1435_00001DRDINANCE NO.1435
AN ORDINANCE of the city of Moses Lake authorizing theissuanceandsaleofitslimitedtaxgeneralobligationbondsintheaggregateprincîpalamountof$650,000;specifying the terms,date,interest rates,maturities,and form thereof;pledging to pay the principal of andinterestonthebondsfromregulartaxlevies;0 establishing a special bond redemption fund;andacceptingaproposalforthepurchaseofsuchbonds.
WHEREAS,the City Council of the City of Moses Lake,Washington,(the "Cityn),by Ordinance No.1334 established apublicsidewalkpavingcapitalimprovementprogramwithinaportionofthedowntownbusinessdistricttobecompletedinstages(the"Paver Program"),issued its Limited Tax General Obligation BondAnticipationNotesintheprincipalamountof$200,400,maturingMay1,1990,to pay a portion of the cost of the 1989 phase of thePaverProgram,and redeemed such Notes by an interfund loan fromthecity's General Fund (the "Loan");and
WHEREAS,the City is proceedïng with the 1990 phase of thePaverProgram,the city's share of the cost of which isapproximately$330,000;and
WHEREAS,a parcel of land located at Third and Ash Streets isavailableandtheCityisdesirousofacquiringsuchpropertyforthepurposeofdevelopingadowntownparkinglot(the "Parking LotProperty");and
WHEREAS,it is now deemed to be in the best interests of theCitytoborrowmoneyandissuelimitedtaxgeneralobligationbondsforthepurposesofpayingtheLoan,paying the city's share of the1990phaseofthePaverProgramandpayingthecostofacquiringtheParkingLotProperty,and to make certain covenants relatingtothesecurityforsuchbonds,the payment thereof and theexpenditureoftheproceedstherefrom;and
WHEREAS,the assessed valuation of real property within theCityisinexcessof$295,410,000,the city's limitation on generalindebtednessincurredwithoutavoteis0.75%of the assessedvaluationoratleast$2,215,557,the City's limitation on generalpurposevotedandallnonvotedindebtednessis2.5%of the assessedvaluationoratleast$7,385,250,the City has no outstanding votedindebtednessanditsnonvotedgeneralindebtednesscurrentlyoutstandingdoesnotexceed$618,050;and
WHEREAS,the City has received a proposal for purchase of suchbondsfromSeattle-Northèest Securities Corporation,of Seattle,Washington,acceptance of which is deemed to be in the bestinterestsoftheCity;NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DOORDAINasfollows:
Section 1.Purpose.The City shall acquire,construct andinstallthe1990phaseofthePaverProgram,shall acquire theParkingLotPropertyandshallrepaytheLoan(the "CapitalImprovementProgram").
The cost of the 1990 phase of the Paver Program is estimatedtobeinexcessof$470,000,of which at least $140,000 will bepaidbyownersofabuttingpropertyinaccordancewithagreementsbetweenthecityandsuchpropertyowners,and the city's share isatleast$330,000.The amount necessary to pay the outstandingprincipalbalanceoftheLoanp14einteresttothedate ofrepaymentisapproximately$200,000.The cost of acquiring theParkingLotPropertyisestimatedtobe$120,000.The foregoingcostsoftheCity's share of the rgggective components of theCapitalImprovementPrograminclude,pro rata,the costs of
Limited Tax General Obligation Banda,1990 ordinance "i
financing,and such costs shall be paid from the proceeds of$650,000 principal amount of the limited tax general obligationbondsofthecityauthorizedbyandtobeissuedpursuanttothisordinance.
In the event that it is deemed that any portion of suchProgramshouldbedelayedorabandoned,or other capital programsshouldbeundertaken,the City Council shall have the discretiontomakeanychangesinthegeneralplansforthecapital0ImprovementProgramastheyshalldeemnecessary,desirable orappropriatefromtimetotime.In the event that supplemental ormatchingfundsfromfederal,state or local public sources orprivatesourcesbecomeavailabletopayaportionofsuchcostorthecostoftheProgramislessthanestimated,any excess fundsmaybeappliedtosuchothercapitalimprovementsastheCityCouncildeemsnecessaryordesirable,be used to retire by purchaseorredemptionthegeneralobligationbondsissuedpursuanttothisordinanceinaccordancewiththeirtermsandtopayanycostsnecessarytocomplywiththeInternalRevenueCodeof1986,asamended,and regulations promulgated thereunder to maintain theexemptionfromfederalincometaxoftheinterestonsuchbonds.
