1585_00001ORDINANCE NO.1585
AN ORDINANCE of the City of Moses Lake authorizing theissuanceandsaleofitslimitedtaxgeneralobligation
bonds in the aggregate principal amount of $2,000,000;specifying the terms,date,interest rates,maturities,
and form thereof;pledging to pay the principal of andinterestonthebondsfromregulartaxlevies;estab-lishing a special bond redemption fund;pledging toOmaintaincertainreserves;and accepting a proposal forthepurchaseofsuchbonds.
WHEREAS,by City Council motion passed on November 10,1992,the City Council of the City of Moses Lake,Washington,(the"City")established a program for constructing a municipal swimmingpoolandrelatedfacilitiesonCityparkpropertylocatedatFourth
and Dogwood in the City (the "Project")and budgeted for the coststhereofinthe1993annualbudget;and
WHEREAS,by City Council motion passed on June 12,1993,theCityCouncildeclareditsintentiontoissuelimitedtaxgeneralobligationbondsinanamountnottoexceed$2,000,000 and by CityCouncilresolutiondatedNovember12,1991,and by City CouncilresolutiondatedFebruary9,1993,together with an official intentforExpenditurestobeReimbursedexecutedonJune21,1993,theCityofMosesLakedeclareditsintenttoreimburseanyexpendituresmadefortheProjectpriortopriortoissuanceofsuchbondsfromtheproceedsthereof;and
WHEREAS,it is now deemed to be in the best interests of theCitytoborrowmoneyandissuelimitedtaxgeneralobligationbondsforthepurposeoffinancingcostsoftheProject,and to makecertaincovenantsrelatingtothesecurityforsuchbonds,thepaymentthereofandtheexpenditureoftheproceedstherefrom;andOWHEREAS,by Ordinance No.1586 ,adopted August 10,1993,theCityCouncilestablishedcertaindebtservicereservefundsandtransferredtheaggregateamountof$1,574,359 to such debt service
reserve funds (the "Reserves");and
WHEREAS,the assessed valuation of real property within theCityis$327,047,833,the City's limitation on general indebtedness(other than lease and/or lease/purchase contracts ["Leases"l)incurred without a vote is 0.75%of the assessed valuation or atleast$2,452,850,the City's limitation on all nonvoted generalindebtedness(including Leases)is 1.5%of the assessed valuation
or at least $4,905,700,the City's limitation on general purposevotedandallnonvotedindebtednessis2.5%of the assessedvaluationoratleast$8,176,100.The City has no outstandingvotedindebtednessanditsnonvotedgeneralindebtedness(otherthanLeases)currently outstanding,after deducting the amount oftheReserves,does not exceed $450,000;and
WHEREAS,the City has received a proposal for purchase of suchbondsfromSeattle-First National Bank of Seattle,Washington,
acceptance of which is deemed to be in the best interests of theCity;NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DOORDAINasfollows:
Section 1.Purcose.The City shall acquire,construct,reconstruct and install an aquatic center with full-size Olympiccompetitionareaandazero-depth pool,appurtenant pumping,filtering and related equipment and bathhouse facilities adjacenttosuchpool(the "Project").The Project shall include paving,lifeguard and diving structures and landscaping all in accordancewiththeplansandspecificationsheretoforepreparedfortheProject.
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 1
The cost of the Project is estimated to be approximately$2,300,000,part of which will be paid from proceeds of the Bonds(hereinafter defined).The costs of the Project,includingreimbursementoftheCapitalFundoftheCityforarchitectural,engineering and other costs paid prior to Bond issuance andincludingthecostsoffinancing,shall be paid from the principalproceedsofthelimitedtaxgeneralobligationbondsoftheCityauthorizedbyandtobeissuedpursuanttothisordinance.
