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Home My WebLink About885_00001CITY OF MOSES LAKE,WASHINGTON ORDINANCE No.885 AN ORDINANCE establishing Consolidated LocalImprovementDistrictNo.31 ät al.and "Consolidated Local Improvement Fund,.District No.31 et al.";and fixing the.amount,form,date,interest rate,maturity and denominations of the Consolidated Local Improvement District No.-31 et al.Bonds and direct-ing the issuance añd sale.thereof to Seattle-Northwest Securities Corporation of SeattlerWashington. WHEREAS,Chapter 44,Laws of the State of Washin<gton,1967, Ex.Ses.(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 on assessments levied within original.local assessment . districts shall be deposited in.a consolidated local únprovement district bond redemption fund to be used to redeem outstanding consolidated local 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.31,established by Ordinance No.783 passed by the City Council and approved by the Mayor of the City of Moses LD riWasNhing3 e ab 11 4 y Ond0ctoanber 19,1976,LacedalbImprove eynt Council and approved by the Mayor on November 17,1976 Local Improvement District No.36,established by Ordinance No.806 passed by the City Council and approved by the Mayor on March 8,- 1976,and Local Improvement District No.38,.established by Ordinance No.838 passed by the City Council and approved by the Mayor on May 10,1977,are hereby consolidated into a consolidated local improvement district to be known and designated as "Consolidated Local Improvement District No.31 et al." Section 2.There is hereby created and established in the office of the Finance Director of the City for Consolidated Local Improvement District No.31 et al.a special consolidated local improvement fund to be known and designated as "Consolidated Local Improvement Fund,District No.31 et al."All.money presently on i .hand representing.collections pertaining to assessments in "Local Improvement Fund,District No.31,""Local Improvement Fund, District No.34,""Local Improvement Fund,District No..36,"and "Local Improvement Fund,District No.38,"shall be transferred to and deposited in "Consolidated Local Improvement Fund,District No. 31 et al.,".and all collections pertaining to assessments on the assessment rolls of Local Improvement Districts Nos..31,34,36 and.38 shall when hereafter received be deposited in the "Consolidated . Local Improvement Fund,District No.31 et al.,"to be used to redeen outstanding Consolidated Local Improvement District No.31 et al. Bonds. Local Improe nt st ce ti o 3 ea du dcasserd nœancreoll in -2- I was $28,147.05.The thirty-day period for making cash payment of assessments without interest in the District expired on April 30, 1978,and no assessments were paid in cash during .such period,leaving the total amount of assessments unpaid on the assessment roll in the sum of $28,147.05.The total amou t of the assessment,roll in Local Improvement District No.34,created under Ordinance No.793,was $34,780.05.The thirty-day period for :making cash payment of - assessments without interest in the District expired on April 30, 1978,and the total amount of assessments paid in cash was $9,553.93, leaving a balance of assessments unpaid on the assessment roll in the som of $25,226.12.The total amount of the assessment roll in Local Improvement District No.36,created under Ordinance No.806, was $63,556.08.The thirty-day period for making cash payment of I assessments without interest in the District expired on April 15, 1978,and the total amount of assessments.paid in cash was $14,880.10, leaving a balance of assessments unpaid on the assessment roll in the sum of $48,675.98.The total amount of the assessment roll in Local Improvement District No.38,created under ordinance No.838, was $15,506.00.The thirty-day period for making cash payment of assessments without interest in the District expired on April 15, 1978,and the total amount of assessments paid in cash was $2,249.49, leaving a balance of assessments unpaid on the assessment roll in the sum of $13,256.51.Consolidated.local improvement district bonds of Consolidated Local Improvement District No.31 et al.shall, thereforel aissueed in theeden minprincipal s5 0 6115a,305 6e6. -3- i remaining bonds numbered 2 to 23,inclusive,shall be in the denomination of $5,000.00 each.The bonds shall all be dated June 1,1978,and shall be payable on June 1,1990,with the right reserved to the city to redeem the bonds prior to maturity on any interest payment date,in numerical order,lowest numbers first,whenever there shall be sufficient money in the nConsolidated Local Improvement Fund,District No.31 et al.,"created herein, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds,by publishing notice óf such call once in the official newspaper of the City not less than ten nor more than twenty days l be m ecdall dh e he aamde e n,pa he p i cipacall shaell Seattle-Northwest Securities Corporation in Seattle,Washington. Upon such call date the interest on bonds so 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 6.75%per annum,payable annually,beginning June 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: -4- No.