521_00001ORDINANCE No,521
AN ORDINANCE of the City of Moses Lake,
Washington,providing for the issuance and
sale of $40,000.00 par value of "General
Obligation Fire Truck Bonds,1965,"of the
City,for the purpose of providing the funds
i to acquire a 1500 gallon per minute triple
combination pumper fire truck;specifying
the maturities and fixing the form and maximum
interest rate of the bonds;and establishing a"Fire Truck Acquisition Fund"and a "General
Obligation Pire Truck Bond Fund,1965."
WHEREAS,the City of Moses Lake,Washington,is in urgent need of a
1500 gallon per minute triple combination pumper fire truck and the bid
of L.N.Curtis &Sons for such a fire truck was duly accepted by the
City Council on Tune 9,1964,after advertising for competitive bids therefor
in the manner required by law and the City does not have available sufficient
funds to meet the cost of purchasing such fire truck;and
WHEREAS,the assessed valuation of the taxable property within the City,
as ascertained by the last preceding assessment for City purposes,is
$14,419,728,and at the time of the passaga of this Ordinance the outstanding
general indebtedness of the City,all of which was incurred within the limit
of li to 5%of the actual valuation of the taxable property within the City by
vote of the qualified electors therein as provided by law,is $857,000,NOW,
THEREFORE,
THE CITY COUNCIL OP THE CITY OP MOSES LAKE,WASHINGTON,DO ORDAIN
AS FOLLOWS:
Section 1.The City of Moses Lake,Washington,for strictly
municipal purposes,shall purchase a 1500 gallon per minute
triple combination pumper fire truck in accordance with the bid
of L.N.Curtis &Sons accepted by the City Council on June 9,
1964,the estimated cost of which,including the cost of the
issuance of the general obligation bonds herein proposed,is
hereby declared to be,as nearly as may be,the sum of
$40,000.00,and the City shall borrow $40,000.00 upon the
credit of the City and issue negotiable general obligation
bonds in payment thereof.
Ordinance No.521 (Continued)
Section 2.The bonds shall be called "General Obligation
Fire Truck Bonds,1965,"of the City of Moses Lake,Washington;
shall be dated April 1,1965;shall be in denominations of
$1,000.00 each;shall be numbered from 1 to 40,inclusive;
and shall bear interest at a rate not to exceed 6%per annum,
payable semiannually on April 1 and October 1 of each year,
as evidenced by coupons attached to the bonds representing
interest to maturity,with full obligation on the part of the City
to pay interest at the same rate from and after maturity until
such 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 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:
i Bond Numbers
(Inclusive)Amounts Maturities
1 $1,000 April 1,1967
2 $1,000 April 1,1968
3 $1,000 April 1,1969
4 $1,000 April 1,1970
5 $1,000 April 1,1971
6 $1,000 Apnll,1972
7 $1,000 April 1,1973
8 $1,000 April 1,1974
9 and 10 $2,000 April 1,1975
11 and 12 $2,000 April 1,1976
13 and 14 $2,000 April 1,1977
15 and 16 $2,000 April 1,197817and18$2,000 April 1,197919and20$2,000 April 1,1980 -21 and 22 $2,000 April 1,1981
23 and 24 $2,000 April 1,198225and26$2,000 April 1,198327and28$2,000 April 1,1984
29 and 30 $2,000 April 1,1985i31and32$2,000 April 1,198633and34$2,000 April 1,1987
35 and 36 $2,000 April 1,1988
37 and.38 $2,000 April 1,1989
39 and 40 $2,000 April 1,1990
Ordinance No.521 (Continued)
Section 3 .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,on any semiannual interest payment
date,on or after April 1,1975,in inverse numerical order,
highest numbers first,by publishing notice of said intended
redemption in the official newspaper of the City at least once
not less than thirty nor more than forty-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 or less than thirty days prior to the call date.In-
terest on any bonds so called for redemption shall cease on
dates fixed for such redemption.
Section 4.The City of Moses Lake,Washington,hereby
irrevocablyæpledges iatuet
r tx i i
aes anns
de
bhy
a
upon all property in the City subject to taxation in an amount
sufficient to pay the principal of and interest upon the bonds as
the same shall accrue,and the full faith,credit and resources
of that City are hereby irrevocably pledged for the payment of
the principal of and interest on such bonds .
Section 5 .The bonds herein authorized to be issued shall be in
substantially the following form:
No.$1,000.00
i UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF MOSES LAKE
GENERAL OBLIGATION FIRE TRUCK BOND,1965
%
KNOW ALL MEN BYTHESE PRESENTS:That
the City of Moses Lake,Washington,is justly
indebted to and for value received promises to
Ordinance No.521 (Continued)
pay to bearer on the FRIST DAY OF APRIL,19 ,
the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of
PERCENTI(%)per annum,payable semiannually
on April 1 and October 1 of each year,the interest
to maturity being evidenced by and payable uponthepresentationandsurrenderoftheattached
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 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 L ake,Washington.
This bond is one of an issue of $40,000.00ofbondsoflikedate,tenor and effect,except
as to maturities (andinterest rates if more than
one interest rate is bid),and is issued by the
City of Moses Lake,Washington,for the pur-
pose of acquiring a 1500 gallon per minute triple
combination pumper fire truck,all as provided
e
irdin Nf
uch
gen'elra obdlingatihencbond
.