Section 2.Authorization and Terms of Bonds.For theforegoingpurposes,the city shall issue and sell its Limited TaxGeneralObligationBonds,1990 in the principal amount of $650,000(the nBonds").The Bonds shall be dated July 1,1990,shall befullyregistered,shall be in denominations of $5,000 or anyintegralmultipleof$5,000,and shall bear interest from theirdatepayablesemiannuallyoneachJune1andDecember1,commencingJune1,1991,to the registered owner thereof,with full obligationonthepartoftheCitytopayinterestattheBondratesuntil therespectivematuritydatesoftheBondsandthereafteruntilsuchBonds,both principal and interest,are paid in full or funds areavailableintheBondRedemptionFundcreatedbySection12ofthisordinancesufficienttomakesuchpaymentinfull.
Both principal of and interest on the Bonds shall be payableinlawfulmoneyoftheUnitedStatesofAmericatotheregisteredownerorownersthereof.Principal of the Bonds shall be payableuponpresentationandsurrenderoftheBondsbytheregisteredownerornomineeofsuchownerattheofficeofeitherofthefiscalagenciesoftheStateofWashingtoninthecitiesofSeattle,Washington,and New York,New York (the nBond Registrar").Interest on the Bonds shall be paid by check or draft mailed to theregisteredownerthereofornomineeofsuchownerattheaddressappearingontheregistrybooksoftheBondRegistraronthe15thdayofthemonthprecedingtheinterestpaymentdate.
The Bonds shall be numbered and bear such additionaldesignationastheBondRegistrarshalldetermine,shall be payableseriallyandshallmatureJune1ofthefollowingyearsinthefollowingamountsandshallbearinterestatthefollowingrates:
0
Lipited Tax General Obligation Banda,1990 ordiagnee -2
Maturity Year Maturity Amount Interest Rate
1992 $15,000 6.40%
1993 20,000 6.50%
1994 20,000 6.60%
1995 20,000 6.70%
1996 20,000 6.80%
1997 25,000 6.90%
1998 25,000 7.00%
0 1999 25,000 7.10%
2000 30,000 7.20%
2001 30,000 7.25%
2002 35,000 7.30%
2003 35,000 7.30%
2004 40,000 7.35%
2005 40,000 7.35%
Term Bonds
2010 270,000 7.40%
The Bonds are interchangeable for Bonds of any authorizeddenominationofanequalaggregateprincipalamount,and of thesameinterestrateandmaturity.Bonds may be transferred only ifendorsedinthemannerprovidedthereonandsurrenderedtotheBondRegistrar.Such exchange or transfer shall be without cost to theownerortransferee.The City may deem the person in whose nameeachBondisregisteredtobetheabsoluteownerthereofforthepurposeofreceivingpaymentoftheprincipalofandinterestonsuchBondandforanyandallotherpurposeswhatsoever.
Section 3.Redemption.
(1)Optional Redemption.The Bonds maturing in the years1992through2000,inclusive,are not subject to redemption priortomaturity.The City has reserved the right to redeem the BondsmaturingonorafterJune1,2001,in whole,or in part (maturitiestobeselectedbytheCityandbylotwithinamaturityinsuchmannerastheBondRegistrarshalldetermine),on any interestpaymentdateonorafterJune1,2000,at a price of 100%of theparamountthereof,plus accrued interest,if any,to the date ofredemption.
