532_00001ORDINANCE No.532
AN ORDINANCE SPECIFYING AND ADOPTING A
SYSTEM OR PLAN OF ADDITIONS TO AND BETTER-
MENTS AND EXTENSIONS OF THE WATERWORKS
UTILITY OF THE CITY OF MOSES LAKE,WASHING-
TON,INCLUDING THE SYSTEM OF SEWERAGE ASIAPARTTHEREOF:DECLARING THE ESTIMATED COSTTHEREOFASNEARLYASMAYBE;PROVIDING FOR THE
ISSUANCE OF $220,000.00 PAR VALUE OF WATER AND
SEWER REVENUE BONDS TO PROVIDE FUNDS TO PAY THE
COST THEREOF;FIXING THE DATE,FORM,MATURITIES,
INTEREST RATES,TERMS AND COVENANTS OF THOSE
BONDS;CREATING A BOND REDEMPTION FUND FOR THE
PAYMENT OF THE PRINCIPAL THEREOF AND INTEREST
THEREON;CONFIRMING THE SALE OF THE BONDS TO
MARSHALL &MEYER,INCORPORATED,SEATTLE,WASH-
INGTON;AND DECLARING AN EMERGENCY
WHEREAS,pursuant to Ordinance No.290 of the City of Moses Lake,
Washington,passed and approved October 25,1955,the City issued
and sold $1,100,000.00 par value of "Water and Sewer Revenue Bonds,
Series A,"dated November 1,1955 for the purpose of providing funds to
redeem and retire outstanding "Water and Sewer Revenue Coupon Warrants"
of the City and to acquire,construct and install certain additions and
improvements to and extensions of the combined water and sewerage system
of the City;and
WHEREAS,by Section 14 of said Ordinance No.290,the City covenanted
and agreed with the owner and holder of each of the "Water and Sewer
Revenue Bonds,Series A,"that it would not create any special fund or
funds for the payment of any other water and sewer revenue bonds which
would rank on a parity with,or have any priority over the payments out of
the "Water and Sewer Revenue Fund"of the City,created by Ordinance
i No.135,into the "Mosee Lake,Series A,Water and Sewer Revenue Bond
Redemption Fund"for the payment of said "Water and Sewer Revenue Bonds,
Series A,"except that it reserved the right for the purpose of acquiring,
constructing and installing additions and improvements to and extensions
of,acquiring necessary equipment for,or making necessary replacements
of or repairs to equipment or facilities or making capital improvements to
the waterworks utility of the City,including the system of sewerage as a
part thereof,to issue additional water and sewer revenue bonds therefor
Ordinance NTo.532 (Continued):2
and to create a special fund or funds for the payment of the principal
thereof and interest thereon,into which fund or funds payment may be
radnecipralm thaen"ater andæSe rhRaeddeuenaFubn dss
r
temmainptea
n the
required reserve therefor,which such payments may rank equally with the
payments out of the "Water and Sewer Revenue Fund"into the "Moses
Lake,Series A,Water and Sewer Revenue Bond Redemption Fund"and Re-
serve Fund created by said Ordinance No.290 upon compliance with
certain conditions therein set forth;and
WHEREAS,the public health,welfare,safety and convenience require,and
it is advisable,that certain additions to and betterments and extensions of
the waterworks utility of the City,including the system of sewage as a part
thereof,hereinafter provided for,be made and that water and sewer revenue bonds
be issued to provide the funds necessary to carry out such additions and
betterments,which bonds are proposed to be issued on a parity of lien
with the outstanding "Water and Sewer Revenue Bonds,Series A";and
WHEREAS,the City Council hereby finds and declares that all conditions
required to be met as set forth in Section 14 of Ordinance No.290 for the
issuance of parity bonds have been complied with,including the filing of a
certificate with the City Clerk by Stevens and Thompson,Inc.,of Seattle,
Washington,an independent licensed professional engineering firm,show-
ing that in its professional opinion the net income of the waterworks utility
of the City,including the system of sewerage as a part thereof,will be
i sufficient to meet the coverage requirement specified in Section 14 of
Ordinance No.290,a certified audit not being obtainable,NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DO
ORDAIN AS FOLLOWS:
Ordinance No.532 (Continued):3
Section 1.As used in this ordinance the following words
have the meanings hereinafter set forth unless the context indicates that
i another meaning is intended:
(a)The word "System"shall mean the water and sewer system
of the City comprising the waterworks utility of the City as the same will be
added to,improved and extended out of the proceeds from the sale of the
bonds authorized herein and as said combined System may be later added to,
improved and extended.