$5,000.00($5,305.66 on Bond No.1) i UNITED STATES OF AMERICA STATE OF WASHINGTON CONSOLIDATED LOCAL IMPROVEMENT BOND OFCITYOFMOSES LAKE CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO..31 ET AL. 6.75% N.B.The laws of the State of Washington underwhichthisbondisissuedcontainthefollowingsection(RCW 35.45.070): "Neither the holder nor owner of any bond,interest coupon,or warrant issued against a localimprovementfundshallhaveanyclaimthereforagainstthecityortownbywhich:bb is issued, except for payment from the special assessmentsmadefortheimprovementforwhichthebond orwarrantwasissuedandexceptalsoforpaymentfromthelocalimprovementguarantyfundofthecityortownastobondsissuedafterthecreationofalocalimprovementguarantyfundofthatcity or town.The city or town shall not be liable totheholderorownerofanybond,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 thissectionshallbeplainlywritten,printed orengravedoneachbond." THE CITY OF MOSES LAKE,WASHINGTON (the "City"),a . municipal corporation of the State of Washington,hereby promises to pay to seattle-Northwest Securities Corporation,Seattle,Washington,or bearer,on the .FIRST DAY OF.JUNE,1990,the sum of FIVE THOUSAND DOLLARS($5,305.66 on Bond No.1) in lawful money of the United States of America, with interest thereon at the rate of 6.75%per annum,payable annually out of the consolidated fundestablishedbyOrdinanceNo.885 of the City andknownas"Consolidated Local Improvement Fund,DistrictiNo.31 et al.,"and not otherwise,except from theguarantyfund,as herein provided.Both .principal ofandinterestonthisbondare-payable at the office oftheFinanceDirector.of the city. -5- Coupons are hereto attached for each installment of interest to accrue hereon,and interest shall be paid only -on presentation and surrender of such coupons to the Finance Director of the City. The City Council of the City,as agent of such Consolidated Local Improvement District No.31 et al.. established by Ordinance No.885 ,has caused this bond to be issued in the name of the City as the bond of such consolidated local improvement district, the bonds or the proceeds thereof to be used to pay so much of the cost and expense of certain improvements as provided by Ordinance No.783 establishing Local Improvement District No.31,Ordinance No.793 estab- lishing Local.Improvement District No.34,Ordinance No.806 establishing Local Improvement District No.36 .and Ordinance No.838 establishing Local Improvement District No.38,as is levied and assessed against the property included in the consolidated local improvement district and beñefited by those improvements,and the "Consolidated Local Improvement.Fund,District No.31 et al.,"has been established by ordinance for that purpose.The holder or holders of this bond shall look only to that fund and to the Local Improvement Guaranty Fund of the city for the payment of either the principal of or the interest on this bond. This bond is one of a consolidated issue of 23 bonds aggregating in all the principal sum of $115,305.66, issued for consolidated Local Improvement District No.31 et al.,all of which bonds are.subject to the same terms and conditions as herein expressed. This bond is payable on June 1,1990,but is subject to call by the Finance Director of the City for prior redemption whenever there.shall be sufficient money in the "Consolidated Local Improvement Fund,District No.31 et al.,"to pay the same and all unpaid bonds of the issue of which this bond is one,which are prior to this bond,in numerical order,over and above the amount required for the payment of the interest on all unpaid bonds of this issue.The call for payment of this bond, or any bond of .the issue of which.this is one,shall be made by the Finance Director of the City by publishing notice of such call once in the official newspaper of. the City not less than ten nor more.than twenty days prior to the call date.In addition,notice of such call shall also.be mailed within the same period to the principal office.of Seattle-Northwest.Securities Corporation in Seattle,Washington.When such call is made for the payment of this bond,it will be paid on the date the next interest coupon thereon shall become due and after that call and upon such date the interest on bonds so called shall cease and each and every coupon representing interest not accrued on such date shall be void. -6- IT IS HEREBY CERTIFIED,Recited and Declared thatallacts,conditions and things required to be doneprecedenttoandinthelevyingofsuchspecialtaxesIorassessmentsandtheissuingofthesebondshavebeenproperlydone,have happened and have been performed in regular and due form,as required .by law;and that -these bonds have not been'issued in an amountinexcessofthecostoftheimprovement. IN WITNESS WHEREOF,the City has caused this bond -to be signed by the facsimile signature of .its Mayor andattestedbythemanualsignatureofitsCityClerkanditscorporatesealtobeheretoaffixed,and the interest coupons attached to be signed with the facsimile .signa- tures of those officials this first day of June,1978. CITY OF MOSES LAKE,WASHINGTON By (facsimile signature) Mayor ATTEST: City Clerk COUPON FORM Coupon No.($ on Bond$No.1) On the FIRST DAY OF JUNE,19_,the CITY OF MOSES LAKE,WASHINGTON,promises to pay to bearer at the office oftheFinanceDirectoroftheCity,the saa shown hereon,this sum being twelve months'interest due that day onBondNo.of the bonds of Consolidated Local Improve-ment District No.31 et al.and not otherwise,providedthatthiscouponissubjecttoalltermsandconditionscontainedinthebondtowhichitisannexedand,if thatbondshallbecalledforpaymentbeforematurityhereof,this coupon shall be void. CITY OF MOSES LAKE,WASHINGTON By (facsimile signature) Mayor ATTEST: (facsimile signature)I City Clerk Section 5.The bonds shall be printed on .lithographed forms,.shall be signed by the facsimile signature of the Mayor and -7- attested by the manual signature of the City Clerk and shall have the seal of the City affixed thereto,and the coupons shall bear.the. facsimile signatures of the Mayor and.the City Clerk. Section 6.Seattle-Northwest Securities Corporation,Seatt Washington,heretofore offered to purchase all of the consolidated local improvement bonds of Consolidated Local Improvement District No.31 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 &Noch,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 any official state- ment,offering circular or other sales material relating to the issuance of the bonds or otherwise used in connection with the bonds.The Cit Council,deeming that it was in the best interest of the City to acce said offer,duly accepted the same on May 16,1978,and such acceptance is hereby ratified and confirmed.The bonds shall,therefore,immed- iately 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 eef Moses ked digayshingtayn,at a reg ar o meeting (gáyor ty Cleek"City A torney -8-