1105_00001ORDINANCENO.1105
-ANORDINANCEOF THECITY OF MOSESLAKE,WASHINGTONAUTHORIZ-INGANDDIRECTINGTHE CITY MANAGERTOEXECUTEONBEHALFOFTHECITYOFMOSESLAKEANAGREEMENTBETWEENTHEWASHINGTONSTATECOMMUNITYECONOMICREVITALIZATIONBOARDANDTHECITYOFMOSESLAKEFORAIDINFINANCINGTHECOSTSOFPUBLICFA-CILITIES CONSISTINGOF A 2,000,000 GALLONSTANDPIPEANDACONNECTING12"TRANSMISSIONMAINWITHAPPURTENANCES
WHEREAS,the Cit.y of Moses Lake has been offered funds in order to aid in financ-ing the cost of the construction of a 2,000,000 gallon standpipe and connecting12"transmission main with appurtenances in the Wheeler Road area,and
WHEREAS,the Community Economic Revitalization Board of the Washington StateDepartmentofCommerceandEconomicDevelopmentrequiresanordinanceacceptingtheloanterms,
NOW,THEREFORE,THE CITYCOUNCILOF THE CITY OF MOSESLAKE,WASHINGTON00 ORDAINASFOLLOWS:
Section 1.The City Manager of the Cit.y of Moses Lake is hereby authorized anddirectedtoexecuteonbehalfoftheCityofMosesLakeaFinalContractbetweentheCommunityEconomicRevitalizationBoardandtheCityofMosesLakeandsuchotherdocumentsasmayberequiredforsecuringaidinfinancingthecostoftheabovedescribedpublicfacilities.
A copy of said proposed Final Contract is attached hereto,designated as ExhibitA,and made a part hereof as though set forth herein in full.
Section 2.The City of Moses Lake has accepted the offer of the loan from theCommunityEconomicRevitalizationBoardintheamountof$222,445,said loan tobearinterestattherateof6%per annum.
Repayment of said loan shall be in accordance with the provisions of Article 8 ofIthegeneralandspecificconditionstotheFinalContractandmoreparticularlyasfollows:
The loan will be repaid in six equal principal payments plus interestaccordingtothefollowingschedule:
TotalPrincipalInterestPayment Balance
1st yr.Payment $37,074.17 $13,346.70 $50,420.87 $185,370.83
2nd yr.Payment $37,074.17 $11,122.25 $48,196.42 $148,296.66
3rd yr.Payment $37,074.17 $8,897.80 $45,971.97 $111,222.49
4th yr.Payment $37,074.17 $6,673.36 $43,747.52 $74,148.32
Sth yr.Payment $37,074.17 $4,448.90 $41,523.07 $37,074.15
6th yr.I Payment $37,074.15 $2,224.45 $39,298.60 -0-
Totals $222,445.00 $46,713.45 $269,158.45
Repayment shall begin one year from the date of first disbursement offundsbytheCommunit.y Economic Revitalization Board.
The City of Moses Lake reserves the right to accelerate payment on principal andeliminatetheinterestonanyacceleratedprincipalpayments.
Section 3.The funds to repay this obligation are to come from the Water/Sewer
Enterprise Fund of the City of Moses Lake.This obligation is subordinate tootherobligationsnowoutstandingandtoanyadditionalobligationsissuedon aparitytherewith.Covenant coverage requirements will be adequate to meet therepaymenttermsdescribedherein.
Section 4.The City of Moses Lake shall establish a separate fund to be known astheCommunityEconomicRevitalizationBoardFund.There shall be sufficientmoniesplacedinthisfundtomeettheabovedetailedrepaymentschedule.The
source of payment is the Water/Sewer Enterprise Fund.
Adopted by the Cit.y Council and signed by its Mayor on May 10,1983.
PUBLISH:May 17,1983 i
iii
i