(b)The word "Bonds"shall mean the water and sewer revenue
bonds of the City issued pursuant to and for the purposes provided in this
ordinance .
(c)The words "Outstanding Prior Lien Revenue Bonds"shall
mean the outstanding bonds of the $500,000.00 issue of water and sewer
revenue bonds of the City,dated July 1,1950,and issued pursuant to its
Ordinance No.135.
(d)The words "Outstanding Parity Revenue Bonds"shall mean
the outstanding Bonds of the $1,100,000.00 issue of "Water and Sewer
Revenue Bonds,Series A,"of the City,dated November 1,1955,and
issued pursuant to its Ordinance No.290.
(e)The words "Water and Sewer Revenue Fund"shall mean
the fund of that name created by Section 7 of Ordinance No.135 of the City.
(f)The words "Reserve Fund"shall mean the Moses Lake,
Water and Sewer Revenue Bond Reserve Fund"created by ordinance No.290
to be drawn upon for the sole purpose of making up any deficiency in the
"Moses Lake,Series A,Water and Sewer Revenue Bond Redemption Fund"
also created by Ordinance No.290,for the payment of the Outstanding Parity
Revenue Bonds and in any other bond redemption fund created for the payment
of the principal of and interest on any water and sewer revenue bonds of the
City,which may be issued later on a parity with the Outstanding Parity
Revenue Bonds .
Ordinance No.532 (Continued):4
Section 2.The City of Moses Lake,Washington,hereby
specifies and adopts a system or plan for making additions to and better-
ments and extensions of the System to consist of the following:
(1)An addition to and modification of the sewage treatment
plant of the City located south 'easterly of the intersection of
Lakeside Drive and "C"Street shall be constructed to consist
of a trickling filter and modification to the piping at the plant.
(2)The two existing pumps and motors in the sewage lift
station located on the north side of Wheeler Road 175 ft.more
or less west of the center line of Block Street shall be replaced
with larger pumps and necessary plumbing and electrical work
shall be undertaken at the lift station.
(3)There shall be constructed and installed approximately
4930 ft.of 10"diameter sewer mains,together with manholes and
connections to existing sewer mains,more particularly described
as follows:
Beginning at the Main Sewage lift station near the inter-section of Sixth Avenue and Beech Street,thence to apointonthecenterlineofSixthAvenuewhereanewmanholewillbeconstructed,said point being 491.80 feet southwestofthemonumentatthecenterofSixthAvenueandDivisionStreet;thence northeasterly along the centerline of SixthAvenueadistanceof6780.0 feet to the centerline of thealleybetweenAlderStreetandDivisionStreet;thencenorthwesterlyalongthecenterlineofthealleyadistanceof360.0 feet to a point on the centerline of Fifth Avenue;thence northeasterly along the centerline of Fifth Avenue
a distance of 1385.00 feet to an angle point on the center-line of Pifth Avenue;thence easterly across South PioneerWayadistanceof290.28 feet where the sewer force mainwillintercepttheexistingforcemain.Then beginning attheexistingWheelerRoadsewageliftstationandproceedingeasterlyalongthenorthsideofWheelerRoadadistanceofi663feetmoreorlesstoanexistingmanholeatwhichpointthesewermainwillcrossWheelerRoadandcontinueeasterlyalongthesouthsideofWheelerRoadadistanceof1276.60feettoanexistingmanholewhichpointwillbetheendofconstruction.
There shall be included in the foregoing all necessary manholes,wyes and
other appurtenances to make a complete improvement,including the acquisi-
tion of such lands,rights-of-way and easement as may be necessary.
