst day of June,1964.
CITY OF MOSES LAKE,WASHlNGTON
By
Mayor
ATTEST:
City Clerk
The form of the interest coupons shall be substantially as follows:
Coupon No.$
On the 1st day of (June)(December),19 ,the CITY OF
MOSES LAKE,WASHINGTON,upon presentation and surrender
of this coupon,will pay to the bearer at the office of the City
Treasurer the sum of DOLLARS($d,in lawful money of the United States of America,
said sum being the semi-annual interest due that date uponits"General Obligation Library Bond,1964,"dated June 1,1964,
and numbered .
CITY OF MOSES LAKE,WASHINGTON
By
Mayor
ATTEST:
Citÿ Clerk
Section 5 .The bonds shall be lithographed or printed on good bond
paper and shall be signed by the Mayor and attested by the Clerk of the
City of Moses Lake,Washington,under the seal of the City and.the
coupons shall bear the facsimile signatures of the Mayor and the Clerk.
Section 6.There is hereby created and established in
the office of the City Treasurer a fund to be named and.designated as
the "Library Construction Fund"into which fund shall be deposited the
principal proceeds received from the sale of the bonds and out of which
fund shall be paid the cost of constructing,equipping and landscaping
a new city library on the Civic Center Site,and preparing the site therefor,
including the demolition and removal of the existing building thereon,
all in accordance with Ordinance No.499 .
Section 7 .There is hereby created and established in
the office of the City Treasurer a fund to be named and design ated as
the "General Obligation Library Bond Fund,1964,"into which fund shall
be paid all taxes hereafter levied and collected without limitation as to
rate or amount on all property in the City subject to taxation in amounts
sufficient to pay the principal of and interest on the "General Obligation
Library Bonds,1964."The principal of and interest on such bonds as
the same shall become due shall hereafter be paid out.of said "General
Obligation Library bond Fund,1964."
Section 8.The bonds shall be sold for cash at public sale
for not less than par,plus accrued interest,upon sealed bids to be received
at the office of the City Clerk up to the day and hour stated in the Notice of
Bond Sale hereinafter directed to be given.
Notice calling for bids to purchase said bonds shall be given
by publication there once a week for five consecutive weeks in the official
newspaper of the City of Moses Lake and such other notice shall be given
as the City Council may hereafter direct.Said notice shall specify that
bids for the purchase of the bonds shall be rec:eived by the City Clerk of
the City of Moses Lake up to8:00 o'clock p.m.(PDST),on May 26,1964,
and that said bids will be publicly opened and considered by the City Council
at a meeting to be held at such time in the Council Chambers in the City
Hall,Moses Lake,Washington.
A copy of the notice shall,at least three weeks prior to the
date fixed for the sale,be mailed to the State Finance Committee,Olympia,
Washington.
maturities
acdco tbe inviteidedorethe peu cheas oSe
t
obonds with fixed
The notice shall specify the maximum rate of interest the b.onds
may bear,to-wit,6%per annum,and shall require bidders to submit a bid
specifying:
(a)The lowest rate or rates of interest and premium,if any,
above par,at which such bidder will purchase the bonds;or
(b)The lowest rate or rates of interest at which the bidder will
purchese the bonds at par.
Each.bidder shall state the total amount of interest to be paid
over the life of the bonds.and the.net effective interest rate.of such bid.
Coupon rates shall be in multiples of 1/8 or 1/10 of 1%,or
both.No more than one rate of interest may be fixed for any one maturity of
any one issue.Only one coupon will be attached to each bond for each
installment of interest thereon,and bids providing for additional or supplemental
coupons will be rejected.The maximum differential between the lowest and
highest coupon rates named in any bid for any one issue shall not exceed 2%.
The bonds shall be sold to the bidder making the best bid,
subject to the right of the City Council of the City of Moses Lake to reject
any and all bids and to readvertise;and no bid for less than the entire issue
shall be considered.
The bids shall be sealed and,except the bid of the State of
Washington,if one is received,shall be accompanied by a deposit of 5%,
either in cash or by certified or cashier's check,of the amount of the bid,
which shall be returned if the bid is not accepted.If the successful bidder
shall fail or neglect to complete the purchase of the bonds within forty days
following the acceptance of his bid,and the bonds are ready for such
delivery,the amount of his deposit shall be forfeited to the City of
Moses Lake,and,in that event,the City Council may accept the bid of
the one making the next best bid,or,,if all bids be rejected,the City
Council shall re-advertise the bonds for sale in-the manner herein provided.
If there be two or more equal bids for not less than par,plus accrued
interest,and such bids are the best bids received,the City Council
i
edetdermine by tewhichb enrin be accepted .TeheŒbondreas ebre
of Moses Lake,or at such other place as the City Treasurer and the
sucessful bidder may mutually agree upon.
The City Clerk shall be and is hereby authorized and directed
to publish Notice of Sale of the bonds in the manner required by law in
accordance with the provisions of this Section.The City of Moses Lake,
Washington,will furnish the hands,together with the approving legal
opinion of Messrs .Roberts,Shefelman,Lawrence,Gay &Moch,municipal
bond counsel of.Seattle,Washington,without cost to the purchaser,which
opinion will be printed on-each bond.A no-litigation certificate in the
usual form willShe included iny the closing pap sy.of
Moses Lake,
Washington,at a regular meeting thereof,and APPROVED.by the Mayor,this
15th day of April,1964.
CITY O MOSES LA ,WASHINGT N,
A ST
City Clerk
FO ROVED:
ÓftyAttorney