(2)Mandatory Redemption.The Term Bonds maturing June 1,2010,unless previously redeemed pursuant to the foregoingparagraph,shall be redeemed by lot in such manner as the BondRegistrarshalldetermine,at a price of 100%of the par amountthereof,plus accrued interest,if any,to the date of redemptiononthefollowingdatesandinthefollowingamounts:
Mandatory Redemption Schedule
Payment Date Amount
June 1,2006 $45,000June1,2007 $50,000
June 1,2008 $55,000June1,2009 $60,000June1,2010 $60,000
0 In the event that any of such Term Bonds are called pursuant to theprecedingoptionalredemptionprovision,the City shall designatewhichmandatoryredemptionamountoramountsshallbereduced toreflectsuchoptionalredemption.
(3)Notice of Redemption.Notice of any such intendedredemptionshallbegivennotlessthanthirty(30)days nor morethansixty(60)days prior to the date fixed for redemption byfirstclassmail,postage prepaid,to the registered owner of anyBondtoberedeemedattheaddressappearingontheregistrationbooksoftheBondRegistrar.The requirements of this sectionshallbedeemedtobecompliedwithwhennoticeismailedasherein
Limited Tax General abligation Banda,1990 Ordinance *3
provided,whether or not it is actually received by the owner of
any Bond.Notice shall also be mailed to Seattle-Northwest
Securities Corporation at its main office in Seattle,Washington,
or to its successor in business,if any,at its main office and toStandard&Poor's Corporation and Moody's Investors Service in New
York,New York,or their business successors,but the mailing of
these three notices shall not be a condition precedent to the calloftheBondsforredemption.
O (4)Effect of Call for Redemption.Interest on any Bonds socalledforredemptionshallceaseonthedatefixedforredemption
unless the Bond or Bonds so called are not paid in full uponpresentationmadepursuanttosuchcall.
Section 4.Secyrity.The City hereby irrevocably pledgesitselftobudgetandappropriatefromannualtaxleviesavailable
to the City without a vote of the people amounts sufficient,
together with other monies legally available therefor,to pay theprincipalofandinterestontheBondsasthesameshallbecome
due.The full faith,credit and resources of the City are herebyirrevocablypledgedforthepaymentoftheprincipalofandinterestontheBonds.
section 5.Tax code covenant.The City covenants that itwillapplytheprincipalproceedsoftheBondstothecostsoftheCapitalImprovementProgramandthatitwillmakenouseoftheproceedsoftheBondsatanytimeduringthetermoftheBondsnortakeanyactionorrefrainfromanyactionasmaybenecessarytocomplywiththeUnitedStatesInternalRevenueCodeof1986,andapplicableregulationspromulgatedthereunderwhichwouldcausetheinterestontheBondstobecometaxableunderSections103,141,
148 and 149 of said Code.
Section 6.Findings and Designation of Bank Eligibilitv.TheCityexpectstoissue$230,000 principal amount of its water andOsewerrevenuebondsdatedJuly1,1990,and may enter into lease-
-purchase agreements;however,the aggregate principal amount of allofsuchobligations(including the Bonds)is not expected to exceed$5,000,000;and the City Council hereby finds and determines thattheBondsqualifyfortheexemptionfromrebateundertheUnitedStatesInternalRevenueCodeof1986andfurtherthattheBonds
are,and are hereby designated to be,qualified tax-exemptobligationspursuanttosection265(b)(3)of said Code relating tofinancialinstitutions.
Section 7.Form of the Bonds.[The City Clerk is herebyauthorizedtopublishthefollowingsummaryofthisSection7inlieuofthefulltext:
section 7.Form of the Bonds.SUMMARY OF SECTION(A copy of the full text will be mailed upon request):This section contains the text of the Bonds to bedeliveredtobondholdersandwithtwoexceptionscontains
no information or agreement which is not set forthelsewhereinthisordinance.The two exceptions are(1)certain abbreviations for describing interests heldbyregisteredbondownersand(2)the assignment form foreffectingatransferofBondownership.]
