573_00001ORDINANCE NO.573
AN ORDINANCE SPECIFYING AND ADOPTING A SYSTEM OR PLANiOFADDITIONSTOANDBETTERMENTSANDEXTENSIONSOFTHE
WATERWORKS UTILITY OF THE CITY OF MOSES LAKE,WASHINGTON,
INCLUDING THE SYSTEM OF SEWERAGE AS A PART THEREOF;DE-
CLARING THE ESTIMATED COST THEREOF AS NEARLY AS MAY BE;
PROVIDING FOR THE ISSUANCE OF $315,000.00 PAR VALUE OF
WATER AND SEWER REVENUE BONDS TO PROVIDE FUNDS TO PAY
THE COST THEREOF;FIXING THE DATE,FORM,MATURITIES,
INTEREST RATE,TERMS AND COVENANTS OF THOSE BONDS,
CREATING A BOND REDEMPTION FUND FOR THE PAYMENT OF
THE PRINCIPAL THEREOF AND INTEREST THEREON-I CONFIRM-
ING THE SALE OF THE BONDS TO WM.P.HARPER &SON &
COMPANY,SEATTLE,WASHINGTON;AND DECLARING AN
EMERGENCY.
WHEREAS,pursuant to Ordinance No.290 of the City of Moses Lake,
Washington,passed and approved October 25,1955,and the City issued
and sold $1,100,000.00 par value of "Water and Sewer Revenue Bonds,
i 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 addi-
tions and improvements to and extensions of the combined water and sewer-
age 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 ol3th "Water'eSs aekrefteveenueFun
ater
dC ewercreated by Ordinance
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
Ödinance No.573:2
part thereof,to issue additional water and sewer revenue bonds there-
for 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 made
from the "Water and Sewer Revenue Fund"sufficient to pay the principal of
hnedrefntrerest on sluch paadditionnalmbonds aknedq almain ain the raequeired reserve
the "Water and Sewer Revenue Fund"into the "Moses Lake,Series A,
Water and Sewer Revenue Bond Redemption Fund"and Reserve Fund creat-
ed by said Ordinance No.290 upon compliance with certain conditions
therein set footh;and
WHEREAS,pursuant to Ordinance No.532,passed and approved
July 13,1965,the City issued and sold $220,000.00 par value of "Water
and Sewer Revenue Bonds,1965,"for the purpose of providing funds to
pay the cost of carrying out a system or plan of additions to and better-
ments and extensions of the waterworks utility of the City,including the
i system of sewerage as a part thereof,specified and adopted in Ordinance
No.532,which "Water and Sewer Revenue Bonds,1965,"were issued on
a parity of lien with the outstanding "W ter and Sewer Revenue Bonds ,
Series A,"pursuant to the provisions of Section 14 of Ordinance No.290;
and
WHEREAS,the City under date of June 1,1967,entered into an Escrow
Agreement with the United States of America,acting by and through the
Secretary of Health,Education and Welfare,or his delegate,under a pur-
suant to the powers and authority contained in the Federal Property and
Administrative Services Act of 1949 (63 stat.377),as amended,where-
under the Government agreed to convey to the City certain real property
I and improvements thereon within the exterior boundaries of laÀsformerly
-comprising Larson Air Force Base and the water system,including five wells,
a storage tank and other improvements,facilities and easements,for a total
purchase price of $210,000.00 and the public health,welfare,safety and
convenience require and it is advisable that such water system and a
smaller sewer system serving such former Larson Air Force Base properties
be acquired and that certain additions to and betterments and extensions
Ordinance No.573:3
thereof be made as hereinafter provided and thatt water and sewer revenue
bonds be issued to provide the funds necessary to carry out such acquisi-
tions,additions and betterments,which bonds are proposed to be issued
on a parity of lien with the outstanding "Water and Sewer Revenue Bonds,
i Series A,"and "Water and Sewer Revenue Bonds,1965";and
WHEREAS,the City Council hereby finds and declares that all con-
ditions required to be met as set forth in Section 14 of Ordinance No.290
for the issuance of parity bonds have been complied with,includi ng the filing
of a certified audit from LaVon Palmer of Morris,Jones &Palmer,an indepen-
dent certified public accountant,showing that the net income of the waterworks
útility of the City,including the system of sewerage as a part thereof,
for twelve consecutive months out of the fifteen months immediately pre-
ceding the contemplated month of delivery of the proposed additional bonds
was sufficient to meet the coverage requirement specified in Section 14
of Ordinance No.290,NOW,THEREFORE,
i THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,
DO ORDAIN as follows:
Section 1.As used in this ordinance the following words have the
meanings hereinafter set forth unless the context indicates that another
meaning is int ended:
(a)The word "System"shall mean the existing combined water and
sewerage system of the City comprising the waterworka: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 workd "Bonds"shall mean the water and sewer revenue bonds
of the City issued pursuant to and for the gaurposes 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 Nos135 .
