510_00001ORDINANCENo.510
AN ORDINANCE fixing the amount,form,date,
interest rate,maturity and denominations.of
Local Improvement District No,18 Bonds and
directing the issuance and sale thereof to State-
wide City Employees'Retirement System,Tacoma,
Washington
i THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DOES
ORDAIN AS FOLLOWS:
Section 1.The total amount of the assessment roll in Local
Improvement District No.18 in the City of Moses Lake,Washington,created
under Ordinance No.493,was $31,029.02.The 30 day period for making
cash payments of assessments without interest in said District expired on
April 29,1964,and the total amount of assessments paid in cash was
$3,959.25,leaving a balance of assessments unpaid on the assessment roll
in the sum of $27,069.77.Local Improvement District bonds of Local
Improvement District No.18 shall,therefore,be issued in the total
principal amount of $27,069.77.Bond No.1 of said issue shall be in
the denomination of $1,069.77 and the remaining bonds,numbered 2 to
27,inclusive,shall be in the denomination of $1,000.00 each.The bonds
shall all be dated June 1,1964,and shall be payable on the first day of
June,1976,with the right reserved to the City to redeem said bonds prior to
maturity on any interest payment date;in numerical order,lowest numbers
first,whenever there may be sufficient money in the "Local Improvement
Fund,District No.18"created by Ordinance No.493,passed April 23,1963,
to pay the bonds so called and all earlier numbered bonds over and above the
amount required for the payment of the interest on all unpaid bonds,by pub-
lishing notice of such call once in the official newspaper of the City not
less than ten nor more than twenty days prior to the call date,and upon such
date the interest on bonds so called shall cease and each and every coupon
representing interest not accrued on such date shall be void.The bonds
shall bear interest at the rate of 4.20%per annum,payable annually,beginning
on the first day of June,1965,to be represented by interest coupons to
maturity attached to each bond.
Ordinance No.510 (Continued)
Section 2.Each of the bonds and interest coupons attached
thereto shall be in substantially the following form:
No.$1,000.00
($1,069.77 on Bond No.1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
OF
CITY OF MOSES LAKE
LOCAL IMPROVEMENT DISTRICT No.18
4.20%
N.B.The laws of the State of Washington,under which this
bond is issued,contain the following section (RCW 35.45.070):
"Neither.the holder nor the owner of any bond,interest
coupon,or warrant issued against a local improvement fund shall
have any claim therefor againsi;the city or town by which it is
issued,except -for payment from the special assessments made
for the.improvement for-which the bond or warrant was issued,and
except also for payment from the special assessments made for
.the improvement for which the bond or warrant was issued,and
except also for payment from the local improvement guaranty
fund of the city or town.The city or town shall not be liable
to any holder or owner of .any bond,interest coupon,or warrant
for any loss to the local improvement guaranty fund occuring in
the lawful operation thereof .A copy of the foregoing part of
this section shall be plainly written,printed or engraved on
each bond."
THE CITY OF MOSES LAKE,WASHINGTON,a municipal corporation
of the State of.Washington,hereby promises to pay to Statewide
City Employees'Retirement System,Tacoma,Washington,or
bearer,the sum of
ONE THOUSAND DOLLARS
($1,069.77 on Bond Number 1 )
in lawful money of the United States of America,with interest
thereon at the rate of FOUR AND TWENTY/HUNDREDTHS PERCENT
(4.20%)per annum,payable annually out of the fund established
by Ordinance No.493 of said City and known as "Local Improve-
ment Fund,District No.18",and not otherwise,except from
the guaranty fund,as herein provided.Both principal and in-
terest on this bond are payable at the office of the Treasurer
of the City .
Coupons are hereto attached for each installment of interest to
accrue hereon,and said interest shall be paid only on presentation
and surrender of such coupons to the City Treasurer.
The City Council of the City,as agent of such Local Improvement
District No.18,established by Ordinance No.493,has caused
this bond to be issued in the name of the City as the bond of such
Ordinance No.510 (Continued)
local improvement district,the bonds or the proceeds thereof
to pay so much of the cost and expense of improving Lake-
side Drive and Margaret Street by grading,graveling,con-structing and installing storm drains,side lateral sewerconnections,curbs,sidewalks and asphalt concrete pave-
ment in the City of Moses Lake,as provided by OrdinanceiNo.493 as is levied and assessed against the property
included in said local improvement district and benefited
by said improvement,and the said "Local Improvement Fund,
District No.18"has been established by ordinance for said
purpose,and the holder or holders of this bond shall look
only to said fund and to the Local Improvement Guaranty
Fund of the City for the payment of either the principal of
or the interest on this bond.
