1515_00001ORDINANCE NO.1515
ANORDINANCEOF THECITYOF MOSESLAKEPROVIDINGFOR THE BORROW-INGOF A TOTALNOTTO EXCEED $1,950,000TO PROVIDEFUNDSFORTHECONSTRUCTION,INSTALLATION,AND EQUIPPINGOF RECREATIONALPACILI-
TIES,NAMELY A FAMILYAQUATICCENTER,IN ACCORDANCEWITHTHE
APPROVEDPLANOFTHECITYOF MOSESLAKEANDISSUINGANDSELUNGOFGENERALOBLIGATIONBONDSANDSHORT-TERMOBLIGATIONSINANTICIPA-
TIONTHEREOFTO PAY SUCH COSTS,SUCH BONDSTO BE PAYABLEBYANNUALTAXLEVIESTOBEMADEWITHOUTLIMITATIONASTORATEOR0AMOUNT;DECLARINGANEMERGENCY;ANDPROVIDINGFORTHESUBMISSIONOFTHEPROPOSITIONOFINCURRINGSUCHINDEBTEDNESSANDISSUINGSUCHBONDSTOTHEQUALIFIEDVOTERSOFTHECITYOFMOSESLAKEATA
SPECIAL ELECTIONTOBE HELDONMAY19,1992,IF THE SPECIAL ELECTION
INMAYCOINCIDESWITHTHEPRESIDENTIALPRIMARYELECTION,OTHERWISE
ATASPECIALELECTIONTO BEHELD ON APRIL7,1992
WHEREAS,at its meetingon January 28,1992,the CityCouncilof the CityofMoses Lake,Grant County,
Washington,approved a plan for the construction,reconstruction,renovation,Installingand equippingofcertainrecreationalfacilities,namelya family aquatic center,for the Cityof Moses Lake (Plan);and
WHEREAS,the City Councilof the Cityof Moses Lake hereby finds and determines that it is in the best
interests ofthe Cityof Moses Lakeand its Inhabitants to implement the Plan as quickly as possible and toprovideforpaymentofthecostsofcarryingoutthePlanbytheissuanceandsaleofgeneralobligation
bonds and to submitto thequalified votersofthe CityofMosesLakea propositionapproving the issuance
of such bonds;and
WHEREAS,the assessed valuationoftaxablepropertyoftheCityof Moses Lake as ascertainedbythe Grant
CountyAssessor in 1991 for levyof CityofMosesLaketaxes forcollectionin1992 is$309.204,238,the City
of Moses take has general Indebtedness currently outstanding in the aggregate principalamount of
$1,647,800,and its limitation on indebtednessfor general purposes is$6,082,306(27.09%oftheassessed
valuation);NOW,THEREFORE,
THE CITYCOUNCIL OF THE CITYOF MOSESLAKE,WASHINGTONDOORDAINASFOLLOWS:
O Section 1.The Cityof Moses Lake,upon approvalofthe proposition by the qualified electors of the City
-of Moses Lake as providedin Section 5 ofthis ordinance,shallissue and sell itsgeneral obligation bonds
in such amountsfrom timeto timeas necessary to pay the capitalcosts,including the costs ofissuing suchbondsandanyshorttermobligations,ofcarryingout thePlan by constructing,reconstructing,renovating,
Installing and equippingrecreationalfacilities,namelya family aquatic center (theImprovements)in a total
aggregate amount notto exceed $1,950,000.
The Cityof Moses Lakeshall havethe discretionto make such changes inthe Planor the Improvements,includingbutnotlimitedto modificationofdesign,determinationofspecificsiteson whichthefamilyaquatic
center may be located,either beforeor duringconstructionas they shalldeem necessary or appropriate.Ifavailable funds are sufficient,the Cityof Moses Lake maymake such other capitalimprovements to public
recreation and/or public safety facilities as the CityCouncilby ordinance shall find to be necessary ordesirable.In the event that supplemental or matching funds from federal,state or local publicsources orprivatesourcesbecomeavailabletopayaportionofthecostsoftheimprovements,the excess bondproceedsmaybeappliedtothecostofsuchfacilitiesortosupplementorenlargesuchfacilitiesortoretirethebondshereafterissuedfortheimprovements.