Ordinance No.532 (Continued):5
It is hereby further provided that the above described plan
.shall be subject to such changes as to details or other changes not
effectaingethe rmapi enerald nns as shall beoaursheorized by the City
Section 3.The estimat ed cost of the acquisition,construction
and installation of the above described additions and improvements to and
extensions of the System is hereby declared to be,as near as may be,the
sum of $220,000.00,which cost shall be paid from the proceeds of the
sale of the Bonds.
Section 4.The gross revenues and benefits to be derived from
the operation and maintenance of the System at the rates to be charged
for water service and sanitary sewage disposal service on the entire System
will,in the judgment of the City Council,be more than sufficient to meet
allideenien
o a spec
aelmtindn oand niaintenance theereof and to pSe ietm
of s ent
amounts to pay interest on the Bonds and on all Outstanding Prior Lien Revenue
Bonds and all Outstanding Parity Revenue Bonds as such interest becomes due
and payable,and to pay and redeem all of said bonds at maturity.
Section 5 .For the purpose of obtaining the funds with which to
carry out the system or plan for making additions to and betterments and
extensions of the System as adopted in Section 1 hereof,and hereby ordered
to be carried out,there shall be issued and sold $220,000.00 par value of
"Water and Sewer Revenue Bonds,1965 ,"(hereincalled the "Bonds ").The
Bonds shall be dated July 1,1965,shall be in the denominations of $1,000.00
i sach,shall be numbered from 1 to 220,inclusive,shall bear interest at the rate
of 4%per annum,payable semiannually on January 1 and July 1 of each year,
interest to maturity to be evidenced by coupons to be attached to the Bonds
with full obligation on the part of the City to pay interest at the same rate from
and after the bond maturity dates until the Bonds with interest are paid in full.
Both the principal of and interest on the Bonds will be payable solely out
of the special bond redemption fund hereinafter created and shall be .payable
in lawful money of the United States of America at the office of the Treasurer
Ordinance No.532 (Continued):6
of the City .
The Bonds shall mature in accordance with the following schedule
to-wit:
Bond Numbers Amounts Maturities(inclusive)
1 to 5 $5,000 July 1,19666to105,000 July 1,1967
11 to 15 5,000 July 1,196816to216,000 July 1,196922to276,000 July 1,197028to336,000 July 1,1971
34 to 40 7,000 July 1,197241to477,000 July 1,1973
48 to 55 8,000 July 1,1974
56 to 63 8,000 July 1,197564to718,000 July 1,197672to798,000 July 1,197780to889,000 July 1,1978
89 to 97 9,000 July 1,197998to10710,000 July 1,1980i108to11710,000 July 1,1981118to12710,000 July 1,1982
128 to 137 10,000 July 1,1983138to14811,000 July 1,1984149to15911,000 July 1,1985
160 to 171 12,000 July 1,1986172to18312,000 July 1,1987184to19512,000 July 1,1988196to20712,000 July 1,1989208to22013,000 July 1,1990
Section 6.The City reserves the right to redeem the Bonds as
a whole,or in part in inverse numerical order,on July 1,1975,or on any
semi-annual interest payment date thereafter at the following percentages of
par,if redeemed on the following dates,plus accrued interest to date of
redemption in each case,to-wit:
i July 1,1975,or January 1,1976 102$%
Iuly 1,1976,or January 1,1977 102 %July 1,1977,or January 1,1978 101¾%
July 1,1978,or January 1,1979 101 %July 1,1979,or January 1,1980 100$-%
July 1,1980,and thereafter 100 %(Par)
Notice of any call for redemption of any of the Bonds prior to their
stated maturity dates shall be published at least once in the official newspaper
of the City,not less than thirty (30)nor more than forty-five (45)days prior
to the call date.Notice of such redemption shall also be mailed to Marshall
Ordinance No.532 (Continued):7
&Meyer,Incorporated,at its principal office in Seattle,Washington,or
its successor,not less than thirty nor more than forty-five days prior to the
date fixed for such Bonds to be redeemed.Interest on any Bonds so called
for redemption shall.cease on the date fixed for such redemption upon payment
of the redemption price into the bond redemption fund hereinafter created.
