1197_00001ORDINANCENo.1197
AN ORDINANCEof the City of Moses Lake,Washington,amending Ordinance No.1184 to conform provisions settingforthamandatorypaymentscheduleintotheWaterandSewerRevenueBondFund,1985 with the maturity and manda-tory redemption schedules for the Water and Sewer RevenueRefundingBonds,1985 of the City.
8 WHEREAS,the City Council of the City of Moses Lake,Washington (the
"City"),by its Ordinance No.1184 passed and approved October 8,1985,
authorized the issuance of $6,120,000 principal amount of its Water and Sewer
Revenue Refunding Bonds,1985 dated November 1,1985,and accepted the offer
of Seattle-Northwest Securities Corporation dated October 1,1985,to purchase
said Bonds on the terms and conditions contained in said offer including the
serial bond maturity and term bond mandatory redemption schedules set forth in
Appendix A of said offer and Section 2 and subsection 4.A,respectively,of
Ordinance No.1184;and
WHEREAS,certain dates contained in Subsection 4.A of Ordinance No.1184
are inconsistent with said maturity and mandatory redemption schedules,it is
deemed necessary and desirable to amend said Subsection 4.A to conform to the
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oC unNe0 nHEaRecepREingthe offer of Seattle-
THE CITY COUNCILOF THE CITY OF MOSES LAKE,WASHINGTON,DO ORDAIN AS
FOLLOWS:
Section 1.Section 4,Subsection A of Ordinance No.1184 is hereby
amended to read in its entirety as follows:
Section 4.Bond Fund and Accounts.....
A.Debt Service Account.So long as Bonds are outstanding againsttheBondFund,the City irrevocably binds and obligates itself anddirectstheTreasurertosetasideandpayintotheBondFundall Assess-ments paid in Utility Local Improvement Districts No.1 and No.2 and outoftheRevenueoftheSystemdepositedintheRevenueFundthefollowingfixedamountsnecessarytopaytheprincipalofandinterestontheBondsasthesamerespecivelybecomedueandpayable:
(a)On or before the 20th of each month,beginning with themonthofNovember,1985,and continuing through June,1986,anamounttogetherwithothermoniesavailableintheDebtServiceiAccountthereforequalto1/8 of the interest on the Bonds comingdueonJuly1,1986.
(b)On or before the 20th of each month,beginning with themonthofNovember,1985,and continuing through June,1986,anamounttogetherwithothermoniesavailableintheDebtServiceAccountthereforequalto1/8 of the principal of the Bonds maturingonJuly1,1986.
(c)On or before the 20th of each month,beginning with themonthofJuly,1986,and continuing until all of the Bonds are paidordulyprovidedfor,an amount together with other monies availableintheDebtServiceAccountthereforequalto1/6 of the interestnextcomingdueontheBonds([y ana].
CITY OF MOSES LAKE -Ordinance -1
(d)on or before the 20th of each month,beginning with the
month of July,1986,and continuing until June 1,[[2009]]1998,orsuchearlierdatethatalloftheBonds(other than the 1985 TermBonds)are paid or duly provided for,an amount together with othermoniesavailableintheDebtServiceAccountthereforequalto1/12
of the principal next coming due on the Bonds.
(e)So long as 1985 Term Bonds are outstanding,on or before
i the 20th of each month,beginning with July,[[2999]]1998,and
continuing until all of the 1985 Term Bonds are paid or duly pro-vided for,an amount together with other monies available in theDebtServiceAccountthereforequalto1/12 of the Sinking Fund
Installment next coming due in accordance with the followingschedule(as adjusted as hereinafter provided in this subsection):
July 1 Sinking Fund Installment
1999 $380,0002000425,000
2001 475,000
2002 530,0002003(maturity)495,000
The amounts deposited pursuant to paragraph (e)of this section shall beusedtocallandretirethe1985TermBonds.The City hereby irrevocablycallsforredemptiononJuly1,1999,July 1,2000,July 1,2001 and
July 1,2002,respectively,that principal amount of the 1985 Term BondsequaltothescheduledSinkingFundInstallment(as adjusted).At least90daysbeforetherespectivecalldatestheCityTreasurerisherebyauthorizedanddirectedtocertifytotheBondRegistrartheamountof
the applicable Sinking Fund Installment and the Bond Registrar is herebyauthorizedanddirectedtodeterminebylot,and to give notice ofredemptionfor,1985 Term Bonds in a aggregate principal amount equal toisuchadjustedSinkingFundInstallmentatthetimeandinthemannersetforthinSection3ofthisordinance.
If any 1985 Term Bonds are redeemed pursuant to a call for optionalredemptionorarepurchasedandretiredasprovidedinSection3ofthisordinance,the City shall adjust one or more of the Sinking Fund Install-
ments,in the discretion of the City,in a total amount equal to the
amount of 1985 Term Bonds so redeemed or retired.
Section 2.Ordinance No.1184,as amended by this ordinance,is hereby
ratified and confirmed.
Section 3.This ordinance shall take effect and be in force five (5)
days after passage and publication in the manner provided by law.
PASSED by the City Council and signed by its Mayor at a regular open
public meeting on January 28 ,1986.
AT
CITY CLKRK
APPROVEDAS TO FORM:
'CI Y ATTORNEY '*
PUBLISHED:February 3,1986
CITY OF MOSESLAKE -Ordinance -2