The City Council shall have the discretion to make any changesOinthegeneralplansfortheProjectastheyshalldeemnecessary,desirable or appropriate from time to time.In the event thatsupplementalormatchingfundsfromfederal,state or local public
sources or private sources become available to pay a portion of thecostoftheProject,any excess funds may be applied to such othercapitalimprovementsastheCityCouncildeemsnecessaryordesirable,may be used to retire by purchase or redemption thegeneralobligationbondsissuedpursuanttothisordinanceinaccordancewiththeirtermsandmaybeusedtopayanycostsnecessarytocomplywiththeInternalRevenueCodeof1986,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,1993 in the principal amount of$2,000,000 (the "Bonds").The Bonds shall be dated August 1,1993,shall be fully registered,shall be in denominations of $5,000 oranyintegralmultipleof$5,000,and shall bear interest from theirdatepayablesemiannuallyoneachFebruary1andAugust1,commencing February 1,1994,to the registered owner thereof,withfullobligationonthepartoftheCitytopayinterestattheBond
rates until the respective maturity dates of the Bonds andthereafteruntilsuchBonds,both principal and interest,are paidinfullorfundsareavailableintheBondRedemptionFundcreatedbySection12ofthisordinancesufficienttomakesuchpaymentinfull.
Both principal of and interest on the Bonds shall be payableinlawfulmoneyoftheUnitedStatesofAmericatotheregistered
owner or owners thereof.Principal of the Bonds shall be payableuponpresentationandsurrenderoftheBondsbytheregistered
owner or nominee of such owner at the office of either of thefiscalagenciesoftheStateofWashingtoninthecitiesofSeattle,Washington,and New York,New York (the "Bond 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 payableseriallyandshallmatureAugust1ofthefollowingyearsinthefollowingamountsandshallbearinterestatthefollowingrates:
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1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 2
Maturity Year Maturity Amount Interest Rate
1994 $65,000 3.200%
1995 65,000 3.700%
1996 70,000 4.100%
1997 70,000 4.300%
1998 75,000 4.500%
*2002 325,000 6.000%
2003 90,000 5.250%O 2004 95,000 5.250%2005 100,000 5.400%
2006 105,000 5.400%2007 110,000 5.550%
2008 120,000 5.600%
2009 125,000 5.625%
2010 135,000 5.700%
*2013 450,000 5.800%
*Term Bonds Subject to Mandatory Redemption
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 the
owner or transferee.The City may deem the person in whose nameeachBondisregisteredtobetheabsoluteownerthereofforthe
purpose of receiving payment of the principal of and interest onsuchBondandforanyandallotherpurposeswhatsoever.
Section 3.Redemption;Open Market Purchase.
Da)Ootional Redemption.The Bonds maturing in the years1994through2003,inclusive,are not subject to redemption priortomaturity.The City has reserved the right to redeem the BondsmaturingonorafterAugust1,2004,in whole,or in part(maturities to be selected by the City and by lot within a maturityinsuchmannerastheBondRegistrarshalldetermine),on anyinterestpaymentdateonorafterAugust1,2003,at a price of100%of the par amount thereof,plus accrued interest,if any,tothedateofredemption.
Ob)MandatorvRedemption.The Bonds maturing August 1,2002,and August 1,2013,designated as Term Bonds in Section 2 of thisordinancearesubjecttomandatoryredemptionatapriceof100%oftheparamountthereof,plus accrued interest,if any,to the dateofredemption,and shall be called for redemption on the followingdatesandinthefollowingamounts:
Mandatory Redemption Pavments
Date Amount
Tern Bonds Maturing August 1,2002August1,1999 $75,000August1,2000 80,000August1,2001 85,000August1,2002 (at maturity),85,000
Term Bonds Maturing Angust 1,2013
August 1,2011 $140,000August1,2012 150,000
August 1,2013 (at maturity)160,000
If any of the Term Bonds maturing August 1,2013,are called foroptionalredemptionpursuanttotheprecedingparagraph(a),theBondssocalledshallbeappliedtotherespectivemandatoryredemptionpaymentsasdesignatedbytheCityCouncilbyresolution;and in the absence of any such designation,the TermBondsoptionallyredeemedshallbedeductedfromthemandatoryredemptionamountsininverseorderofmandatoryredemptiondate.
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 3
(c)Notice of Redemotion.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 sectionshallbedeemedtobecompliedwithwhennoticeismailedashereinprovided,whether or not it is actually received by the owner of
any Bond.Notice shall also be mailed to Moody's Investors ServiceandStandard&Poor's Corporation in New York,New York,or theirObusinesssuccessors,to Seattle-First National Bank,at itsprincipalofficeinSeattle,Washington,or its successor,and tosuchotherpersonsandwithsuchadditionalinformationastheCityFinanceDirectormaydetermine,but the mailing of any of theseadditionalnoticesshallnotbeaconditionprecedenttothecallofthisbondforredemption.
