872_00001i CITY OF MOSËS LAKE,WASHINGTON
ORDINANCE NO.872
AN ORDINANCE establishing Consolidated LocalImprovehentDistrictNo.29 et al.and "ConsolidatedLocalImprovementFund,District No.29 et al.";and fixing the amount,form,date,interest rate,maturity and denominations of the ConsolidatedLocalImprovementDistrictNo.29 et al.Bonds anddirectingtheissuanceandsalethereoftoSeattle-Northwest Securities Corporation of Seattle,Washington.
WHEREAS,chapter 44,Laws of the State of Washington,1967,
EK.Sea.(RCW 35.45.160),authorizes the establishment of consolidated
local improvement districts for the purpose of issuing bonds only
and provides that if the governing body of any municipality orders
the creation of such consolidated local improvement districts,the
money received from the installment payment of the principal of and
interest ân assessments levied within original local assessment
districts shall be deposited in a consoldiated local improvement
district bond redemption fund to be used to redeem outstanding
consolidated loc.al improvement district bonds;NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,
DO ORDAIN,as follows:
Section 1.For the purpose of issuing bonds only,Local
Improvement District No.29,established by Ordinance No.771
passed by the City Council and approved by the Mayor on August 24,
1976,Local Improvement District No.30,established by OrdinanceiNo.772 passed by the City Council and approved by the Mayor on
October 19,1976,and Local Improvement District No.33,established
by ordinance No.788 passed by.the City Council and approved by
the Mayor on November 9,1976,are hereby consolidated into a
consolidated local improvement district to be known and designated
as "Consolidated Local Improvement.District No.29 et al."
Section 2.There is hereby created and established in
the office of the Finance Director of the City of Moses Lake for
Consolidated Local Improvement District No.29 et al.a special
consolidated local improvement fund to be known and designated as
"Consolidated Local Imptoyement Fund,District No.29 et al."All
money presently on hand representing collections pertaining to
assessments in "Local Improvement Fund,District No.29,"in "Local
Improvement Fund,District No.30,"and in "Local Improvement Fund,
District No.33,"shall be transferred to and deposited in
"Consolidated Local Improvement Fund,District No.29 et al.,"and .
all collections pertaining to assessments on the assessment rolls
of Local improvement Districts Nos,29,30 and 33 shall when hereafter
received be deposited in the "Consolidated Local Improvement Fund,
District No.29 et al.,n to be used to redeem outstanding-Consolidated
Local Improvement District No.29 et al.Bonds.
Section 3.The total amount of the assessment roll in
Local Improvement District No.29,created under Ordinance No.771,.44
was $25,987.00.The thirty-day period for making cash payment of CD
assessments without interest in the District expired.on August 26
1977 «and the total amount of assessments paid in cash was $478.04,
leaving a balance of assessments unpaid on the assessment roll in
the sum of $25,508.96.The total amount of the assessment roll in
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Local Improvement District No.30,created under Ordinance No.772,2
es
4 The thirt d peri rictua g cas npapDeecneder
1
1977 ,and the total amount of assessments paid in cash was$4,228.04,leaving a balance of assessments unpaid on the assessmentrollinthesumof$93,172.90.The total amount of the assessment
roll in Local Improvement District No.33,created under ordinanceNo.788,was $34,690.79..The thirty-day period for making cash
payment of assessments without interest in the District expired on
Decezber 1,1977 ,and the total amount of assessments paid incashwas$2,117.63,leaving a balance of assessments unpaid on the
assessment roll in the sum of $32,573.16.Consolidated local
improvement district bonds of Consolidated Local Improvement District
No.951
25
02shaBo dthereforhe'lheb inedthinde
m
naa pnrinc
255 2,
and the remaining bonds numbered 2 to 31,inclusive,shall be in thedenominationof$5,000.00 each.The bonds shall all be dated
March 1,1978,and shall be payable on March 1,1990,with therightreservedtotheCitytoredeemthebondspriortomaturity
on-any interest payment dater in numeriaal order,lowest numbers
first,whenever there.shall be sufficient money in the "Consolidated
Local Improvement Fund,District No.29 et al.,"created herein,
to pay the bonds so called and all eaflier numbered bonds over andabovetheamountrequiredforthepaymentoftheinterestonall
unpaid bonds,by publishing notice of such call once in the official
ne spaper ohe othelC tayte
an
oths
ch
dnantor mr
nt
stwenn bodays
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called shall cease and each and every coupon representing interest
not accrued on such date shall be void.