(d)The words "Outstanding Parity Revenue Bonds "shall mean the
Ordinance No.573:4
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,and the outstanding bonds of
the $220,000.00 issue of "Water and Sewer Revenue Bonds,1965,"of
the City,daetedords
"
at9e6r5anadndissued purseuant to is aOrdinanceheNo.n532 .
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
ha drawn upon for the sole purpose of sking up any deficiency in the
"Moses Lake,Series A,Water and Sewer Revenue Bond Redemption Fund"
also created by Ordinance No.290 and in the "Moses Lake,Water and
Sewer Revenue Bond Fund,1965,"created by Ordinance No.532,for the
payment of the Outstanding Parity Revenue Bonds and in any other bond
redemption fund (includingthe Bond Fund hereinafter created)created for
bendps
o he
Cithye prinicip of and intereseron aany watyer and seewer revenue
Parity Revenue Bonds and the Bonds .
Section 2 .The City of Moses Lake,Washington,hereby specifies
and adopts a system or plan for making additions to and betterments and
extensions of the System to consist of the following:
(1)There shall be acquired from the United States of America,
acting by and through the Secretart if Health,Education and
Welfare,or his delegate,puosuant to Escrow Agreement heretofore
entered into on June 1,1967,the water system serving the lands
formerly comprising the Larson Air Force Base,including five wells,
t5 storage tanks and-other improve
sc o
pertand eaa men ,
shall also be included the acquisition of 4 pickup truck,material
and supplies,tapair of water wells,telemetering of water.system,
communicatilen equipment,water connections,miscellaneous improve-
ments,electrical metering and sanitary sewer improvements;provided.;,
I
Ördinance No.573'5
however,that at the request of the Government,the City
may delete from such acquisition those sewer laterals runn-
ing North from Lift Station No.1 to serve the former Boeing
industrial complex and those water lines running North and
i East from valve numbers 5101 and 5101A along with Well No.9
and Storage Tank No.5 serving the former Boeing industrial
complex and the alert area and such deleted facilities shall
not be deemed a part of the System within the provisons of
subparagraph (c)of Section 11 hereof .
Section 3.The estimated cost of the acquisition,construction and
installation of the above described additions and improvements to and ex-
tensions of the System,including all surveys and appraisals ,preliminary
engineering,escrow fee and tax recording,printing of master maps and
other expenses associated therewith,is hereby declared to be,as near as
may be,the sum of $315,000.00,whch 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 all expenses
of operation and maintenance thereof and to permit the setting aside into a
special fund out of the gross revenues of the System of sufficient amounts
to pay interest on the ßgnds 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 2 hereof,and hereby ordered to be
carried out,there shall be issued and sold $315,000.00 par value ;cf "Water
and Sewer Revenue Bonds,1967"(herein called the "Bonds).The Bonds shall
be dated November 1,1967,shall be in denominations of $5,000.00 each,
shall be numbered 1 to 63,inclusive,and shall bear interest at the rate of
Ordinance No.573:6
5-1/4%per annum,payable semiannually on May 1 and November 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
o 1
ofull.Boeth the prib npd edeamp iinterest on et eaBond
ea d
npda
h
le
be payable in lawful money of the United States of America at the office of
the Treasurer of the City.The Bonds shall mature in accordance with the
following schedule,to-wit:
Bond Numbers(Inclusive)Amounts Maturities
I1to17$85,000 November 1,1986
18to 35 90,000 November 1,1987
36 to 54 95,000 November 1,1988
55 to 63 45,000 November 1,1989
Section 6.The City reseves the right to redeem the Bonds as a whole,
or in part in inverse numerical order,on November 1,1977,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 redemp-
tion in each case,to-wit:
November 1,1977,or May 1,1978 102-1/2%
November 1,1978,or May 1,1979 102-%
November 1,1979,or May 1,1980 101-1/2%
November 1,1980,or May 1,1981 101 %
November 1,1981,or May 1,1982 100-1/2%
November 1,1982,and thereafter 100 %(Par)
Notice of any call for redemption óf any of the Bonds prior to their
stated maturity dates shall be published at least once in the official news-
paper of the City,not less than thirty nor more than forty-five days prior
to the call date.Notice of such redlemption shall also be malled to Wm.P.