(d)Effect of Call for Redemption.Interest on any Bonds socalledforredemptionshallceaseonthedatefixedforredemptionunlesstheBondorBondssocalledarenotpaidinfulluponpresentationmadepursuanttosuchcall.
(e)Open Market Purchase.The City reserves the right andoptiontopurchaseanyoralloftheBondsintheopenmarketatanytimeatanypricenotinexcessofparplusaccruedinteresttothedateofpurchase.
Section 4.Security.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 theprincipalofandinterestontheBondsasthesameshallbecomedue.The full faith,credit and resources of the City are hereby
irrevocably pledged for the payment of the principal of andinterestontheBonds.
Section 5.Tax Code Covenant.The City covenants that itwillnotmakeanyuseoftheproceedsfromthesaleoftheBondsoranyotherfundsoftheCitywhichmaybedeemedtobeproceedsoftheBondepursuanttoSection148oftheUnitedStatesInternalRevenueCodeof1986,and applicable regulations promulgatedthereunderwhichwouldcausetheBondstobecome"arbitrage bonds"within the meaning of said section and said regulations.The CitywillcomplywiththerequirementsofSection148ofsaidCode(oranysupersedingCodesection)and applicable regulations so long asanyoftheBondsareoutstanding.
The City further covenants that it will not take any action orpermitanyactiontobetakenthatwouldcausetheBondstoconstitute"private activity bonds"under Section 141 of said Code.
Section 6.Findings and Designation of Bank Eligibility.TheCityhasnotissued,and does not expect to issue,any tax-exemptbonds,notes,real estate or other installment purchase contracts,warrants or other obligations (other than the Bonds and Leases)in1993.The City has entered into,or expects to enter into,lease-purchase contracts in 1993 in an aggregate amount not to exceed$630,000,so that the total aggregate amount of tax-exemptobligationsexpectedtobeissuedin1993,including the Bonds,isnotexpectedtoexceed$5,000,000;and the City Council herebyfindsanddeterminesthattheBondsqualifyfortheexemptionfromrebateunderSection148(f)(4)(D)and further that the Bonds are,and are hereby designated to be,qualified tax-exempt obligationspursuanttoSection265(b)(3)of said Code relating to financialinstitutions.
Section 7.Pledge Regarding Reserves.The City is relying onthoseamountsinCityFundsNo.216,No.220 and No.229 (the"Reserves")to offset the outstanding nonvoted general obligationbondsoftheCityinordertoenabletheCitytoissuetheBondswithinthedebtlimitationsestablishedbyRCW39.36.020,althoughsuchReservesarenotpledgedtothepaymentofanyoftheLimitedTaxGeneralObligationsBonds,1990,the Limited Tax General
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 4
Obligations Bonds,1992,or the Bonds.The City hereby pledgesthatitwillnotadoptanycapitalimprovementoracquisition
program or expenditure plan which will obligate the City to reducetheamountoftheReservesbelowthatamountwhichisnecessarytoassurethataggregateonountofsaid1990Bonds,said 1992 Bonds ortheBondsatanytimeoutstandingnetofthethenbalanceoftheReservesshallbewithintheaforesaidstatutorydebtlimitations.
Section 8.Form of the Bonds.The Bonds shall be printed,lithographed,or typewritten on good bond paper in substantiallythefollowingform:
UNITED STATES OF ANURICA
NO.$
CITY OF MOSES LAKE,WASHINGTON
LIMITED TAX GENERAL OBLIGATION BOND,1993
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 February 1,1994 and semiannuallythereafteronthefirstdaysofeachAugustandFebruarytoandincludingitsMaturityDateandthereafteruntilthisbondwithinterestispaidinfull,or funds are available in the "City ofMosesLake,Washington,Limited Tax General Obligation Bond
Redemption Fund,1993"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 Registered
Owner hereof or nominee of such owner at the address appearing ontheregistrybooksoftheBondRegistraronthe15thdayofthemonthprecedingtheinterestpaymentdate.