The City has reserved the right to redeem any
or all of the outstanding bonds of said issue at
par,plus accrued interest,on any semiannual
interest payment date,on or after April 1,.1975,
in inverse numerical order,highest numbers first,
by publishing notice of said intended redemption
in the official newspaper of the City at least oncenotlessthanthirtynormorethanforty-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 orlessthanthirtydayspriortothecalldate.Interest
on any bonds so called for redemption shall cease
on dates fixed for such redemption.
The City of Moses Lake hereby irrevocably
pledges itself to levy taxes annually,within
the constitutional and statutory tax limitations pro-vided by law,upon all property in the City sub-
i.ject to taxation in an amount sufficient to pay
the principal of and interest on 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 the principal
of and interest on such bonds .
It is hereby certified that all acts,conditions
and things required to be done precedent 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 anyconstitutionalorstatutorylimitations.
Ordinance No.521 (Continued)
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 hereby affixed and the
interest coupons attached to be signed with the
facsimile signatures of such officials this first
day of April,1965 .
CITY OF MOSES LAKE,WASHINGTON
By
Mayor
ATTEST:
City Clerk
The form of the interest coupons shall be substantially
as follows:
Coupon No.
$
On the PIRST DAYOF (APRIL)(OCTOBER),19_,
the CITY OF MOSES LAKE,WASHINGTON,uponpresentationandsurrenderofthiscoupon,willipaytothebearerattheofficeoftheCityTreas-
urer the sum of
DOLLARS ($.),in lawful money of the
United States of America,such sum being the
semiannual interest due that date upon its
"General Obligation Fire Truck.Bond,1965,"
dated April 1,1965,and numbered .
CITY OF MOSES LAKE,WASHINGTON
BY
Mayor
ATTEST:
City Clerk
Section 6.The bonds shall be printed or lithographed on
a
ted bednbdpapeerCany C1hall be siegned by the Meayor aend
Washington,under the seal of the City and the coupons
shall bear the facsimile signatures of the Mayor and the
City Clerk .
Section 7.There are hereby created and established in the
office of the City Treasurer two special funds to be known and
Ordinance No.521 (Continued)
designated as the "General Obligation Pire Truck Bond
Pund,1965",and the "Fire Truck Acquisition Fund."
The accrued interest received from the sale of the bonds
shall be paid into the "General Obligation Fire Truck Bond
Fund,1965,"and the principal proceeds received from the
sale of the bonds shall be paid into the "Fire Truck Acquisition
Fund"of the City and expended for the purposes herein set
forth,and to pay the cost of the issuance and sale of such
bonds .All taxes collected and allocated for the payment
of the principal of and interest on the bonds shall be
deposited in the "General Obligation Fire Truck Bond Fund,
1965."
Section B.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 such bonds shall be given
by publication thereof once a week for four 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.Such notice shall specify that bids
for the purchase of the bonds shall be received by the City Clerk of the City
of Moses Lake up to 8 o'clock p.m.on the 23rd day of March,1965,and that
i such bids will be publicly opened and considered by the City Council at a
meeting to be held at such time in the Council Chambers of 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.
Ordinance No.521 (Continued)
Bids shall be invited for the purchase of the bonds with fixed maturities
according to the schedule specified in Section 2 hereof.
The notice shall specify the maximum rate of interest the bonds 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 thebidderwillpurchasethebondsatpar.
No bid will be considered for the bonds for less than par and accrued
interest or for less than t-he entire issue.The purchaser must pay accrued
interest to date of delivery of the bonds .
Each bid shall state the total interest cost over the life of the bonds and
the net effective interest rate of such bid.All bonds maturing on the same
date must bear interest at the same single rate.The bonds will be sold
to the bidder offering to purchase the same at the lowest net interest cost
to the City over the life thereof,subject to the right of the City to reject any
or all bids submitted.The City further reserves the right to waive any
informality or irregularity in the bidding if it is in the best interest of the
City so to do.
Coupon rates shall be in multiples of 1/8 or 1/10 of 1%,or both.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 shall not exceed 2%,
All bids shall be sealed and,except the bid of the State of Washington,if
one is received,shall be accompanied by a good faith deposit of five percent,
either in cash or by certified or cashier's check made payable to the City
Treasurer of the amount of the bid,which shall be returned if the bid is not
Ordinance No.521 (Continued)
accepted;and if the successful bidder fails or neglects to complete the
purchase of the bonds within forty days following the acceptance of his
bid,the amount of his deposit shall be forfeited to the City,and in that
event the City Council may accept the bid of the one making the next best
bid,if such bidder agrees to purchase the bonds under the terms provided
in his bid,or if all bids are rejected,the City Council if it decides to
reoffer such bonds for sale,shall readvertise the bonds for sale in the
same manner as provided by law for the original advertisement.If there
are two or more equal bids and such bids are the best bids received,and
not less than par and accrued interest are bid,the City Council shall
determine by lot which bid will be accepted.
The bonds will be delivered te,ashiccessfuorbidder at the
r ace
uthehe
purchaser and such Treasurer shall mutually agree upon.
The bonds will be furnished by the City and will be sold with the legal
opinion of Roberts,Shefelman,Lawrence,Gay and Moch,bond counsel of
Seattle,Washington,approving the legality of the same,all at the expense
of the City,which opinion will be printed on each bond.A no--litigation
certificate in the usual form will be included in the closing papers .
The City Clerk is hereby authorized and directed to publish Notice of Sale
of the bonds in the manner required by law in accordance with the provisions
i of this Section.
PASSED by the City Council of the City of Moses Lake,Washington,and
APPROVED by the Mayor at a regular meeting thereof this 23rd day of February,
1965.
AC
y rk yòr '
APPR ST F
CitÝ'Attorney