This bond is one of an issue of 27 bonds aggregating in all
the principal sum of $27,069.77,issued for said Local
Improvement District No,18,all of which bonds are subject
to the same terms and conditions as herein expressed.
This bond is payable on the first day of June,1976,but is
subject to call by the City Treasurer for prior redemption
whenever there shall be sufficient money in said "Local
Improvement fund,District No.18"to pay the same and
all unpaid bonds of the issue of which this bond is one,which are prior to this bond,in numerical order,over and
above sufficient for the payment of the interest on all unpaid
bonds of said issue.The call for payment of this bond,or anyIbondoftheissueofwhichthisisone,shall be made by the
City Treasurer by publishing the same once in the official
newspaper of the City not less than ten or more than twenty
days prior to the call date,and when such call is made for
the payment of this bond,it will be paid on the day the next
interest coupon thereon shall become due after said call and
upon said day interest upon this bond shall cease and any
remaining coupons shall he void.
IT IS HEREBY CERTIFIED,recited and declared that all acts,
conditions and things required to be done precedent to and
in the leveying of said special taxes or assessment and theissuingofsaidbondshavebeenproperlydone,have happened
and have been performed in regular and due form,as required
by law;and that said bonds have not been issued in an amountinexcessofthecostofsaidimprwement.
IN WITNESS WHEREOF,the City of Moses Lake,Washington,
has caused these presents to be signed by its Mayor andattestedbyitsCityClerkandsealedwithitscorporatesealthisfirstdayofJune,1964.
CITY OF OSES LAKE,HINGTON
BY k
ATTEST:M
Ordinance No.510 (Continued)
COUPON FORM
Coupon No,
$42 .00
On the FIRST DAY OF JUNE,19
($44 3 on Bond No.1)
MOSES LAKE,WASHINGTON,Promised to pay to the
bearer at the office of the City Treasurer,FORTY-TWO
and 00/100 DOLLARS ($42.00)(Forty-Four and 93/100
Dollars ($44.93)on Bond No.1),said sum being twelve
month interest due that day on Bond No.of the
bonds of Local Improvement District No.18 and not
otherwise,provided that this coupon is subject to all
terms and conditions contained in the bond to which it is
annexed and,if said bond shall be called for payment
before maturity hereof,this coupon shall be void.
CITY OF OSES LAKE WASHINGTO
BY /un
ATTEST:
City Clerk
Section 3.The bonds shall be printed on lithographed forms,shall
be signed by the Mayor and attested by the Clerk and shall have the seal of
the City of Moses Lake affixed thereto and the coupons shall bear the facsiniile
signatures of the Mayor and the Clerk.
Section 4.Statewide City Employees"Retirement System,Tacoma,
Washincjton,offered to purchase all of the local improvement bonds of Local
Improvement District No,18 at a price of par,plus accrued interest from the date
of issuance to the date of delivery of the bonds to said purchaser,the City to
furnish the printed bonds and the approving legal opinion of Roberts,Shefelman,
Lawrence,Gay and Moch,municipal bond counsel of Seattle,Washington,at
the City's expense.The City Council,deeming that no better offer could be -E
received for the bonds,and that it was in the best interest of the City to accept
said offer,duly accepted the same on the 22nd day of October,1963,and said
acceptance is hereby ratified and confirmed.The bonds shall,therefore,immediately
upon their execution,be delivered to Statewide City Employees'Retirement
System,Tacoma,Washington,upon payment therefor in accordance with said
offer.
Òrdinance No.510 (Continued)
IT IS HEREBYDECLARED,that an emergency exists,the
provisions of Section 23,Ordinance 379 are hereby waived,this
Ordinance shall be read only once before its passage,and it shall take
effect immediately upon passageCouncil
of the City of Moses Lake,
Washington,and APPROVED by the Mayor at a regular meeting thereof
this 26th day of May,1964.
ATTEST:
'pr '
C
APPROVED AS TO FORM:
CityÁttorney
i