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967_00001CITY OF MOSES LAKE,WASHINGTON ORDINANCE NO.§67 AN ORDINANCE establishing Consolidated Local Im-provement District No.37 et al.and Consolidated Local Improvement Fund,District No.37 et al.;fix-ing the amount,form,date,interest rate,maturityanddenominationsoftheConsolidatedLocalImprove-ment District No.37 et al.Bonds and the interest coupons to be attached thereto;and providing forthesaleanddeliverythereoftoSeattle-Northwest Securities Corporation of seattle,Washington. WHEREAS,the City Council of the City has heretofore created Local Improvement Districts Nos.37,39,40,41 and 42 for various purposes;and WHEREAS,Chapter 44,Laws of the State of Washington,1967, Ex.Sess.(RCW 35.45.160),authorized the establishment of consoli- dated 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 district, the money received from the installment payment of the principal of and interest on assessments levied within original local improve- ment districts shall be deposited in a consolidated local improve- ment 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,those local improvement districts of the City of Moes Lake,Washington (the "City"),established by the following ordinances,respectively, I the 30-day period for making cash payment of assessments without interest in each local improvement district having expired in the case of the assessments for each local improvement district,are hereby consolidated into a consolidated local improvement district to be known and designated as "Consolidated Local Improvement District No.37 et al": Local Improvement Created by District No.Ordinance No. 37 835 39 839 40 840 41 870 42 911 Section 2.There is hereby created and established in the office of the City Treasurer for Consolidated Local Improvement District No.37 et al.a special consolidated local improvement district fund to be known and designated as "Consolidated Local Improvement Fund,District No.37 et al."(hereinafter called the d r o each of the local improvement districts listed in Section 1 shall be transferred to and deposited in the Bond Fund and all collections pertaining to assessments on the assessment rolls of those local improvement districts when hereafter received shall be deposited in the Bond Fund to be issued to redeem outstanding Consolidated Local Improvement District No.37 et al.bonds.Money in the Bond Fund shall be used to pay the principal of and the interest represented by "A"coupons on the bonds hereinafter authorized to be issued. Section 3.There is hereby created and established in the office of the City Treasurer for Consolidated Local Improvement District No.37 et al.another special fund to be known as "Con- solidated Local Improvement District No.37 et al."B"Coupon Bond -2 - Interest Fund"for the payment of the "B"coupons to be attached to the bonds hereinafter authorized to be issued,into which Fund the City finds and obligates itself to budget for and deposit from the general revenues of the City sufficient amounts to pay such "B" coupons as the same became due as provided by RCW 35.45.065. Section 4."Consolidated Local Improvement District No.37 et al.Bonds"(hereinafter called the "Bonds")shall be issued in the total principal sum of $191,424.85,being the total amount on the assessment rolls of Local Improvement Districts Nos.37,39, 40,41 and 42 remaining uncollected after the expiration of the 30-day interest-free prepayment period.Bond No.1 shall be in the denomination of $6,424.85,and the remaining Bonds numbered 2 to 38,inclusive,shall be in the denomination of $5,000 each.The Bonds shall all be dated October 1,1980,and shall be payable on October 1,1992,with the right reserved to the City to redeem the i bonds prior to maturity on any interest payment date,in numerical order,lowest numbers first,whenever there shall be sufficient money in the Bond Fund to pay the Bonds so called and all earlier numbered Bonds over and above the amount required for the payment of the interest represented by "A"coupons on all unpaid Bonds,by publishing notice of such call once in the official newspaper of the City or,if there is no official newspaper of the City,then in a newspaper of general circulation in the City,not less than 10 nor more than 20 days prior to the call date,and by mailing a copy of such notice within the same period to the main office of Seattle- Northwest Securities Corporation in Seattle,Washington,or its successor,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.The Bonds shall bear interest at the -3 - rate of 9.875%per annum,payable annually,beginning October 1, 1981,to be represented by interest coupons to maturity attached to each Bond,one of such coupons to be designated as "A"coupons representing interest at the rate of S%per annum and the other coupons to be designated as "B"coupons representing interest at the rate of 1.875%and to be payable from the general revenue of the City. Section 5.The Bonds and "A"and "B"coupons shall be printed or lithographed on engraved paper in a form consistent with this ordinance and state law.The Bonds shall be signed by the facsimile signature of the Mayor and attested by the manual signa- ture of the City Clerk-Treasurer under the seal of the City,and the "A"and "B"coupons shall bear the facsimile signatures of the Mayor and the City Clerk-Treasurer. Section 6.Seattle-Northwest Securities Corporation of Seattle,Washington,has submitted an offer to purchase all of the Bonds at a price of par,plus accrued interest from the date of the Bonds to the date of their delivery 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 shall not be required to review nor express any opinion concerning the com- pleteness or accuracy of any official statement,offering circular or other sales material issued or used in connection with the Bonds, and bond counsel's opinion shall so state.The City Council,deem- ing that it is in the best interest of the City that such offer be accepted,hereby accepts the same.The Bonds shall,therefore, immediately upon their execution,be delivered to Seattle-Northwest Securities Corporation,Seattle,Washington,upon payment therefor in accordance with such offer. -4 - Section 7.This ordinance shall take effect from and after its passage and five (5)days following its publication as required by law. PASSED by the City Council and APPROVED by the Mayor of the City of Moses Lake,Washington,at a regular open public meeting thereof,on the gtiday of September,1980. M or City Cl k-Treagh r AS TO FORM: ity Attor'ne I -5 -