912_00001ORDINANCE NO.912
AN ORDINANCE AUTHORIZING AND DIRECTING CERTAIN MUNICIPAL
ADMINISTRATIVE OFFICERS TO EXECUTE AN AGREEMENT ON BEHALF
DF THE CITY BETWEEN THE CITY OF MOSES LAKE AND THE STATE
OF WASHINGTON ECONOMIC ASSISTANCE AUTHORITY FOR AID IN
FINANCING THE COST OF THE 11,750 FEET OF 12 INCH WATER
MAIN CONSTRUCTED ON WHEELER ROAD.
The City Council of the City of Moses Lake,Washington does hereby ordain asifollows:
Section 1.That the City Manager and the City Clerk of the City of Moses Lake,Washington be and they are hereby authorized and directed to execute,on behalf of
the City of Moses Lake,a Final Contractual Agreement between the State of Washington
Economic Assistance Authority and the City of Moses Lake,Washington and such other
documents as may be required by the State of Washington for aid in financing the costofpublicfacilitiesdescribedabove.
A copy of said Final Contractual Agreement is attached hereto,designated as Exhibit A
and made a part hereof as though set forth herein in full.
Section 2.The City Council has accepted the offer of a $200,000 loan from the
State of Washington Economic Assistance Authority,or whatever portion thereof isrequiredfortheprojectdescribedabove,said loan to bear interest at the rate of5%per annum.
Repayment of said loan shall be in accordance with the provisions of Article 10 oftheGeneralandSpecialConditionstotheFinalContractualAgreementandmoreparti-cularly as follows:
The first payment shall be made one year from the date of first disbursement.
Payment shall be over a 10-year period with equal (level)debt serviceincludingprincipalandinterest.
I The City of Moses Lake reserves the right to accelerate payments on principal andeliminatetheinterestonanyacceleratedprincipalpayments.
Section 3.The funds to repay this obligation are to come from water and sewerfundsoftheCityofMosesLake,Washington.This obligation is subordinate to otherobligationsnowoutstanding.
Section 4.The City of Moses Lake,Washington shall establish a separate fund
as provided by law to be known as the Economic Assistance Authority Fund.Thereshallbesufficientmoneysplacedinthisfundtomeettheabovedetailedrepaymentschedule.The source of payment shall be set aside from current revenues each yearasestablishedinthebudgetprocesseachyearfor10yearsbeginningin1979and
as approved by City Council,
section 5.The signatures of the City Manager and City Clerk are as shown belowinthissection.
R.Du City anager Robert W.Gazewood,ty Cle -
Section 6.This ordinance shall take effect and be in force five (5)days afteriitspassageandpublicationasprovidedbylaw.
PASSED by the City Council of the City of Moses ke,Washington,and APPROVED byitsMayorthisdayofNYemlier,1978 -
ATTEST:M A YOR
City Clerk
City Attorney