Section 7.Pursuant to Section 7 of Ordinance No.135,the
Water and Sewer Revenue Fund of the City was created into which all gross
earnings and revenue of the System.must be paid and collected.All costs
of maintaining and operating the System,all charges for the payment of the
principal of and interest on the Outstanding Prior Lien Revenue Bonds,and
the Outstanding Parity Revenue Bonds,all costs of additions,improvements,
betterments and repairs to and replacements and extensions of tle System
(exceptwhen the same are financed by the issuance of bonds,coupon warrants,
or warrants drawn on other special funds of the City),all payments required
to be made into the "Moses Lake,Series A,Water and Sewer Revenue Bond
Redemption Fund"for the payment of the Outstanding Parity Revenue Bonds and
the Reserve Fund created by Ordinance No.290,all payments required to be made
into the bond redemption fund hereinafter created,and all payments which may be
required by subsequent ordinances of the City to be made into any other
bond redemption fund and/or reserve fund or account created for the purpose
of paying or guaranteeing the payment of the principal of and interest on any
subsequently issued water and sewer revenue bonds or coupon warrants of
the City,shall be paid out of the Water and Sewer Revenue Fund.
Section 8.There is hereby created and established in the office
of the City Treasurer a special fund of the City to be known as the "Moses
Lake Water and Sewer Revenue Bond Fund,1965,"(hereinaftercalled the
"Bond Fund")which fund shall be drawn upon for the sole purpose of paying the
principal of and interest on all of the outstanding Bonds as the same shall
become due.
The City hereby obligates and binds itself to set aside and pay into
the Bond Fund out of the money in the Water and Sewer Revenue Fund the follow-
ing fixed amounts necessary to pay the principal of and interest on all the
Ordinance No.532 (Continued):8
outstanding Bonds as the same respectively becomes due and payable:
Monthly,on or before the 20th day of each month,
bn inninglwith tchenmont Julryem t6L lr inther tthe
the Bonds and 1/12th of the next ensuing twelve months'
requirements for principal on the Bonds,and continuing
thereafter until the Bonds,both principal and interest,
are paid in full.
When the money paid into the Reserve Fund in the amount
required by Ordinance No.290 for the purpose of guaranteeing the payment
of the principal of and interest on the Outstanding Parity Revenue Bonds and
in the amount required by Section 9 of this Ordinance for guaranteeing
payment of the principal of and interest on the Bonds,plus the money in
h
nBond Fu ,sufficient tdoredeaem annd reti e all the ouatstamiingmBonds,
in the Reserve Fund and Bond Fund shall then be used to redeem and retire the
outstanding Bonds,provided,however,that only such amount may be taken out
of such Reserve Fund and used for such purpose that will leave in the Reserve
Fund a balance equal to at least the amount required in any calendar year
thereafter to pay the principal of and interest on all the outstanding bonds
issued on a parity with the Bonds.
The amounts so pledged to be paid into the Bond Fund and
the Reserve Fund are hereby declared to be prior lien and charge upon the
money in the Water and Sewer Revenue Fund superior to all other charges of
any kind or nature except the normal costs of maintenance and operation of
the System and the charges necessary for the payment of the principal of and
interest on the Outstanding Prior Lien Revenue Bonds and equal in rank to any
charges made for the payment of the principal of and interest on the Outstanding
Parity Revenue Bonds and any water and sewer revenue bonds which may be
issued later on a parity with the Outstanding Parity Revenue Bonds and
the Bonds.
Ordinance No.532 (Continued):9
Section 9.The City hereby agrees that it will set aside and
pay into the Reserve Fund out of the money in the Water and Sewer Revenue
u
lamndnath
yp
memntne mmhe inhew
t
thmewm
n
he available fo5r such purpose
by July 1,1970,there will be a sum in the Reserve Fund which,plus the money
in the Reserve Account created in Section 9 of Ordinance No.135 for the
prupose of guaranteeing the payment of the principal of and interest on the
Outstanding Prior Lien Revenue Bonds and plus the money in said Reserve
Fund required to be maintained therein for the Outstanding Parity Revenue Bonds
by Ordinance No.290,will be equal to the maximum amount required in any
calendar year hereafter to pay the principal of and interest on the Outstanding
Prior Lien Revenue Bonds,the Outstanding Parity Revenue Bonds and the Bonds.