This bond is one of an issue of $2,000,000 of bonds of likedate,tenor and effect,except as to number,denomination,maturityandinterestrateandisissuedbytheCityforthepurpose ofprovidingfundstoconstructamunicipalaquaticcenter,asprovidedinOrdinanceNo.1585 of the City (the "Bond Ordinance")and is issued in full compliance with the ordinances andresolutionsoftheCityandthelawsandConstitutionoftheStateofWashington.
The bonds of this issue maturing in the years 1994 through2003,inclusive,are not subject to redemption prior to maturity.The City has reserved the right to redeem the bonds of this issuematuringonorafterAugust1,2004,in whole,or in part(maturities to be selected by the City and by lot within a maturityinsuchmannerastheBondRegistrarshalldetermine),on anyinterestpaymentdateonorafterAugust1,2003,at a price of100%of the par amount thereof,plus accrued interest,if any,tothedateofredemption.
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 5
In addition,the Bonds maturing August 1,2002,and August 1,2013,designated as Term Bonds in Section 2 of this ordinance aresubjecttomandatoryredemptionatapriceof100%of the paramountthereof,plus accrued interest,if any,to the date ofredemption,and shall be called for redemption on the followingdatesandinthefollowingamounts:
Mandatory Redemption PaymentsDate Amount
O Term Bonds Maturing August 1,2002
August 1,1999 $75,000August1,2000 80,000August1,2001 85,000August1,2002 (at maturity)85,000
Term Bonda Maturing August 1,2013
August 1,2011 $140,000August1,2012 150,000
August 1,2013 (at maturity)160,000
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 mailed toMoody's Investors Service and Standard &Poor's Corporation in NewYork,New York,or their business successors,to Seattle-FirstNationalBank,at its principal office in Seattle,Washington,oritssuccessor,and to such other persons and with such additionalinformationastheCityFinanceDirectormaydetermine,but themailingofanyoftheseadditionalnoticesshallnotbeaconditionprecedenttothecallofthisbondforredemption.
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 interest onthebondsofthisissueasthesameshallbecomedue,and the fullfaith,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 reversesidehereof.
This bond shall not become valid or obligatory for any purposeuntilthecertificateofauthenticationsetforthhereonhasbeensignedbytheBondRegistrar.
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 6
IN WITNESS WHEREOF,the City has caused this bond to be signedbythefacsimileormanualsignatureoftheMayorandattestedbythefacsimileormanualsignatureofitsCityClerkanditscorporatesealtobeimpressedorafacsimileimprintedhereonthis1stdayofAugust,1993.
CITY OF MOSES LAKE,WASHINGTON
O By (facsimile signature)
Mayor
Attest:
(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,1993"describedinthewithinmentionedBondOrdinance.
WASHINGTON STATE FISCAL AGENCY
Bond Registrar
By (manual)Authorized Signature
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
0
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 7
ASSIGNMENT
FOR VALUE RECEIVED,the undersigned hereby sells,assigns and
transfers unto
i iPleaseinsertSocialSecurity or TaxpayerIdentificationNumberofTransferee
O (Please print or typewrite name and address,including zip code of Transferee)
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 nameoftheregisteredownerasitOappearsuponthefaceofthewithin
bond in every particular,without
alteration or enlargement or anychangewhatever.
Section 9.Execution of Bonds.The Bonds shall be signed onbehalfoftheCitywiththefacsimileormanualsignatureoftheMayor,shall be attested by the facsimile or manual signature oftheCityClerkandshallhavethecorporatesealoftheCity
impressed or a facsimile thereof imprinted thereon.
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 theBondsoranybondwhichmaybehereafterissuedinsubstitutionfor
any Bond shall cease to be such officer or officers of the CitybeforethebondsosignedshallhavebeenauthenticatedordeliveredbytheBondRegistrar,or issued by the City,such bond
may nevertheless be authenticated,delivered and issued and uponOsuchauthentication,delivery and issuance,shall be as binding
upon the City as though those who signed the some had continued tobesuchofficersoftheCity.The Bonds or any substitute bonds
may also be signed and attested on behalf of the City by suchpersonsasattheactualdateofexecutionofsuchbondsshallbetheproperofficersoftheCityalthoughattheoriginaldateoftheBondsanysuchpersonshallnothavebeensuchofficeroftheCity.