t
erceessonr,nCot epsan aant its prinner
mr
aeninorSeyattle,dWashingtron,ore
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 pay-
ment of the redemption price into the bond redemption fund hereinafter created.
Órdinance No.573·7
Section 7.Pursuant to Section 7 of Ordinance No.135,the Water
and Sewer Revenue Fund of the City was treated 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
tphmipaltaof a interesReon the Outstand11ngcPrior Li Revennueimprndsemaenn
s,
betterments and repairs to and replacements and extensions of the System
(except when the same are financed by the issuance of bonds,coupon warrants,
or warrants drawn on other special funds of the City),all payments requir-
ed to be made into the "Moses Lake,Series A,Water and Sewer Revenue
Bond Redemption Fund"and into the Moses Lake,Water and Sewer Revenue
Bond Redemption Fund,1965,"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
i 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 pay-
ment 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,1967"(hereinafter called the "Bond Fund")
which fund shall be drawn upon for the sole purpose of paÿigg 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
outstanding Bonds as the same respectively becomes due and payable:
Ôrdinance No.573:8
Monthly,on or before the 20th day of each month,beginning
with the month of November,1967¾1/6th of the next ensuing
six months'requirements for interest on the Bonds and beginn-
ing with the month of November,1985,1/12th.of the next ensu-
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
Ordinances Nos.290 and 532 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 pay-
ment of the principal of and interest on the Bonds,plus the money in the
Bond Fund,is sufficient to redeem and retire all the outstanding Bonds,
then no further payments need be made into the Bond Fund and such moneys in
the Reserve Fund and Bond Fund ,ahall 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 a 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
hna geesOutstanding Prior Lien Revehne anondpsala daequal in rank to laeny
standing 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.573:9
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
Fund and any other moneys which the City may have available for such
purpose equal monthly payments commencing with the month of November,
u6n7dwhithat Novemmber 1,972,R see ecbe antsum in then
ec 9
of Ordinance No.135 for the purpose 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 Ordinances Nos.290 and 532,
will be equal to the maximum amount required in any calendar year here-
after 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 Lien
Revenue Bond Reserve Account and the Reserve Fund is equal to the maxi-
I mum amount required in the paragraph immediately above that it will main-
tain that amount therein for as long as any of said Outstanding Prior Lien
Revenue Bonds,Outstanding Parity Revenue Bonds and the Bonds are out-
standing.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 outstand ing Outstanding Prior Lien Revenue Bonds then the moneys
in thi s Reserve Fund must be increased 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 Out-
standing Parity Revenue Bonds,the Bonds and any water and sewer revenue
bonds which may be issued later on a parity therewith.
I 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 re-
tire any of such outstanding bonds .In the event there shall be a deficiency
Ordinance No.573:10
in the Bond Fund to meet maturing installments of either interest on or
principal of any of the Bonds or in any bond redemption fund created
for the payment of the principal of and interest on any water and sewer
aend hee bonnddsissuedd n a pnarity la11hbehe Odetstapndring Pharity Reveenue Bonds
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 af ter making
necessary provision for the required payment into the Bond Fund,the Out-
standing 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 oriUnitedStatesGovernmentobligationsmaturingnotlaterthantwelve
ars 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 þe ptgyg edin the proportion
that the respective amounts paid into the Reserve Fund for each of said
issues of bonds bear to each other and such prorated amount shall be de-
posited and become a part of each bond redemption fund created for the
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 here-
by declare in fixing the amounts to be made into the Bond Fund and Reserve
i Fund as aforesdaid 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 abligated the City to
set aside and pay into said Funds a greater amount of the revenue of the
Ordinance No.573i 11
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.