The bonds shall bear interest at the rate of 6½%per
annum,payable annually,beginning March 1,1979,to be represented
by interest coupons to maturity attached to each bond.
Section 4.Each of the bonds and interest coupons
attached thereto shall be in substantially the following form:
No.·$5,000.00($1,255.02 on Bond No.1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CONSOLIDATED LOCAL IMPROVEMENT BOND
OFCITYOFMOSES LAKE
CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO.29 ET AL.
6½%
N.B.The laws of the State of Washington underwhichthisbondisissuedcontainthefollowing
section (RCW 35.45.070):
"Neither the holder nor owner of any bond,
interest coupon,or warrant issued against a local
improvement fund shall have any claim thereforagainstthecityortownbywhichitisissued,
except.for payment from the special assessments
made for the improvement for which the bond or
warrant was issued and except also for payment
from the local haprovement guaranty fund of the
city or town as to bonds issued after the creation CD
of a local improvement guaranty fund of that city CD
or town.The city or town shall not be liable.to
the holder or owner of any bond,interest coupon,
or warrant for any loss to the local improvement
guaranty fund occurring in the lawful operation
thereof.A copy of the foregoing part of this
section shall be plainly written,printed orengravedoneachbond."
THE CITY OF MOSES LAKE,WASHINGTON,a municipal
corporation of the State of Washington,hereby
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promises to pay to Seattle-Northwest SecuritiesCorporation,Seattle,Washington,or bearer,on
I the FIRST.DAY.OF MARCH,1990,the sum of
FÍVE THOUSAND DOLLARS($1,255.02 on Bond No.l)
in lawful money of the United States of America,.with interest thereon at the rate of 6½%perannum,.payable.annually out of the consolidatedfundestablishedbyOrdinanceNo.872 of theCityandknownas"Consolidated Local ImprovementFund,District No.29 et al•«"and not otherwise,except from the guaranty fund,as herein provided.poth principal of and interest on this bond arepayableattheofficeoftheFinanceDirector oftheCity.
Coupons are hereto attached for each installmentofinteresttoaccruehereon,and interest shallbepaidonlyonpresentationandsurrenderofsuchcouponstotheFinanceDirectoroftheCity.
The City Council of the City,as agent of suchConsolidatedLocalImprovementDistrictNo.29 et al.established by Ordinance No.872 ,has caused thisbondtobeissuedinthenoneoftheCityasthebondofsuchconsolidatedlocalimprovementdistrict,the bonds or the proceeds thereof to be used to paysomuchofthecostandexpenseofcertainimprove-ments as provided by Ordinance No.771 establishingLocalImprovementDistrictNo.29,Ordinance No.772establishingLocalImprovementDistrictNo.30 andOrdinanceNo.788 establishing Local ImprovementDistrictNo.33,as is levied and assessed againstthepropertyincludedintheconsolidatedlocalimprovementdistrictandbenefitedby.those improvements,and the "Consolidated Local Improvement Fund,DistrictNo.29 -et al.,"has been established by ordinance forthatpurpose.The holder or holders of this bond shalllookonlytothatfundandtotheLocalImprovementGuarantyFundoftheCityforthepaymentof.either
the principal of or the interest on this bond.
This bond is one of a consolidated issue of 31bondsaggregatinginalltheprincipalswaof$151,255.02,issued for Consolidated Local ImprovementDistrictNo.29 et al.,all of which bonds are subjecttothesametermsandconditionsashereinexpressed.