The City further agrees when the amount in the Outstanding Prior
LmaenimR
m
me Bnt
eq
ree inAccount «md thheimbmeedaeteFuyndis
e
thal to the
maintain that amount therein for as long as any of said Outstanding Prior Lien
Revenue Bonds,Outstanding Parity Revenue Bonds and the Bonds are outstanding.
In the event the $24,000.00 in the Outstanding Prior Lien Revenue Bond Reserve
Account,or any part thereof,is used to retire the last outstanding Outstanding
Prior Lien Revenue Bonds,then the moneys in this Reserve Fund must be in-
creased out of the moneys in the Water and Sewer Revenue Fund to again
equal the maximum amount required in each calendar year hereafter to pay
the principal of and interest on Outstanding Parity Revenue Bonds,the Bonds
and any water and sewer revenue bonds which may be issued later on a parity
I therewith.
Any surplus in the Reserve Fund greater than the maximum amount
required in any subsequent calendar year to pay the principal of and interest
on the Outstanding Parity Revenue Bonds,the Bonds and any bonds that have
been issued on a parity therewith may be used to redeem and retire any of
such outstanding bonds.In the event there shall be a deficiency in the Bond
Fund to meet maturing installments of either interest or on principal of any
Ordinance No.532 (Continued):10
of the Bonds or in any bond redemption fund created for the payment of
the principal of and interest on any water and sewer revenue bonds issued on
a parity with the Outstanding Parity Revenue Bonds and the Bonds,such
deficiency shall be made up from the Reserve Fund by the withdrawal of cash
therefrom and any deficiency created in the Reserve Fund by reason of any
such withdrawal shall then be made up from the money in the Water and
Sewer Revenue Fund first available after making necessary provision for the
required payment into the Bond Fund,the Outstanding Parity Revenue Bonds
redemption fund and other bond redemption funds created for the payment of
the principal of and interest on any water and sewer revenue bonds issued
on a parity with the Outstanding Parity Revenue Bonds and the Bonds.
All moneys in the Reserve Fund may be kept in cash or invested
in United States Government obligations having a guaranteed market or United
States Government obligations maturing not later than 12 years from date of
purchase and in no event later than the last maturity date-of the Bonds,or
any revenue bonds issued on a parity therewith.Interest earned on any such
investment shall be prorated in the proportion that the respective amounts
gnto_tþgseweJug jo c ges of bonds bear to each other
and such prorated amount shall be deposited and become a part of each bond
redemption fund created foghe payment of the principal of and interest on
the bonds of each of such_issues.
Section 10.The corporate authorities of the City of Moses Lake
hereby declare in fixing the amounts to be made into the Bond Fund and Ibserve
Fund as aforesaid that they have exercised due regard for the cost of maintenance
and operation of the System and the charges necessary to pay the principal
and interest on the Outstanding Prior Lien Revenue Bonds and the Outstanding
Parity Revenue Bonds and have not obligated the City to set aside and pay into
said Funds a greater amount of the revenue of the System than in their judgment
will be available over and above such costs of maintenance and operation
and the charges necessary to pay such principal and interest.
Ordinance No.532 (Continued):11
Section 11.The City of Moses Lake hereby covenants and agrees
with the owner and holder of each of the Bonds as follows:
(a)That it will establish,maintain and collectiratesandchargesforwaterandsanitarysewage disposal
service,for as long as the Outstanding Prior Lien RevenueBonds,the Outstanding Parity Revenue Bonds,the Bonds,and
any water and sewer revenue bonds that may be issued
on a parity with the Outstanding Parity Revenue Bonds
and the bonds are outstanding,that will make availableforthepaymentoftheprincipalofandinterestonallof
such bonds as the same shall become due an amountequaltoatleast1.35 times the amount required in eachcalendaryearhereafterforthepaymentofallofsuch
principal and interest.The amount "availablefor the
payment of the principal of and interest on all of such
bonds as the same shall become due "is hereby defined
as "themoney paid into the Water and Sewer Revenue Fundeachcalendaryearafternormalexpensesof
maintenance and operation of the System have been
taken therefrom but before depreciation."
