961_00001ORDINANCENO.961
AN ORDINANCEESTABLISHINGREGISTEREDWARRANTSAS THEMETHODOFINTERIMFINANCINGOFTHERELATEDCLEAN-UPCOSTSRESULTINGFROMTHEMOUNTST.HELENSVOLCANICASH FALLOUTANDTOESTABLISHAVOLCANICDISASTERRELIEFFUND;ANDSETTINGTHE AMOUNT,FORM,DATE,ANDINTERESTRATEONTHEREGISTEREDWARRANTS;ANDPRO-VIDING FORMETHODSOF PAYMENTOF REGISTEREDWARRANTS
WHEREAS,Ordinance No.958 of the City of Moses Lake declares a non-debatableiemergencyconditionexistsfollowingtheMay18,1980 eruption of Mount St.HelensandtheresultingdownwindfalloutofvolcanicashupontheCityofMosesLake;and
WHEREAS,Ordinance No.958 authorizes the restoration of city streets,roads,sewers and public facilities and authorizes the making of expenditures therefor;and
WHEREAS,the City Council desires to protect the cash reserves of the city ofMosesLakebyarrangingfortheissuanceofregisteredwarrantsastheinterimfinancingmethodtomeettherelatedcostsassociatedwiththeclean-up of volcanicash;
NOW,THEREFORE,THECITYCOUNCILOF THECITY OF MOSESLAKE,WASHINGTON,DOORDAINASFOLLOWS:
Section 1.That it is the intention of the City Council of the City of Moses Laketoorderthemakingofexpendituresfortherelatedcostsassociatedwiththeclean-up of volcanic ash to be by registered warrant.
Section 2.There is hereby created a special fund entitled "Volcanic DisasterReliefFund"from which the entire cost and expense resulting from such clean-upshallbeborne.All warrants issued against this fund shall be registered,bearinterestassetforthinSection3ofthisordinance,and be called in the sameimannerasprescribedinRCW35.33.111.
Section 3.The fiscal limitation on the issuance of registered warrants shall beinitiallysetbythisordinanceat$1,152,302exclusive of interest charges.Thisamountisthecalculatedvalueofmarginofindebtednessstillavailableforcouncilmanicvotedgeneralobligationbonds.Rainier National Bank has made anoffertomakeamarketfortheregisteredwarrantswhichshallbearinterestatone-half of one percent below the Rainier National Bank's current expense revenuewarrantrate.Such interest rate will be subject to market conditions at the timeofeachissuanceofregisteredwarrants.At the end of ninet.y days the rate onadditionalregisteredwarrantsissuedmayberenegotiated.The City Council oftheCityofMosesLakeherebyacceptssuchoffer.
Section 4.The method of payment of the registered warrants is anticipated to beseventy-five percent (75%)from federal disaster assistance monies and the remainderfromstateand/or cit.y matching monies.Payment of registered warrants shalloccurasfederaland/or state monies are received.
Section 5.In the event that federal and state monies are delayed or not forth-coming it is the intention of the City Council of the City of Moses Lake to estab-lish a repayment schedule with the bank making a market for the purchase of suchwarrantsbyJanuary15,1981 or other negotiated date including the authorizationtoissuecouncilmanicgeneralobligationbondsforpaymentofsuchregisteredwarrants.
I Section 6.This ordinance shall take effect immediately upon adoption by the voteofonemorethanthemajorityofallmembersoftheCityCouncilandbeinforceimmediatelyasprovidedbylaw.
PASSEDb.y the City Council of the City of Moses Lake,Washington,and APPROVEDbyitsMayorthis3rddayofJune,1980.
ATTES 'Mhyor
tity Cler '
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(Cijk ttor Publish:June 9,1980