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 collect rates andchargesforwaterandsanitarysewagedisposalservice,for as long as the Outstanding l¥ior Lien Revenue Bonds,
the Outstanding Parity Revenue Bonds,the Bonds,and
any water and sewer revenue bonds that may be issued onaparitywiththeOutstandingParityRevenueBondsandtheBondsareoutstanding,that will make available for the pay-ment of the principal of and interest on all of such bonds as'same shall become due an amount equal to at least 1.35 timestheamountrequiredineachcalenderyearhereafterforthe
payment of all such 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"isherebydefinedas"the money paid into the Water and SewerRevenueFundeachcalendaryearafternormalexpensesofmaintenanceandoperationoftheSystemhavebeentakentherefrombutbeforedepreciation."
(b)That it will at all times keep and maintain the System
I in good repair,working order and condition,and will at alltimesoperatethesameandthebusinessinconnectionthere-with in an efficient manner and at a resonable cost.
(c)That it will not sell or otherwise dispose of any of thepropertiesoftheSystem(unless the same are no longer used,
necessary or useful in the operation thereof)unless provisionismadeforpaymentintotheBondFundofasumsufficienttopaytheprincipalofandinterestonalltheoutstandingBondsinaccordancewiththetermsthereof.
(d)That it will,while any of the Bonds remain outstanding,keep proper and separate accounts and records in which completeandseparateentriesshallbemadeofalltransactionsrelatingtoitsSystem,and it will furnish the original purchaseror pur-purchasers of tie Bonds or any subsequent holder or holdersthereof,at the written request of such holder or holders,com-·plete operating and income statement of the System in reasonabledetailcoveringanycalendaryearnotmorethanninetydaysafterthecloseofsuchcalendaryearanditwillgrantanyholderorholdersofatleast25%of the outstanding Bonds the right at allreasonabletimestoinspecttheentireSystemoftheCityandallirecords,accounts and data of the City relating thereto.UponrequestofanyholderofanyoftheBonds,it will furnish to suchholderacopyofthemostrecentlycompletedauditoftheCity'saccountsbytheStateAuditorofWashington,or such other auditasisauthorizedbylawinlieuthereof.
Ordinance No.573:12
(e)That it will not furnish water or sanitary sewage disposalservicetoanycustomerwhatsoeverfreeofchargeandwillpromptlytakelegalactiontoenforcecollectionofalldelin-quent accounts .
(f)That it will carry the type of insurance on its Systempropertyintheamountsnormallycarriedbyprivatewaterandsewercompaniesengagedintheoperationofwaterandsewagesystems,and the cost of such insurance shall beiconsideredpartoftheoperatingandmaintainingofsaidutility.If,as,and when,the United States of America orsomeagencythereofshallprovideforwarriskinsurance,the City further agrees to take out and maintain such in-
surance on all or such portion of the System on which such
war risk insurance may be written in an amount or amountstocoveradequatelythevaluethereof.
(g)'That it will pay all costs of maintenance and operationoftheSystemandthedebtservicerequirementsoftheOut-standing Prior Lien Revenue Bonds and the Outstanding ParityRevenueBondsandotherwisemeettheobligationsoftheCity
as Drerein set forth.
Section 12.The Bonds shall be in substantially the following form:
No.$5,000,00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF MOSES LAKE
WATER AND SEWER REVENUE BOND,1967
5-1/4%
.KNOW ALL MEN BY THESE PRESENTS:That the City ofMosesLake,Washing¢on,a municipal corporation of theStateofWashington,for value received hereby promises topaytothebearerontheFIRSTDAYOFNOVEMBER,19 ,the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate cf FIVE AND ONE-FOURTH PERCENT (5-1/4%)per annum,payable semiannually
on the 1st days of May and November of each year,upon thepresentationandsurrenderoftheattachedinterestcouponsastheyseverallymatureuptothebondmaturitydateandwithfullobligationonthepartoftheCitytopayinterestatthesamerate,from and after the bond maturity date,untilthisbondwithinterestispaidinfull,or funds are availableinthe"Water and Sewer Revenue Bond Fund,1967"(herein-I after called the "Bond-Fund"),for payment in full.