The Bonds shall be printed,lithographed,or typewritten on goodbondpaperinsubstantiallythefollowingform:
Limited Tax General obligation Bonds,1990 Ordinance -4
UNITED STATES OF AMERICA
NO.$
CITY OF MOSES LAKE,WASHINGTON
LIMITED TAX GENERAL OBLIGATION BONDr 1990
INTEREST RATE:MATURITY DATE:CUSIP NO.:
SEE REVERSE SIDE FOR
CERTAIN DEFINITIONS
REGISTERED OWNER:
PRINCIPAL AMOUNT:DOLLARS
The City of Moses Lake,Washington,(the "City"),for valuereceivedherebypromisestopaytotheRegisteredOwneridentifiedabove,or registered nominees,on the Maturity Date specifiedabove,the Principal Amount indicated above and to pay interestthereonfromthedateofthisbond,or the most recent date towhichinteresthasbeenpaidordulyprovidedforattheInterestRatesetforthabove,payable on June 1,1991,and semiannuallythereafteronthefirstdaysofeachDecemberandJuneto andincludingitsMaturityDateandthereafteruntilthisbondwithinterestispaidinfull,or funds are available in the nCity ofMosesLake,Washingto¤r Limited Tax General Obligation BondRedemptionFund,1990"for payment in full.Both principal of andinterestonthisbondarepayableinlawfulmoneyoftheUnitedStatesofAmerica.Principal shall be payable upon presentationandsurrenderofthiscertificatebytheRegisteredOwner ornomineeofsuchownerattheofficeofeitherofthefiscalagenciesoftheStateofWashingtoninthecitiesofseattle,Washington,and NeW York,New York (the "Bond Registrar").Interest is payable by check or draft mailed to the RegisteredOwnerhereofornomineeofsuchownerattheaddressappearing ontheregistrybooksoftheBondRegistraronthe15thdayofthemonthprecedingtheinterestpaymentdate.
This bond is one of an issue of $650,000 of bonds of likedate,tenor and effect,except as to number,denomination,maturityandinterestrateandisissuedbytheCityforthepurpose ofprovidingfundstoacquirepropertyforadowntownparkinglotandtorepayaninterfundloanandpayadditionalcostsofitsdowntownsidewalkpaverprogram,as provided in Ordinance No.of theCity(the "Bond ordinance")and is issued in full compliance withtheordinancesandresolutionsoftheCityandthelawsandConstitutionoftheStateofWashington.
The bonds of this issue maturing in the years 1992 through2000,inclusive,are not subject to redemption prior to maturity.The City has reserved the right to redeem the bonds of this issuematuringonorafterJune1,2001,in whole,or in part (maturitiestobeselectedbytheCityandbylotwithinamaturityinsuchmannerastheBondRegistrarshalldetermine),on any interestpaymentdateonorafterJune1,2000,at a price of 100%of theparamountthereof,plus accrued interest,if any,to the date ofredemption.
The bonds of this issue maturing June 1,2010,unlesspreviouslyredeemedpursuanttotheforegoingparagraph,shall beredeemedbylotinsuchmannerastheBondRegistrarshalldetermine,at a price of 100%of the par amount thereof,plusaccruedinterest,if any,to the date of redemption on thefollowingdatesandinthefollowingamounts:
Limited Tax donatal Obligation Banda,1990 Ord.inance -5
Mandatory Redemption Schedule
Payment Date Amount
June 1,2006 $45,000
June 1,2007 $50,000
June 1,2008 $55,000June1,2009 $60,000June1,2010 $60,000
In the event that any of the bonds maturing on June 1,2010,iscalledpursuanttotheoptionalredemptionprovision,the Cityshalldesignatewhichmandatoryredemptionamountoramountsshallbereducedtoreflectsuchoptionalredemption.
Notice of any such intended redemption shall be given not lessthanthirty(30)days nor more than sixty (60)days prior to thedatefixedforredemptionbyfirstclassmail,postage prepaid,totheregisteredownerofthisbondattheaddressappearingontheregistrationbooksoftheBondRegistrar.The requirements of theprecedingsentenceshallbedeemedtobecompliedwithwhennoticeismailedashereinprovided,whether or not it is actuallyreceivedbytheownerofthisbond.Notice shall also be mailedtoSeattle-Northwest Securities Corporation at its main office inSeattle,Washington,or to its successor in business,if any,atitsmainofficeandtoStandard&Poor's Corporation and Moody'sInvestorsServiceinNewYork,New York,or their business
successors,but the mailing of these three notices shall not be aconditionprecedenttothecallofthisbondforredemption.