(b)That it will at all times keep and maintain the
System in good repair,working order and condition,and will at all times operate the same and the büลกÏness
in connection therewith in an efficient manner and at areasonablecost.
(c)That it will not sell or otherwise dispose of
any of the properties of the System (unless the same
are no longer used,necessary or useful in the operationthereof)unless provision is made for payment into theBondFundofasumstifficienttopaytheprincipalof
and interest on all of the outstanding Bonds in accordancewiththetermsthereof.
(d)That it will,while any of the Bonds remain
outstanding,keep proper and separate accounts and
records in which complete and separate entries shall be
made of all transactions relating to its System,and it
will furnish the original purchaser or purchasers of theBondsoranysubsequentholderorholdersthereof,at thewrittenrequest'of such holder or holders,completeoperatingandincomestatementoftheSystem,in reason-able detail covering any calendar year not more thanninetydaysafterthecloseofsuchcalendaryearanditwillgrantanyholderorholdersofatleast25¾of the
i outstanding Bonds the right at all reasonable times toinspecttheentireSystemoftheCityandallrecords,
accounts and data of the City relating thereto.Upon
request of any holder of any of the Bonds,it will furnishtosuchholderacopyofthemostrecentlycompletedauditoftheCity's accounts by the State Auditor ofWashington,or such other audit as is authorized bylawinlieuthereof.
Ordinance No.532 (Continued):12
(e)That it will not furnish water or sanitary sewagedisposalservicetoanycustomerwhatsoeverfreeofchargeandwillpromptlytakelegalactiontoenforcecollectionofalldelinquentaccounts.
(f)That it will carry the type of insurance on its
i System property in the amounts normally carried by
private water and sewer companies engaged in the operationofwaterandsewagesystems,and the cost of such insurance
shall be considered part of the operating and maintaining
of said utility.If,as,and when,the United States of
America or some agency thereof shall provide for war risk
insurance,the City further agrees to take out and maintain
such war risk insurance on all such portion of the System onwhichsuchwarriskinsurancemaybewritteninanamountoramountstocoveradequatelythevaluethereof.
(g)That it will pay all costs of maintenance and operation
of the System and the debt service requirements of the
Outstanding Prior Lien Revenue Bonds and the Outstanding
Parity Revenue Bonds and otherwise meet the obligations oftheCityashereinsetforth.
Section 12.The Bonds shall be in substandially the following form:
No.$1,000.00
i UNITED STATES OF AMERICA
STATE OP WASHINGTON
CITY OF MOSES LAKE
WATER AND SEWER REVENUE BOND,1965
4%
KNOW ALL MEN BY THESE PRESENTS:That the
City of Moses Lake,Washington,a municipal
corporation of the State of Washington,for value
received,hereby promises to pay to the bearer ontheFIRSTDAYOFJULY,19 ,the principal sumof
ONE THOUSAND DOLLARS
together with interest thereon at the rate of
FOUR PER CENT (4%)per annum,payable semi-
annually on the 1st days of January and JulyIofeachyear,upon the presentation and
surrender of the attached interest coupons asseverallymatureuptothebondmaturitydate
and with full obligation on the part of theCitytopayinterestatthesamerate,from and
after the bond maturity date,until this bond
with interest is paid in full,or funds are avail-
able in the "Water and Sewer Revenue Bond Fund,1965,"(hereinaftercalled the "Bond Fund")for
payment in full.
Both principal of and interest on this bond are payable
Ordinance No.532 (Continued):13
in lawful money of the United States of America
at the office of the Treasurer of the City of
Moses Lake,Washington,solely out of thespecialfundcreatedbyOrdinanceNo.532
and referred to herein as the Bond Fund.