This bond is payable on March 1,1990,but isisubjecttocallbytheFinanceDirectorofthe City
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for prior redemption whenever.there shall be sufficient
money in the "Consolidated Local Improvement Fund,District No.29 et al.,"ix>pay the same and all unpaidbondsoftheissueofwhichthisbondisone,which are
--prior to this bond,in numerical order,over and abovetheamountrequiredforthepaymentoftheinterest
on all unpaid bonds of this issue.The call for paymentofthisbond,or any bond of the issue of which this is
one,shall be made by the Finance Director of the CitybypublishingnóticaofsuchcallonceintheofficialnewspaperoftheCitynotlessthantennormorethantwentydayspriortothecalldate,and when such callismadeforthepaymentofthisbond,_it will be paid
on the date the next interest coupon thereon shallbecomedueandafterthatcallanduponsuchdate theinterestonbondssocalledshallceaseandeachand
every coupon representing interest not accrued on suchdateshallbevoid.
IT IS HEREBY CERTIFIED,Recited and Declared .that
all.acts,conditions and things required to be done
precedent to.and in the levying of such.special taxesorassessmentsandtheissuingofthesebondshavebeenproperlydone,have happened and have been.performed-in regular and due form,as required bylaw;and that these bonds have not been issued in anamountinexcessofthecostoftheimprovement.
IN WITNESS WHEREOF,the City of Moses Lake,Washington,has caused this bond to be signed by the facsimilesignatureofitsMayorandattestedbythemanualsignatureofitsCityClerkanditscorporateseal tobeheretoaffixed,and the.interest coupons attached tobesignedwiththefacsimilesignaturesofthoseofficialsthisfirstdayofMarch,1978.
CITY OF MOSES LAKE,WASHINGTON
By (facshnile signature)
Mayor
ATTEST:
City Clerk
COUPON FORM
Coupon No.($81
on Bond$325.00 No.1)
On the FIRST DAY OF MARCH,19_9,the CITY OF MDSES
LAKEr WASHINGTON,promises to pay to bearer at the
office of the Finance Director of the City the sumshownhereon,this sum being twelve months'interestiduethatdayonBondNo.of the bonds ofConsolidatedLocalImprovementDistrictNo.29 et al.and not otherwise,provided that this coupon issubjecttoalltermsandconditionscontainedin thebondtowhichitisannexedand,if that bond shallbecalledforpaymentbeforematurityhereof,thiscouponshallbe.void.
CITY OF MOSES LAKE,WASHINGTON
By (facsimile s,ignature)
Mayor
ATTEST:
(facaimile signature)City clerk
Section 5.Site bonds shall be printed on lithographed
forms,shall he signed by the facsimile signature of the Mayor and.
attested by the manual signature of the City Clerk apd shall have
11e
ear
tthe Ca
im e i
aLaur saffixede therer dæthe
t C .
.Section 6.Seattle-Northwest Securities Corporation,
Seattle,Washington,has offered to purchase all of the consolidated
local improvement bonds of Consolidated Local Improvement District
No.29 et al.at a price of par,plus accrued interest from date of
issuance to the date of delivery of the bonds to the purchaser,the
City to furnish.the printed bonds and the approving legal opinion
of Roberts,Shefelman,Lawrence,Gay &Moch,municipal bond counsel
of Seattle,Washington,at the City's expense.Bond counsel's
opinion will state that bond counsel has not reviewed,and thus -
expresses no opinion concerning,the completeness or accuracy of
I any official statement,offering circular or other sales material
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relating to the issuance of the bonds or otherwise used in connection
with the bonds.The.City Council,deeming that it is in the best
interest of the City to accept said offer,hereby accepts tlue
same.The bonds shall,therefore,imaediately upon their execution,
be delivered to Seattle-Northwest Securities Corporation,Seattle,
Washington,upon payment therefor in accordance with said offer.
PASSED by the City Council and APPROVED by the Mayor of
the City of Moses Lake,Washington,at a regular open public meeting
thereof,this 14th day of MATGhy 1978.
City Clerk
FORM APPROVED:
CiEÿ Attorn
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