1200_00001ORDINANCENO.1200
ANORDINANCEESTABLISHINGFUND753 L.I.D.#53 ANDPROVIDINGFORTHEISSUANCEOFREGISTEREDWARRANTS
TO PROVIDEFORTHE INTERIMFINANCING
RECITALS:
I 1.The City Council has by ordinance established Local Improvement District
#53 providing for the improvement of Melva Lane from the easterly cornerofLot1;Melva Addition #7 to Wapato Drive;Eastlake Drive between Nelson
Road and James Avenue in Broadripple #3;Kittelson Road between Washington
State Sign Route #17 and 705.50 feet east to the city limits by grading;
graveling;constructing curbs;sidewalks;and/or bicycle paths;water ser-vices;sewer side laterals;asphalt concrete pavement;signs;and stormdrainageinaccordancewithResolution#1245 of the City Council of the
City of Moses Lake;Washington.
2.A fund must be established on the city books for the issuance of regis-
tered warrants for construction and other LID costs;payment of engineer-
ing construction and other LID costs;issuance of LID bonds;collection
of LID assessments and payment of LID warrants and bonds including all
costs in issuing registered warrants;in issuing LID bonds and the addi-
tion of 15%to the LID Guaranty Fund for the amount of LID bonds issued.
3.Security Bank;P.0.Box 1099;Moses Lake;Washington has offered to ac-cept the registered warrants at 9.5%interest for the interim financing of
LID #53.Said warrants will be redeemed not later than 1 year from their
date of issuance.Anticipated consturction and the LID costs are$260;000.The warrants will be issued in amounts between $25;000 and$50;000 as actual costs and expenses become due.The registered warrantswillbedrawnuponSecurityBankwiththeproceedsplacedinLIDFund#53
and then used for LID #53 costs and expenses.The LID warrants will beiredeemedwithLIDbondsorotherfinancingsourcesuponcompletionofthe
LID project,or not later than 1 year from their date of issuance.
4.Interest earned upon deposits in Fund #53 shall accrue to Fund #753 asprovidedintheRCWforLIDfunds.
THECITY COUNCILOF THE CITY OF MOSESLAKE;WASHINGTONDOORDAINAS FOLLOWS:
Section 1.It is hereby ordered that Fund #753 LID #53 be established uponthebooksoftheCityofMosesLaketoprovideforLID#53 as set forth in theaboverecitals.
Section 2.The City Manager and city Finance Department are hereby empowered
to issue registered warrants on LID #53 to Security Bank Moses Lake;Washing-
ton.Said registered warrants shall bear interest at an annual percentage
rate of 9.5%.Said warrants shall be issued in accordance with the terms setforthintheaboverecitals.
Section 3.This ordinance shall take effect and be in force five (5)days
after its passage and publication as provided by law.
Adopted by the City Council and signed by its Mayor on February 25,1986.
ity Attorney
Published:2/28/86