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1015_00001CITY OF MOSES LAKE,WASHINGTONIORDINANCENO.1015 AN ORDINANCE establishing Consolidated Local Improvement District No.44 et al.and ConsolidatedLocalImprovementFund,District No.44 et al.;fix-ing the amount,form,date,interest rate,maturityanddenominationsoftheConsolidatedLocalImprove-ment District No.44 et al.Bonds;and providing forthesaleanddeliverythereoftoSeattle-NorthwestSecuritiesCorporation,Seattle,Washington. WHEREAS,the City Council of the City has heretofore created Local Improvement Districts Nos.44,45,47 and 48 for various purposes;and WHEREAS,Chapter 44,Laws of the State of Washington,1967, datedSe ca(R W 35.45 In60disaurihorized thheeepstapblishne t fingconbnli- 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 Moses Lake,Washington (the "City"),established by the following ordinances,respec- tively,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 dis- trict to be known and designated as "Consolidated Local Improvement District No.44 et al.": Local Improvement Created byDistrictNo.Ordinance No. 44 976 45 97747979 48 980 Section 2.There is hereby created and established in the office of the City Clerk-Treasurer for Consolidated Local Improve- ment District No.44 et al.a special consolidated local improve- ment district fund to be known and designated as NCOBSolidated Local Improvement Fund,District No.44 et al."(the "Bond Fund"). All money presently on hand representing collections pertaining to installments of assessments,and interest thereon,in each of the local improvement districts listed in Section 1 shall be trans- ferred 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.44 et al.bonds. Section 3."Consolidated Local Improvement District No.44 et al.Bonds"(the "Bonds")shall be issued in the total principal -2 - sum of $113,778.07,being the total amount on the assessment rolls of Local Improvement Districts Nos.44,45,47 and 48 remaining uncol- 1ected after the expiration of the 30-day interest-free prepayment period.Bond No.1 shall be in the denomination of $3,778.07,and the remaining Bonds numbered 2 to 23,inclusive,shall he in the denomina- tion of $5,000 each.The Bonds shall all be dated June 1,1981,and shall be payable on June 1,1993,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 suf- ficient 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 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 cir- culation 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,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 rate of %per annum,payable annually,beginning June 1,1982,to be represented by interest coupons to maturity attached to each Bond.Both principal of and interest on the Bonds shall be i payable solely out of the Bond Fund and from the Local Improvement Guaranty Fund of the City,and shall be payable in lawful money -3 - of the United States of America at the office of the City Clerk- Treasurer or,at the option of the holders of the Bonds,at either fiscal agency of the State of Washington in Seattle,Washington,or New York,New York. Section 4.The Bonds and coupons shall be printed or litho- graphed on engraved paper in a form consistent with this ordinance and state law.The Bonds shall be signed by the facsimile signa- ture of the Mayor and attested by the manual signature of the City Clerk-Treasurer under the seal of the City,and the coupons shall bear the facsimile signatures of the Mayor and the City Clerk-Treasurer. Section 5.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 completeness or accuracy of any official statement,offering circu- lar or other sales material issued or used in connection with the Bonds,and bond counsel's opinion shall so state.The City Council, deeming 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 -4 - Securities Corporation,Seattle,Washington,upon payment therefor in accordance with such offer. Section 6.This ordinance shall take effect from and aftet 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 2ðth day of May,1981. Mayor ty Attorney Publish:May 28,1981 i -5 -