Both principal of and interest on this bond are payable inlawfulmoneyoftheUnitedStatesofAmericaattheofficeoftheTreasureroftheCityofMosesLake,WashingtoÑ736lyoutofthespecialfundcreatedbyOrdinanceNo.and referred to herein as the Bond Fund.
The City does hereby pledge and bind itself to set asideoutofthemoneyintheWaterandSewerRevenueFundof theCityandtopayintothe"Moses Lake,Series A,Water andSewerRevenueBondRedemptionFund"for the payment of theoutstanding"Water and Sewer Revenue Bonds,Series A."
Ordinance No.573:13
into the "Moses Lake,Water and Sewer Revenue Bond Redemption
Fund,1965,"for the payment of the outstanding "Water and SewerRevenueBonds,1965,"and into the Bond Fund for the paymentofthebondsofthisissueandintotheReserveFundcreatedbyOrdinanceNo.290 the various amounts required by OrdinancesNos.251,290,532 and 573 to be paid into and maintained in
said Funds,all within the times provided by said ordinances.
The amounts so pledged are hereby declared to be a prior lien andchargeuponthemoneyinsaidWaterandSewerRevenueFundisuperiortoallotherchargesofanykindornature,except thenormalcostsofmaintenanceandoperationofthewaterworksutilityoftheCity,including the system of sewerage as a part thereof,and
except the charges necessary for the payment of the principal of andinterestontheoutstandingwaterandsewerrevenuebondsoftheCityissuedunderdateofJuly1,1950,and except further that the lien
and charge upon the money in said Water and Sewer Revenue Fund
for the outstanding "Water and Sewer Revenue Bonds,Series A,""Water and Sewer Revenue Bonds,1965,"and the bonds of thisissueshallbeonaparitywiththelienandchargeuponthe
money in said Water and Sewer Revenue Fund for the payment of anyadditionalwaterandsewerrevenuebondshereafterissuedonaparityoflienwiththeoutstanding"Water and Sewer Revenue Bonds ,
Series A,""Water and Sewer Revenue Bonds,1965,"and the bondsofthisissueinaccordancewiththeprovisionsofSection14of
Ordinance No.290,Section 13 of Ordinance No.532 and Section 13
of Ordinance No.573.
This bond is one of a total issue of $315,000 par value of bonds all
of like date,tenor and effect,except for maturities,all payable
from the Bond Fund and all issued by the City under and pursuant tothelawsoftheStateofWashingtonandOrdinanceNo.573 of theiCityforthepurposeofprovidingfundstopaythecostofacquiring,
constructing and installing certain additions and improvements toandextensionsofthewaterworksutilityoftheCity,including thesystemofsewerageasapartthereof.
The City has reserved the right to redeem the bonds of this issue as
a whole,or in part in inverse numerical order,on November 1,1977,
or on any semiannual interest payment date thereafter at the following
percentages of par,if redeemed on the following dates,plus accrued
interest to date of redemption in each case,to-wit:
November 1,1977,or May 1,1978 102i%
November 1,1978 ,or May 1,1979 102 %November 1,1979,or May 1,1980 101¼%
November 1,1980,or May 1,1981 101 %November 1,1981,or May 1,1982 100$%
November 1,1982,and thereafter 100 %(Par)
Notice of any call for redemption of any of the bonds of this issuepriortotheirstatedmaturitydatesshallbepublishedatleastonceintheofficialnewspaperoftheCity,not less than thirty nor moreithanforty-five days prior to the call date.Notice of such redemptionshallalsobemailedtoWm.P.Harper &Son &Company at its principal office
in Seattle,Washington,or its successor,not less than thirty nor morethanforty-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 datefixedforsuchredemptionuponpaymentoftheredemptionpriceintotheBondFund.
