1394_00001ORDINANCE NO.1394
AN ORDINANCE of the City of Moses Lake,Washington,authorizing the issuance of itsUtilityLocalImprovementDistrictNo.3 waterandsewerrevenuebondanticipationnotesintheprincipalamountof$325,700;special
redemption fund;providing for the security
and source of payment for such notes;and byreferencetoOrdinanceNo.1393 providing thetermsthereofandforthesalethereof.
WHEREAS,by Ordinance No.1339,passed by the City Council ofthecityofMosesLake,Washington,(the "City")on October 11,
1988,Utility Local Improvement District No.3 was formed,theimprovementsconsistingofaliftstation,force main and sewersidelateralsandappurtenancestoserveaportionofLagunaDrive
and sewage collection facilities and appurtenances to serve aportionofLakesideDrive(the nymproggggggen),provision for
payment of the costs of the improvements by special assessmentagainstthepropertyspeciallybenefitedwasmade,and the issuanceofwaterandsewerrevenuebondswasauthorized;and
WHEREAS,by ordinance No.1360,passed by the City Council onMarch28,1989,the city confirmed the final assessment roll in theamountof$264,371.05 and no assessment payments have beenheretoforereceivedbytheCity;and
WHEREAS,it is now deemed to be in the best interest of theCitytoborrowmoneyandtoissueshorttermobligationspursuanttoChapter39.50 RCW in anticipation of the issuance of water and
sewer revenue bonds for the purpose of providing part of the fundsinecessarytopaythecostofcarryingouttheImprovements;NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DO
ORDAIN AS FOLLOWS:
Section 1.Authorization of the Notes.The total cost andexpenseoftheImprovementsorderedbyOrdinanceNo.1339 is in
excess of $325,700.00 of which $264,371.05 has been assessedagainstthepropertyspeciallybenefitedbysuchimprovementsandthebalanceisexpectedtobepaidbytheCity.For the purposeofpayingpartofthecostandexpenseoftheImprovementsincludingcostsofissuingthenotesauthorizedherein,the citywillissueitsWaterandsewerUtilityRevenueBondAnticipation
Notes (Utility Local Improvement District No.3)in the principalamountof$325,700 (the "ULID 3 Notes").The ULID 3 Notes shallbedated,shall mature,shall bear interest at the rate,and shallbepayableassetforthinOrdinanceNo.1393 and by this referenceincorporatedasiffullysetforthherein(the "Master Ordinance").
Section 2.Source of Payment of and Security for the Notes.Both principal of an interest on the ULID 3 Notes shall be payablesolelyfromtheULID3NoteRedemptionFunddescribedinSection 3ofthisordinance,from special assessments collected in UtilityLocalImprovementDistrictNo.3 prior to issuance of the water and
sewer revenue bonds hereafter to be issued,in whole or in part,to pay costs of the Improvements and from the proceeds of suchbondsand/or additional short term obligations.
The City covenants that it will,in good faith,make everyreasonableefforttosellasufficientamountofwaterandsewerrevenuebondsoradditionalbondanticipationnotesorothershorttermobligationssothat,on or before the maturity date of theULID3Notes,monies will be accumulated in the ULID 3 NoteRedemptionFundinanamountsufficienttopay,on such maturitydate,the principal of and interest on the ULID 3 Notes.
City of Moses Lake -ULID No.3 BAN Ordinance -1
Seatîon 3.Note Redemption Fund.There was heretoforeestablishedintheofficeoftheCityTreasureraspecialfundwithintheWaterandSewerFundoftheCityknownasthenUtility
Local Improvement District 3 Fund,"Treasurer's Account No.461,
(the "ULID 3 Note Redemption Fund")solely for the purposes of
paying the costs of carrying out the Improvements and payment of
the principal of and interest on the ULID 3 Notes and anyadditionalshort-term obligations hereafter issued to pay costs oftheImprovementsortopayandredeemanyoftheULID3Notes.TheCityherebycovenantstodepositintheULID3NoteRedemptionFund
on or before the maturity date of the ULID 3 Notes amountssufficient,together with other monies otherwise available thereinforsuchpurpose,to pay the principal of and interest on theULID3Noteswhendue.
Section 4.Acolication and Use of Note Proceeds.All of theproceedsoftheULID3NotesshallbedepositedintheULID3Note
Redemption Fund and applied to pay costs of the Improvements and/or
to repay interfund loans heretofore made to such Fund,including
a pro rata portion of the costs of issuing all of the notes issued
simultaneously with the ULID 3 Notes pursuant to the Masterordinance.
Section 5.Declaration of EmergencV and Effective Date.TheCityCouncildeclaresthattheproceedsoftheULID3Notesareimmediatelyrequiredand,therefore,that an emergency exists;andthisordinanceshalltakeeffectandbeinforcefive(5)days
after passage and publication as provided by law upon one readingiftwo-thirds (2/3)of the entire City Council present vote infavorofpassage.
PASSED by the City council and signed by its Mayor at aregularopenpublicmeetingonNovember14,1989.
CITY CLE
A AS TO .
CÌT ATTÒRNEY
PUBLISHED:NOVEMBER 20,1989
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City of Moses Lake -ULID No.3 BAN Ordinance -2
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