1170_00001(REPEALED BY ORDINANCE NO.1171 PASSED 5/28/85)
ORDINANCENO.1170
ANORDINANCEAUTHORIZINGTHE ISSUANCEOF SHORTTERMOBLIGATIONSINANTICIPATIONOFTAXESOROTHERREVENUES
THECITY COUNCILOF THE CITY OF MOSESLAKE,WASHINGTONDOORDAINAS FOLLOWS:
Section 1.Authority:The City of Moses Lake is authorized to borrow moneyandissueshorttermobligationspursuanttotheprovisionsofRCWChapter39.50.I Section 2.Necessit.y;Best Interest;and Purpose:The City Council hasdeterminedthatitisnecessaryandinthebestinterestsofthecityto bor-row funds and issue short term obligations;and,therefore;the City CouncilhasdecidedtoexercisetheauthorityallowedbyRCWChapter39.50.The pro-ceeds of the loan shall be utilized to provide funds for a capital construc-tion project (remodeling of City Hall)and the purchase of equipment (computerequipmentandsoftwareandvehicles).
Section 3.Amount Borrowed:In order to provide the necessary funds forcapitalconstructionandthepurchaseofequipment;the city shall borrow$500 000.
Section 4.Terms:The $500;000 borrowed shall be evidenced by a note pur-chased by Rainier National Bank;Seattle,Washington which shall be supportedandrepaidbytheanticipatedtaxand/or other revenues or other sources ofmoneyaccruingtothebenefitoftheGeneralFundand/or Central ServicesFund,and/or Equipment Rental Fund;and/or with a refunding note.The noteshallmatureoneyearafterclosing.Interest shall be calculated at 65%ofRainierNationalBank's prime rate,adjusted daily for any changes on anactual/360 day basis for the actual number of days elapsed and be payablequarterlyinarrears,on the first business day in July,October,January,andApril.Prepayment of the loan shall be permitted without penalty upon fivedayswrittennoticebeinggivenbythecit.y to Rainier National Bank.I Section 5.Security:The note since issued in anticipation of taxes andotherrevenuesorothersourcesofmoney,shall be secured by the full faith;credit,taxing power and resources of the Cit.y of Moses Lake,and all otherreceiptsoftheGeneralFund;Central Services Fund or Equipment Rental Fundincludingbutnotlimitedtointerfundassessments,fees licenses fines;state shared revenues,federally shared revenues;etc.
Section 6.Building and Equipment Fund:There shall be created a CapitalProaectsFund,#310,called the Building and Equipment Fund into which all theproceedsoftheloanshallbereceiptedandtheremodelingcostsandthecom-puter equipment and vehicle purchase costs shall be expended.
Section 7.Repayment of Debt Service:There shall be created a Debt ServiceFund,#2//;called Repayment of B &E Loan into which all the proceeds fromtheGeneralFund;Central Services Fund;Equipment Rental Fund;or the pro-ceeds of a refunding note shall be receipted for the express purpose of repay-ing the loan and from which the actual repayment of the loan shall beexpended.
Section 8.Declaration of Emergency and Effective Date:The City Councildeclaresthatanemergencyexistsandthisordinanceshalltakeeffectand beinforcefive(5)days after passage and publication as provided b.y law upononereadingif2/3 of the entire City Council present vote in favor ofIpassage.
opt by the City Council and signed b
VEDAS TO F /1
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Published:April 26,1985