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563_00001ORDINANCE No.563 AN ORDINANCE PROVIDING FOR THE ISSUANCE OFANINSTALLMENTNOTEPAYABLEFROMTHE"LOCALIMPROVEMENTFUND,DISTRICT No.23"OF THECITYANDPORTHESALETHEREOFTOTHEFIREMEN'SRELIEPANDPENSIONFUND,THE PROCEEDS THEREOFTOBEUSEDTOPAYTHEREVENUEWARRANTSPAYABLEIFROMTHE"LOCAL IMPROVEMENT FUND,DISTRICTNo.23,"NOW HELD BY THE FIREMEN'S RELIEF ANDPENSIONFUND. WHEREAS,the City of Moses Lake,Washington,has heretofore issued revenue warrants against the Local Improvement Fund,½strict No.23 and said revenue warrants were purchased by the Firemen's Relief and Pension Fund as an investment for such fund;and WHEREAS,Ordinance No.547 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.23,such bonds to be 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.23 without penalty or interest has elapsed the total amount of the assessment roll as confirmed being $17,363.10,and $1,455.84 being collected during said 30 day period,leaving an uncollected balance on said roll of $15,907.26;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.23 to be dated April 11,1967 and to become finally due on April 11,1979.The note shall be issued in the amount of $15,907.26,representing the balance of the cost and expense of Local Improvement District No.23,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 5¾%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 Pund,District No.23.Moneys from the Local Improvement Fund,District No.23 shall be paid to the payee of the note 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.23 from whose funds the note is paya,ble;(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 manuel 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 I 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 suffi- cient space opposite each transaction affecting the note for the manual signa- ture 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.23 at any time by payment in full of the unpaid principal balance and accrued interest to date of re- demption. 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 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 passage. PASSED by the City Council and APPROVED by its Mayor this 11th day of April,1967 . Ma ' ATTE Çlít'yCÏerk APPROVED AS TO FORM: y Attorney i