Interest on this bond so called for redemption shall cease onthedatefixedforredemptionunlesssuchbondsocalledisnotpaidinfulluponpresentationmadepursuanttosuchcall.
The City hereby irrevocably pledges itself to budget andappropriatefromannualtaxleviesavailabletotheCitywithoutavoteofthepeopleamountssufficient,together with other monieslegallyavailabletherefor,to pay the principal of and interestonthebondsofthisissueasthesameshallbecomedue,and thefullfaith,credit and resources of the City are hereby irrevocablypledgedforthepaymentoftheprincipalofandinterestonsuchbonds.
By the Bond Ordinance,the City has designated the bonds ofthisissuetobequalifiedtax-exempt obligations .pursuant toSection265(b)(3)of the Internal Revenue Code of 1986 relating tofinancialinstitutions.
It is hereby certified that all acts,conditions and thingsrequiredbytheconstitutionandlawsoftheStateofWashingtonandordinancesoftheCitytobedone,to happen or to be performedasconditionsprecedenttotheissuanceofthisbondhavebeendone,have happened and have been performed and that the totalindebtednessoftheCity,including the bonds of this issue,doesnotexceedanyconstitutionalorstatutorylimitations.
This bond is transferable only upon the registry books of theBondRegistrarbysurrenderofthiscertificatetotheBondRegistrar,duly assigned and executed as indicated on the reversesideheec.bond
shall not become valid or obligatory for any purposeuntilthecertificateofauthenticationsetforthhereonhasbeensignedbytheBondRegistrar.
IN WITNESS WHEREOF,the City has caused this bond to be signedbythefacsimileormanualsignatureoftheMayorandattestedbythefacsigileormanualsignatureofitsCityclerkandits
Limited Tax Gemral Obligation Bonds,1990 Ordinance -6
corporate seal to be impressed or a facsimile imprinted hereon thisfirstdayofJuly,1990.
CITY OF MOSES LAKE,WASHINGTON
Bv (facsimile signature)
Attest:
Mayor
(facsimile signature)City clerk
Date of Authentication:
CERTIFICATE OF AUTHENTICATION
This bond is one of the fully registered City of Moses Lake,Washington,"Limited Tax General Obligation Bonds,1990"describedinthewithinmentionedBondOrdinance.
WASHINGTON STATE FISCAL AGENCY
Bond Registrar
av (manual)Authorized Officer
The following abbreviations,when used in the inscription on thefaceofthewithinbond,shall be construed as though they were writtenoutinfullaccordingtoapplicablelawsorregulations:
TEN COM -as tenants in commonTENENT-as tenants by the entiretiesJTTEN-as joint tenants with right of survivorship and not astenantsincommon
UNIF (GIFT)(TRANSFER)MIN ACT Custodian(Custodian)(Minor)
under Uniform (Gifts)(state)
(Transfers)to Minors Act
Additional abbreviations may also beusedthoughnotinlistabove
ASSIGNMENT
FOR VALUE RECEIVED,the undersigned hereby sells,assigns and
transfers unto
i i
Please insatt Social Security of TaxpayerIdentificationNumberofTransferee
(Pleaseprintortyperriteme udaddress,inchdingzipcodeofTrasferee)
Limitad Tax General ob'ation Bonds,1990 Ordinance -
the within bond and does hereby irrevocably constitute and appoint
or its successor,as Bond Registrar,to transfer said bond on the
books kept for registration thereof with full power of substitution in
the premises.
DATED:
SIGNATURE GUARANTEED:
NOTE:The signature on this Assign-
ment must correspond with the nameoftheregisteredownerasitappearsuponthefaceofthewithinbondineveryparticular,without alteration
or enlargement or any changewhatever.
Section 8.Execution of Bonds.The Bonds shall be signed onbehalfoftheCitywiththefacsimileormanualsignatureoftheMayor,shall be attested by the facsimile or manual signature oftheCityclerkandshallhavethecorporatesealoftheCityimpressedorafacsimilethereofimprintedthereon.
