562_00001ORDINANCE No.562
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF AN
INSTALLMENT NOTE PAYABLE FROM THE "LOCAL IM-
PROVEMENT FUND,DISTRICT No.22"OF THE CITY
AND FOR THE SALE THEREOF TO THE FIREMEN'S RELIEF
AND PENSION FUND,THE PROCEEDS THEREOF TO BEIUSEDTOPAYTHEREVENUEWARRANTSPAYABLEFROM
THE "LOCAL IMPROVEMENT FUND,DISTRICT No.22"
NOW HELD BYTHE FIREMEN'S RELIEF AND PENSION
FUND
WHEREAS,the City of Moses Lake,Washington,has heretofore issued
revenue warrants against the "Local Improvement Fund,District No.22"
and said revenue warrants were purchased by the Firemen"s Relief and
Pension Fund as an investment for such fund;and
WHEREAS Ordinance No.548 of the City provided that the City should
issue its local improvement bonds to pay for the cost and expense of the
improvement in Local Improvement District No.22,such bonds to be
i redeemed from special assessments against the property benefited by
the improvements,and the City has now determined that as an alternative
to the issuance of such bonds the City issue an installment note and sell
the same to the Firemen's Relief and Pension Fund as an investment for
such fund in exchange for the revenue warrants of the District purchased
by such fund;and
WHEREAS,the 30 day period allowed by law for the payment of assessments
in Local Improvement District No.22 without penalty or interest has elapsed,
the total amount of the assessment roll as confirmed being $57,350.60,and
$22,096.96 being collected during said 30 day period,leaving an uncollected
balance on said roll of $35,253.64,NOW,THEREFORE
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DO ORDAIN
AS FOLLOWS:
Section 1.Pursuant to Chapter 165 of the laws of 1961 of
the State of Washington,there shall be issued and sold to the "Firemen's
Relief and Pension Fund"one installment note payable out of the "Local
Improvement Fund,District No.22,"to be dated April 11,1967,and to
comnte a3n5 2d53eon Arpenp1resent1979.he aelanonteshallebec issuedd in the
expense of Local Improvement District No.22,which is to be borne by
the property owners therein,and which includes any interest accrued on
the outstanding revenue warrants to be redeemed by the installment note.
The installment note shall bear interest at the rate of 5x%per annum to
be paid on the unpaid balance thereof.The installment note shall be issued
and sold to the Firemen's Relief and Pension Fund and the proceeds thereof
used to pay the revenue warrants now held by such fund and payable from
the Local Improvement Fund,District No.22 .Moneys from the Local
Improvement Fund,"istrictNo.22 shall be paid to the payee of the note
i at least once a year,beginning with the date of issue,for the purpose of
reducing the principal and interest amounts due on the installment note and
any additional moneys shall thereafter apply as a reduction of the principal
amount of the note.
Section 2 .The installment note issued pursuant to this
Ordinance shall bear on its face (1)the name of the payee;(2)the desig-
nation of Local Improvement District No.22 from whose funds the note is
payable;(3)the date of issue of the note;(4)the date on which the note or
the final installment thereof shall become due;(5)the rate of interest to be
paid on the unpaid balance thereof;and (6)such manual or facsimile signa-
tures and attestations as are required to appear on the warrants of the City.
There shall be included on the installment note a tabular payment record
which shall indicate at prescribed installment dates the receipt of any Local
Improvement District funds for the purpose of servicing the debt indicated
on the note.The tabular payment record shall,in addition to the above,
show the unpaid principal balance due on the installment note together
with sufficient space opposite each transaction affecting the note for the
manual signature of the officer authorized to receive the money for the payee.
Section 3.The installment note may be redeemed out of
Local Improvement Fund,District No.22 at any time by payment in
full of the unpaid principal balance and accrued interest to date of
redemption,i Section 4.The installment note shall be issued and paid
in accordance with,and shall otherwise be subject to,the provisions of
Chapter 165 of the Laws of 1961 of the State of Washington.
It is hereby declared that an emergency exists,the pro-
visions 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 passage.
PASSED by the City Council of the City of Moses Lake,
Washington,at a regular meeting thereof and APPROVED by the Mayor of
the City of Moses Lake this llth day of April,1967.
ATT /
ÈÍtyClerk 'Û
APPROVED AS TO FORM:
y Attorney