1163_00001ORDINANCENO.1163
AN ORDINANCEOF THECITY OF MOSESLAKE,WASHINGTON,AUTHORIZINGANDDIRECTINGTHECITYMANAGERTOEXECUTEONBEHALFOFTHECITYOFMOSESLAKEANAGREEMENTBETWEENTHEWASHINGTONSTATECOMMUNITYECONOMICREVITALIZATIONBOARDANDTHECITYOFMOSESLAKEFORALOANTOFINANCETHECOSTSOFPUBLICFACILITIESCONSISTINGOFANAPPROXIMATE1,500FOOTEXTENSIONOFWATERANDSEWERUTILITIES(MAINS)FROMEXISTINGWATERANDSEWERUTILITIES(MAINS)
THE CITY COUNCILOF THECITY OF MOSESLAKE,WASHINGTON,DOORDAINAS FOLLOWS:
I Section 1.The City of Moses Lake has been offered a Washington State Community EconomicRevitalizationBoardloantofinancethecostoftheconstructionofanapproximate1,500footextensionofwaterandsewerutilities(mains)connecting to existing water and sewerutilities(mains).In consideration of the loan offer,the City Manager of the City ofMosesLakeisherebyauthorizedanddirectedtoexecuteonbehalfoftheCityofMosesLakeafinalcontractbetweentheCommunityEconomicRevitalizationBoardandtheCityofMosesLakeandsuchotherdocumentsasmayberequiredforsecuringtheloanforthecostsoftheconstructionoftheabovedescribedpublicfacilities.
A copy of said proposed final contract is attached hereto,designated as Exhibit A,andmadeaparthereofasthoughsetforthhereininfull.
Section 2.The City of Moses Lake accepts the offer of the loan from the CommunityEconomicRevitalizationBoardintheamountof$100,000,said loan to bear interest at therateof7%per annum.
Repayment of said loan shall be in accordance with the provisions of Article 9 of thegeneralandspecificconditionsofthefinalcontractandmoreparticularlyasfollows:
The loan will be repaid in five equal principal payments plus interestaccordingtothefollowingschedule:
Principal Interest Payment Balance
1st Year Payment $20,000 $7,000 $27,000 $80,0002ndYearPayment20,000 5,§00 25,600 60,000
i 3rd Year Payment 20,000 4,200 24,200 40,0004thYearPayment20,000 2,800 22,800 20,000SthYearPayment20,000 1,400 21,400 -0-
TOTAL $100,000 $21,000 $121,000
Repayment shall begin one year from the date of first disbursement offunds,by the Community Economic Revitalization Board,hereafter known
as the anniversary date.
The City of Moses Lake reserves the right to accelerate payment on principal and eliminatetheinterestonanyacceleratedprincipalpayment.
Section 3.The funds to repay this obligation are to come from the Water/Sewer EnterpriseFundoftheCityofMosesLake.This obligation is subordinate to other obligations nowoutstandingandtoanyadditionalobligationsissuedonaparitytherewith.Covenancecoveragerequirementswillbeadequatetomeettherepaymenttermsdescribedherein.
Section 4.The City of Moses Lake shall establish a separate fund to be known as theCommunityEconomicRevitalizationBoardFund.There shall be sufficient monies placedinthisfundtomeettheabovedetailedrepaymentschedule.The source of payment is theWater/Sewer Enterprise Fund.
Section 5.This ordinance shall take effect and be in force five (5)days after itspassageandpublicationasprovidedbylaw.
Adopted by the City Council and signed by its or on Decem r 1 1984
ATTEST:"obert'?Wallenstién,Mayor Pro-Tem
City Clerk -Kaltar'Fry
A AS TO FORM:
riity Attorneý James A.hita er -
Publish:December 14,1984