Section2.AIIofthe costs ofthe improvements,includingarchitecturaldesign,engineering,legal,financial,
and other services lawfullyIncurredincidentto completionof the Improvementsare estimatedas nearlyaspracticabletobe$2,500,000,ofwhich$1,950,000willbe providedbythe proposed bondsandthe remainder
willbe provided by a grant from the State ofWashington Interagency Committeefor Outdoor RecreationandfromavailableCityofMosesLakereservefunds.The life of the Improvementsto be acquired orconstructedwithproceedsofthebondstobeissuedisherebyestimatedanddeclaredtobenolessthantwenty(20)years.
O Section 3.The Cityof Moses Lake shall borrowan aggregate amount up to $1,950,000on the creditoftheCityofMosesLakeandissueandsellitsgeneralobligationbondsthereforforstrictlycapitalpurposes,otherthanthereplacementofequipment,for the purpose of providingfunds for the Improvements specified inSection1ofthisordinance.The City of Moses Lake shall be further authorized to issue short termobligationsInanticipationoftheissuanceofsuchbondsasmaybedesirableinthediscretionoftheCityCouncilandtopayinterestonsuchobligationsfromproceedsoftheproposedbonds.
Section 4.The bonds and any shortterm obligations may be issued as taxable or tax exempt obligationsunderfederalincometaxlawsandregulationsas,in the discretion of the CityCouncil,may be necessary
or desirable and shallbe issued at such timeortimes,interest rate or rates and maturitiesand In such formandwithsuchreçIemptionandotherprovisionsasshallbehereafterfixedbyordinanceoftheCityCouncil,
providedthat the annualprincipaland interestpayments shallbe fixed ina mannerto provide substantiallyleveldebtserviceonthebonds.
Section 5.The CityCouncilherebyfinds that an emergencyexists requiringthe provisionoffunds by the
CityofMoses Lake for the improvements and that,as a resultofthe existenceof such an emergency,it is
necessary tocalla specialelection;and a special electionis,therefore,hereby called to be heldInthe City
of Moses Lake as provided by law on May 19,1992,ifthe special election in maycoincides with the
presidentialprimaryelectionso as to reduce the costs of such electionto the city,othenuise at a special
electionto be held on April 7,1992,at which there shall be submittedto the qualifiedvoters ofthe Cityof
MosesLake for their ratification or rejectiona propositionsubstantiallyas follows:
CITYOF MOSESLAKE
GRANTCOUNTY,WASHINGTON
PROPOSITION NO.1
$1,950,000
To provide funds to construct,renovate,acquire,install,and equip a family
aquatic center,shalltheCityofMosesLake issue and sellgeneral obligations bonds
In an aggregate amount not to exceed $1,950,000maturingwithina term not to
exceed 20 years fromthe date ofIssueand levy an annual property tax to provide
for the payment of principal ofand Interest on such bonds in excess of the regular
propertytax levies (asprovided inthis ordinance adopted on February 11,1992).
BONDS...YES |¯|BONDS...NO
The GrantCountyAuditor is hereby requested to concur Inthe findingofsuch emergencyand
to call and conduct such special electionin the manner requiredby law.
Section6.TheFinance Director ofthe Cityof MosesLakeisdirected to certifyto the Grant CountyAuditor
a copy of this ordinance showingitsadoption by the CityCouncilat least forty-five(45)days priorto the
date of such specialelection,and to performsuch other dutles as arenecessary or requiredby law to the
end that the question ofwhetherornot bonds shallbe Issued and excess taxes levied necessary to redeem
the bonds as herein providedfor shall be submitted to the voters ofthe Cityof Moses Lake at the aforesaid
special election.
Section7.The proceeds of said bonds or anyshorttermobligations,if,when and as authorlzedand Issued,
shall be applied,In part,to reimburse such fund or funds of the cityto the extent advances are made
therefromtopayany expenses relatingtothe Improvements,includingbutnotIlmitedto costs ofthe special
election,costs of preparingthe Planforthe Improvements,pro rata administrative expenses In connection
therewith,intereston such advancesas permittedor requiredbylawfor interfund loans,and anyothercostsandexpensesadvancedpriortoissuanceofanysuchshorttermobilgationsorissuanceofthebonds.
Section8.The CityCouncildeclares that an emergency exists and this ordinance shalltake effect and be
in force five (5)days after its passage and publication as providedby law upon one reading il 2/3 oftheentireCityCouncilpresentvoteinfavorofpassage.
Adoptd bythe CityCouncil and s
Finance Director
APPROVED ASTO FORM:
gityAttomey
PUBLISHED:CBH2/14/92