The Bonds shall not be valid or obligatory for any purpose orentitledtothebenefitsofthisordinanceunlessitshallbearthereonaCertificateofAuthenticationintheformhereinbeforerecited,manually executed by the Bond Registrar.Such CertificateofAuthenticationshallbeconclusiveevidencethattheBonds soauthenticatedhavebeendulyexecuted,authenticated and deliveredhereunderandareentitledtothebenefitsofthisordinance.
In case either of the officers who shall have executed theBondsoranybondwhichmaybehereafterissuedinsubstitutionforanyBondshallceasetobesuchofficerorofficersoftheCitybeforethebondsosignedshallhavebeenauthenticatedordeliveredbytheBondRegistrar,or issued by the City,such bondmayneverthelessbeauthenticated,delivered and issued and uponsuchauthentication,delivery and issuance,shall be as bindingupontheCityasthoughthosewhosignedthesamehadcontinuedtobesuchofficersoftheCity.The Bonds or any substitute bondsmayalsobesignedandattestedonbehalfoftheCitybysuchpersonsasattheactualdateofexecutionofsuchbondsshallbetheproperofficersoftheCityalthoughattheoriginaldateoftheBondsanysuchpersonshallnothavebeensuchofficeroftheCity.
Section 9.Lost er Destroyed Bonds.In case any Bond shallbelost,stolen or destroyed,the Bond Registrar may authenticateanddeliveranewbondoflikedate,principal amount,maturity,interest rate,tenor and effect to the registered owner or nominee0thereofuponpaymenttotheCityfortheexpensesandchargesinconnectiontherewithanduponitsfilingwiththeBondRegistrarevidencesatisfactorytosaidBondRegistrarthatsuchBondwasactuallylost,stolen or destroyed and of its ownership thereof,and upon furnishing the City with indemnity satisfactory to themboth.
Section 10.Bond Registrar.Either of the fiscal agenciesoftheStateofWashingtoninthecitiesofSeattle,Washington,and New York,NeW York (the "Bond Registrar")shall keep,or causetobekept,sufficient books for the registration and transfer oftheBonds.The Bond Registrar is authori2ed,on behalf of the City
to deliver a substitute bond or bonds in authorized denominationsforanyBondstransferredorexchangedinaccordancewith theprovisionsofsuchBondsandthisordinanceandtocarryoutalloftheBondRegistrar's powers and duties under this ordinance.
Section 11.Defeasance.In the evènt that monies areirrevocablysetasideinaspecialescrowfund(the "Escrow Fund")on the terms and conditions set forth in this|Section 11 to refundalloranypartoftheBonds,with respept to the Bonds sorefunded:
a.Payments into the Bond Redempgion Fund for paymentofprincipalofandinterestontheBondsshallbediscontinued;
b.The Bonds shall cease to be entitled to any lien,benefit or security of this ordinance except |the right to receivethemoniessosetaside;and
C.The Bonds shall be deemed not to be outstandingunderthisordinance;provided,that any Bonds so refunded shallbedeemedtobeoutstandingforthepurposeoftransfers,exchangesorthereplacementoflostordestroyedBondspursuanttothisordinance.
The Escrow Fund shall be established with a corporate fiduciaryqualifiedtodobusinessintheStateofWashingtonand:
(1)Monies set aside in said Escrow Fund shall beirrevocablypledgedtopayprincipalofandredemptionpremium,if any,and interest .on the refunded Bonds;and
(2)Said monies shall be held in cash and/or "governmentobligations"as defined in Chapter 39.53 RCW;
(3)Such government obligations shall mature at suchtimeortimesandbearinterestatsuchratestoprovidewithoutanyreinvestmentthereofsufficientamountstopayinterestontherefundedBondswhendueandtoredeemandretiretherefundedBondsattheirrespectivematuritydates,mandatory redemption dates,and/or pursuant to an irrevocablecallofanyorallsuchrefundedBondsforredemption inaccordancewiththeirterms;and
(4)The sufficiency of such cash and governmentobligationstomakesuchpaymentsshallhavebeenverified byanindependentcertifiedpublicaccountant.