The City does hereby pledge and bind itselfItosetasideoutofthemoneyintheWater andSewerRevenueFundoftheCityandtopayinto
the "Moses Lake Series A Water and Sewer RevenueBondRedemptionPund"for the payment of the out-standing "Water and Sewer Revenue Bonds,SeriesA,"and into the Bond Fund for the payment of the
bonds of this issue and into the Reserve Fund createdbyOrdinanceNo.290 the various amounts
required by Ordinances Nos.251,290 and 532tobepaidintoandmaintainedinsaidFunds,allwithinthetimesprovidedbysaidordinances.The
amounts so pledged are hereby declared to be apriorlienandchargeuponthemoneyinsaidWater
and Sewer Revenue Fund superior to all other
charges of any kind or nature,except thenormalcostsofmaintenanceardoperationofthewaterworksutilityoftheCity,including
the system of sewerage as a part thereof,and
except the charges necessary for the payment
of the principal of and interest on the outstanding
water and sewer revenue bonds of the City issuedunderdateofJuly1,1950,and except furtherithatthelienandchargeuponthemoneyinsaidWaterandSewerRevenueFundfortheoutstanding"Water and Sewer Revenue Bonds,Series A,"and the bonds of this issue shall be on a paritywiththelienandchargeuponthemoneyinsaidWaterandSewerRevenueFundforthepaymentofanyadditionalwaterandsewerrevenuebondshereafterissuedonaparityoflienwiththeoutstanding"Water and Sewer RevenueBonds,Series A,"and the bonds of this issue
in accordance'with the provisions of Section14ofOrdinanceNo.290 and Section 13 of
Ordinance No.532.
This bond is one of a total issue of $220,000.00
par value of bonds all of like date,tenor and effect,
except for maturities,all payable from the BondPundandallissuedbytheCityunderandpursuanttothelawsoftheStateofWashingtonandOrdinanceNo.532 of the City for the purpose of providingfundstopaythecostofacquiring,constructing and
i installing certain additions and improvements toandextensionsofthewaterworksutilityoftheCity,including the system of sewerage as a partthereof.
The City has reserved the right to redeem the bondsofthisissueasawhole,or in part in inverse numericalorder,on July 1,1975,or on any semi-annual interestpaymentdatethereafteratthefollowingpercentages
Ordinance No.532 (Continued):14
of par,if redeemed on the following dates,plus
accrued interest to date or redemption in each case,to-wit:
July 1,1975,to January 1,1976 102¼%July 1,1976,or January 1,1977 102 %i July 1,1977,or January 1,1978 101¼%
July 1,1978,or January 1,1979 101 %Iuly 1,1979,or January 1,198.0 100i%
July 1,1980,and thereafter 100 %(Par)
Notice of any call for redemption of any of thebondsofthisissuepriortotheirstatedmaturitydatesshallbepublishedatleastonceintheofficialnewspaperoftheCity,not less than thirty
nor more than forty-five days prior to the call date.Notice of such redemption shall also be mailedtoMarshall&Meyer,Incorporated,at its principal
office in Seattle,Washington,or its successor,not less than thirty nor more than forty-five dayspriortothedatefixedforsuchbondstoberedeemed.
Interest on arly bonds so called for redemption shall
cease on the date fixed for such redemption uponpaymentoftheredemption,price into the Bond.
The City of Moses Lake hereby covenants and
agrees with the holders of each and every oneofthebondsofthisissuetofullycarryoutallIcovenantsandmeetallobligationsoftheCity
as set forth in this bond and in Ordinance No.532,to which ordinance reference is hereby made
as more fully describing the covenants with andrightsofholdersofbondsofthisissue.
The City has further bound itself to maintain
the waterworks utility of the City,including
the system of sewage as a part thereof,ingoodrepair,working order and condition,tooperatethesameinanefficientmannerand
at a reasonable cost and to establish,maintain,and collect the rates and charges for waterandsanitarysewagedisposalservicethat willproviderevenueequaltoatleast1.35 times theamountrequiredineachcalendaryearhereaftertopaytheprincipalofandinterestontheoutstandingJuly1,1950,"Water and SewerRevenueBonds"of the City,the outstanding"Water and Sewer Revenue Bonds,Series A,"and the bonds of the issue of which this bondiisoneandanybondsthatmaybeissuedona paritywiththeoutstanding"Water and Sewer RevenueBonds,Series A,"and the bonds of this issue,afternormalcostsofmaintenanceandoperationofsaidwaterworksutilityoftheCity,including theseweragesystemasapartthereof,have been paid,but before depreciation.
