1396_00001ORDINANCE NO.1396
AN ORDINANCE of the City of Moses Lake,Washington,authorizing the issuance of itslimitedtaxgeneralobligationbondanticipa-tion notes in the principal amount of$200,400;providing for the security and
source of payment for such notes;providing
for the use and application of the proceeds
thereof;and by reference to Ordinance
No.1393 providing the terms thereof and for
the sale thereof.
WHEREAS,by Ordinance No.1334,passed by the City Council oftheCityofMosesLake,Washington,(the "City")on July 26,1988,
a public sidewalk paving capital improvement program within aportionofthedowntownbusinessdistrictwasxdestablishedtobe
completed in stages;and
WHEREAS,the City expects to issue its limited tax generalobligationbondstopaypartofthecostsofthe1989and1990
phases of said paving program;and
WHEREAS,it is now deemed to be in the best interest of theCitytoborrowmoneyandtoissueshorttermobligationspursuanttoChapter39.50 RCW in anticipation of the issuance of its limited
tax general obligation bonds for the purpose of providing part ofthefundsnecessarytopaythecostofcarryingoutthepaving
program;NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DO
ORDAIN AS FOLLOWS:
i Section 1.Authorization of and Security for the Bonds.The
estimated cost and expense of the phase of the sidewalk paving
program established by ordinance No.1334 currently underconstructionoftheCity(the "Improvements")and the costs ofissuingthenotesauthorizedhereinisestimatedtobe$200,400.00andisexpectedtobepaidfromrealestateexcisetaxeswhen,asandifcollectedfordepositintotheStreetImprovementFundoftheCity.The collection of such real estate excise taxes depends
upon the sale of real estate within the City;and the amounts andtimesoftheircollectioncannotbeestimatedinadvance.
There is hereby authorized the issuance of limited tax generalobligationbondsoftheCityintheaggregateprincipalamountofnottoexceed$250,000 at the time and with the terms,provisions,interest rates and maturities as shall be hereafter established byordinance(the "LTGO Bondsn)
The City hereby irrevocably pledges itself to budget andappropriatefromannualtaxleviesavailabletothecitywithout
a vote of the people amounts sufficient,together with real estateexcisetaxesandothermonieslegallyavailabletherefor,to paytheprincipalofandinterestonsuchLTGOBondsasthesameshallbecomedue.The full faith,credit and resources of the City areherebyirrevocablypledgedfortheissuanceofsuchLTGoBonds.
Section 2.Authorization of the Notes.For the purpose ofpayingpartofthecostandexpenseoftheImprovements,the CitywillissueitsLimitedTaxGeneralObligationBondAnticipation
Notes in the principal amount of $200,400 (the nLTGO Notes").The
LTGO Notes shall be dated,shall mature,shall bear interest attherate,and shall be payable as set forth in Ordinance No.1393andbythisreferenceincorporatedasiffullysetforthherein
(the "Master Ordinance").
Section 3.Source of Payment of and Security for the Notes.Both principal of an interest on the LTGO Notes shall be payable
City of Moses Lake -LTGO BAN Ordinance -1
of this ordinance,from real estate excise taxes deposited in saidFund,and from proceeds of the LTGO Bonds and/or additional shorttermobligationsofthecity.
The City covenants that it will,in good faith,make everyreasonableefforttosellasufficientamountofLTGOBondsoradditionalbondanticipationnotesorothershorttermobligations
so that,on or before the maturity date of the LTGO Notes,monies
will be accumulated in the LTGO Note Redemption Fund in an amountsufficienttopay,on such maturity date,the principal of andinterestontheLTGONotes.
Section 4.Note Redemption Fund.There has been created andestablishedintheofficeoftheCityTreasureraspecialfundknownasthe"Street Improvement Fund,"Treasurer's Fund No.309(herein referred to as the "LTGO Note Redemption Fund")solely forthepurposesofpayingthecostsofcapitalimprovementstothepublicstreetsandsidewalksoftheCityandforpaymentoftheprincipalofandinterestonanyobligationsissuedbythecity,including the LTGO Notes,to pay costs of any such capitalimprovements.The city hereby covenants to deposit in the LTGONoteRedemptionFundonorbeforethematuritydateoftheLTGO
Notes amounts sufficient,together with other monies otherwiseavailablethereinforsuchpurpose,to pay the principal of andinterestontheLTGONoteswhendue.
Section 5.Application and Use of Note Proceeds.TheprincipalproceedsoftheLTGONotesshallbedepositedintheStreetImprovementFundandappliedtopaycostsoftheImprovementsand/or to repay any interfund loans heretofore madetotheStreetImprovementFundtopayanysuchcosts,including aprorataportionofthecostsofissuingallofthenotesissuedisimultaneouslywiththeLTGONotespursuanttotheMasterordinance.The accrued interest,if any,received upon delivery
of the LTGO Notes shall be deposited in the LTGO Note Redemption
Fund and applied to payment of the interest on the LTGO Notes whendue.
Section 6.Declaration of Emergency and Effective Date.TheCityCouncildeclaresthattheproceedsoftheLTGONotesareimmediatelyrequiredand,therefore,that an emergency exists,•andthisordinanceshalltakeeffectandbeinforcefive(5)daysafterpassageandpublicationasprovidedbylawupononereadingiftwo-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 CLERË
APPROVED AS TO FORM:
C Y ATTORNEY'
PUBLISHED:NOVREER 20,1989
City of Moses Lake -LTGO BAN Ordinance -2
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