Section 12.Bond Redemption Fund.There is hereby createdandestablishedintheofficeoftheFinanceDirectoroftheCity(the "Treasurern)a special fund to be known and designated as thenCityofMosesLakerWashington,Limited Tax General ObligationBondRedemptionFund,1990"(the "Bond Redemption Fund")for thesolepurposeofpaymentoftheprincipalofandinterestontheBonds.The City hereby covenants to deposit in the Bond RedemptionFundonorbeforeeachinterestpaymentdateamountssufficient,together with monies otherwise available therein,to pay theprincipalofandinterestontheBondswhendue.
Section 13.Application and Use of Bond Proceeds.AmountsreceivedasproceedsofthesaleoftheBondsshallbedepositedandappliedasfollows:
a.To the Bond Redemption Fund shall be paid the amountreceivedonthedateofdeliveryoftheBondsasaccruedinterestontheBonds,which amount shall be applied to pay the interestcomingdueontheBondsonJune1,1991;and
b.To the Street Improvement Fund (Treasurer's Fund No.309)of the City shall be paid the principal proceeds of the Bonds,which shall be applied as follows:
I.imited Tax General Obligation Bonda,1990 ordinance **9
(1)The amount of $120,000 shall be applied to paythecostsofacquiringtheParkingLotProperty;and
(2)The amount (estimated to be $200,400)necessarytopaytheprincipaloftheInterfundLoanshall beimmediatelytransferredtotheGeneralFund;and
(3)The balance of the principal proceeds of theBondsshallbeappliedtopaycostsofthecity's share of the
0 1990 phase of the Paver Program,all costs incidental thereto,and the costs of issuance of the Bonds.From and after thedepositofsuchBondproceeds,expenditures for costs of thePaverProgramshallbedeemedtobemadeasfollows:First,from the proceeds of the Bonds;second,from earnings oninvestmentofBondproceeds;third,from any other monies thenondepositorthereafterdepositedintheStreetImprovementFund.
Pending the expenditure of the principal proceeds,the City
may temporarily invest such proceeds in any investments permittedbylawsofthestateofWashington.The investment earnings shallberetainedintheStreetImprovementFundandexpendedforthepurposesofsuchFund.
Section 14.Sale of the Bonds.The acceptance of theproposalofseattle-Northwest Securities corporation of Seattle,Washington,dated June 12,1990,to purchase the Bonds at a priceof$98.3961538 per $100.00 of principal amount of the Bonds and onthetermssetforthinsaidproposalandthisordinanceisherebyratifiedandconfirmed.
Section 15.Authorization to City officials.The proper cityofficialsareherebyauthorizedtoenterintosuchagreements,toexecutesuchinstruments,to print bonds,to approve an officialstatementorotherdisclosuredocument,to provide certifications,O and to take all actions they deem reasonable,necessary and propertocarryouttheProjectandissuanceoftheBondsinconformancewiththeprovisionsofthisordinance.
Section 16.Severability.If any one or more of thecovenantsoragreementsprovidedinthisordinancetobeperformedonthepartoftheCityshallbedeclaredbyanycourtofcompetentjurisdictiontobecontrarytolaw,then such covenant orcovenants,agreement or agreements shall be null and void and shallbedeemedseparablefromtheremainingcovenantsandagreementsofthisordinanceandshallinnowayaffectthevalidityoftheotherprovisionsofthisordinanceoroftheBonds.
Section 17.Ratification.Any act taken pursuant to theauthorityofthisordinancepriortoitseffectivedateisherebyratifiedandconfirmed.
Section 18.Effective Date.This ordinance shall take effectfivedaysafteritsadoptionandpublicationinthemannerprovidedbylaw.
O
Maked Nx Gened ugaden Bonds,Beo &dkance -iÛ
PASSED by the City Council of the City of Moses Lake,Washington at a regular open public meeting thereof held on the26thdayofJune,1990.
CITY OF MOSES LAKE,WASHINGTON
ATTEST:
s/
City Clerk
APPROVED AS TO FORM:
Citý Attorney
PUBLISHED:JUNE29,l990
e
Maned Tax cenar ObHption Bon¾,1990 ordinance -11