Ordinance No.573:14
The City of Moses Lake hereby covenants and agrees withtheholdersofeachandeveryoneofthebondsofthisissue tofullycarryoutallcovenantsandmeetallobligationsoftheCityassetforthinthisbondandinOrdinanceNo.573,towhichordinancereferenceisherebymadeasmorefullyde-scribing the covenants with and rights of holders of bonds ofthisissue.
I The City has further bound itself to maintain the waterworks
utility of the City,including the system of sewerage as a partthereof,in good repair,working order and condition,to operatethesameinanefficientmannerandatareasonablecostandtoestablish,maintain,and collect the rates and charges of water
and sanitary sewage disposal service that will provide revenueequaltoatleast1.35 times the amount required in each calendar
year hereafter to pay the principal of and interest on the outstand-ing July 1,1950,"Water and Sewer Revenue Bonds"of the City,the outstanding "Water and Sewer Revenue Bonds,Series A,"the outstanding "Water and Sewer Revenue Bonds,1965,"and
the bonds of the issue of which this bond is one and any bondsthatmaybeissuedonaparitywiththeoutstanding"Water andSewerRevenueBonds,Series A',"the outstanding "Water andRevenueBonds,1965,"and the bonds of this issue,after normal
costs of maintenance and operation of said waterworks utilityoftheCity,including the sewerage system as a part thereof,have been paid,but before depreciation.
It is hereby certified and declared tha t the bonds of thisissueareissuedpursuanttoandinstrictcompliancewith theConstitutionandthelawsoftheStatecfWashington,the ordi-I nances of the City of Moses Lake,and that all acts,conditions
and things required to be done precedent to and in the issuanceofthisbondhavehappened,have been done and have been per-formed as required by law.
IN WITNESS WHEREOF,the City of Moses Lake,Washington,has caused this bond to be signed by the facsimile signature ofitsMayorandattestedbythemanualsignatureoftheClerkanditscorporatesealtobeheretoaffixed,and the interest couponsattachedtobesignedwiththefacsimilesignatureofthoseofficialsasofNovember1,1967.
CITY OF MOSES LAKE,WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
City Clerk
Ordinance No.573:15
The interest coupons attached to the Bonds shall be in substantially
the following form:
Coupon No.
$131.25
On the FIRST DAY OF (MAY)(NOVEMBER),19 ,I the CITY OF MOSES LAKE,WASHINGTON,will pay to
the bearer upon presentation and surrender of this coupon
at the office of the City Treasurer the sum shown hereon
in lawful money of the United States of America from the
special fund of the City,known as the "Water and Sewer
Revenue Bond Fund,1967,"that sum being six months'
interest then due on its "Water and Sewer Revenue Bond,
1967,"dated November 1,1967,and numbered .
CITY OF MOSES LAKE,WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
(facsimile signature)
City Clerk
i 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 .
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
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 .
Ordinance No.573:16
Section 14.William P.Harper &Son &Company of Seattle,
Washington,heretofore offered to purchase the bonds at a price
of $97.50 per each $100.00 par value thereof,plus accrued interest
o
fmurdnateof ispsr
n
ecde
B
ndhSe date lef denlivery fd ahe bonds,tehealCity
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 October 24,
1967,and such acceptance is hereby ratified and confirmed.The Bonds
shall,therefore,immediately upon their execution be delivered to the
purchaser upon payment for the Bonds in accordance with such offer;pro-
vided,however,the purchaser has agreed to accept such lesser portion
of theamonds or toesurrender beacekd >the ty feor irmnediatrencancellateion
proceeds of which the City will not require if certain facilities are
deleted from the improvements to be acquired as set forth in Section 2
hereof .The accrued interest received from the sale of the Bonds shall
be deposited in the Bond Fund and the principal amount received from
the sale of the Bonds shall be deposited in the Water and Sewer Revenue
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 provided by law .
Ordinance No.573:17
PASSED by the City Council of the City of Moses Lake,
Washington,at a regular meeting thereof and APPROVED by the Mayor
this 14th day of November,1967.
CIT aESLAKE NGTON
ATTE
CHyClerk
FO P VED
ty Attorney
i
i