It is hereby certified and declared that the bondsofthisissueareissuedpursuanttoandinstrictcompliancewiththeConstitutionandlawsoftheStateofWashington,the ordinancesoftheCityofMosesLake,and that all acts,con-
Ordinance No.532 (Continued):15
ditions and things required to be done precedent
to and in the issuance of this bond have happened,have been done and have been performed as requiredbylaw.
I IN WITNESS WHEREOF,the City of Moses Lake,Washington,has caused this bond to be signedbythefacsimilesignatureofitsMayorandattestedbythemanualsignatureoftheClerkanditscorporatesealtobeheretoaffixed,and the interest couponsattachedtobesignedwiththefacsimilesignatureofthoseofficialsasofJuly1,1965.
CITY OF MOSES LAKE,WASHINGTON
By (facimilesignature)
MayorATTEST:
City Clerk
The interest coupons attached to the Bonds shall be in sub-
stantially the following form:
Coupon No.
20.00
On the FIRST DAY OF (JANUARY)(JULY),19 ,the CITY OF MOSES LAKE,WASHINGTON,will paytothebeareruponpresentationandsurrenderofthiscouponattheofficeoftheCityTreasurerthesumofTWENTYANDNO/ONE HUNDREDTHS DOLLARS($20.00)in lawful möney of the United States ofAmericafromthespecialfundoftheCity,known
as the "Water and Sewer Revenue Bond Fund,1965,"that sum being six months'interest then due on its"Water and Sewer Revenue Bond,1965,"datedJuly1,1965 ,and numbered .
CITY OF MOSES LAKE,WASHINGTON
By (facsimile signature)
MayorATTEST:
1 (facsimile signature)
City Clerk
The Bonds shall be printed on lithographed forms,shall be
signed by the facsimile signature of the Mayor and attested by the manual
signature of the Clerk and shall have the seal of the City affixed thereto
and the interest coupons shall bear the facsimile signatures of the Mayor
and Clerk.
Ordinance No.532 (Continued):16
Section 13.The City reserves the right to issue additional
or refunding water and sewer revenue bonds,which shall constitute a charge
or lien upon the gross revenues of the System on a parity of lien with the
Outstanding Parity Revenue Bonds and the Bonds,if the conditions set
forth in Section 14 of Ordinance No.290 shall be met and complied with at the
time of the issuance of such additional or refunding water and sewer revenue
bonds,which Section is incorporated in this Ordinance and by this reference
made a part hereof and made applicable after the retirement of all of said
Outstanding Parity Revenue Bonds .
Section 14.Marshall &Meyer,Incorporated,of Seattle,
Washington,heretofore offered to purchase the bonds at a price of $99.00 per
each $100.00 par value thereof,plus accrued interest from date of issuance
to the date of delivery of the Bonds,the City to furnish the printed Bonds and the
unqualified approving legal opinion of Messrs.Roberts,Shefelman,Lawrence,
Gay &Moch,municipal bond counsel of Seattle,Washington,at the City's
expense.The City Council being of the opinion that no better price could be
obtained for the Bonds and that it was in the best interest of the City to accept
such offer duly accepted the same on June 8,1965,and such acceptance is
hereby ratified and confirmed.The Bonds shall,therefore,imediately
upon their execution be delivered to the purchaser upon payment for the
Bonds in accordance with such offer.The accrued interest received shall
be deposited in the Bond Fund and the principal amount received from the
payment of the Bonds shall be deposited in the 1965 Water and Sewer
Revenue Bond Redemption Fund of the City.
Section 15.This Ordinance is declared to be one necessary for
the immediate preservation of the public peace,property,health and safety
of the people of the City of Moses Lake,Washington.An emergency is
hereby declared to exist and this ordinance is hereby declared to be in full
force and effect from and after its passage,approval and publication as
Ordinance No.532 (Continued):17
provided by law.
PASSED by the City Council of the City of Moses Lake,
i Washington,at a regular meeting thereof and APPROVED by the Mayor this
13th day of July,1965.
CIT O
ATTEST:
City Clerk
FORM APPROVED:
City Attorney
i