Section 10.Lost or Destroyed Bonds.In case any Bond shallbelost,stolen or destroyed,the Bond Registrar may authenticateanddeliveranewbondoflikedate,principal amount,maturity,
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 8
interest rate,tenor and effect to the registered owner or nomineethereofuponpaymenttotheCityfortheexpensesandcharges inconnectiontherewithanduponitsfilingwiththeBondRegistrarevidencesatisfactorytosaidBondRegistrarthatsuchBondwasactuallylost,stolen or destroyed and of its ownership thereof,and upon furnishing the City with indemnity satisfactory to themboth.
Section 11.Bond Registrar.Either of the fiscal agencies oftheStateofWashingtoninthecitiesofSeattle,Washington,andONewYork,New York (the "Bond Registrar")shall keep,or cause tobekept,sufficient books for the registration and transfer of theBonds.The Bond Registrar is authorized,on behalf of the City todeliverasubstitutebondorbondsinauthorizeddenominationsfor
any Bonds transferred or exchanged in accordance with theprovisionsofsuchBondsandthisordinanceandtocarryoutalloftheBondRegistrar's powers and duties under this ordinance.
Section 12.Defeasance.
In the event that monies are irrevocably set aside in a specialescrowfund(the "Escrow Fund")on the terms and conditions setforthinthisSection11torefundalloranypartoftheBonds,with respect to the Bonds so refunded:
a.Payments into the Bond Redemption Fund for paymentofprincipalofandinterestontheBondsshallbediscontinued;
b.Such Bonds shall cease to be entitled to any lien,benefit or security of this ordinance except the right to receivethemoniessosetaside;and
C.Such Bonds shall be deemed not to be outstandingunderthisordinance;provided,that any Bonde so refunded shall bedeemedtobeoutstandingforthepurposeoftransfers,exchanges orthereplacementoflostordestroyedBondspursuanttothisordinance.
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 by
an independent certified public accountant.
Section 13.Bond Redemption Fund.There is hereby createdandestablishedintheofficeoftheFinanceDirectoroftheCity(the "Treasurer")a special fund to be known and designated as the"City of Moses Lake,Washington,Limited Tax General ObligationBondRedemptionFund,1993"(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.
1993 LIMITED TAX GENEPAL OBLIGATION BOND ORDINANCE -Page 9
Section 14.Avplication and Use of Bond Proceeds.TheproceedsofthesaleoftheBondsshallbedepositedandappliedasfollows,the specific amounts of which shall be determined prior todeliveryoftheBonds:
a.To the Bond Redemption Fund shall be paid the amountreceivedonthedateofdeliveryoftheBondsasaccruedinterest
on the Bonds,which amount shall be applied to pay the interestcomingdueontheBondsonFebruary1,1994;and
O b.To the Capital Fund of the City shall be paid theamountcertifiedbytheCityFinanceDirectorasequaltoorlessthantheaggregateamountofProjectcostswhichareexpendedpriortoissuanceoftheBondsandwhichconstitutecostsforwhichtheCityhasheretoforedeclareditsintentiontomakereimbursement
from proceeds of the Bonds.
c.The remaining principal proceeds of the Bonds willbedepositedintheBuildingFundoftheCityandappliedtopaycostsoftheProject,including costs of issuance of the Bonds.
The Bond proceeds deposited in accordance with Subsections14.b.and 14.c.above are hereinafter referred to as the "OriginalPrincipalProceeds."Pending the expenditure of the OriginalPrincipalProceeds,the City may temporarily invest such proceedsinanyinvestmentpermittedbylawsoftheStateofWashington.Earnings on such investments are hereinafter referred to as the"Investment Proceeds."
In accordance with Section 2.12.040 of the Moses LakeMunicipalCode,part or all of the Investment Proceeds may bedepositedintheCurrentExpenseFundoftheCityandexpendedforthepurposesofsuchFund.
Section 15.Sale of the Bonds.The proposal of Seattle-First National Bank of Seattle,Washington,dated August 10,1993,
to purchase the Bonds at a price of $98.80 per $100.00 of principalamountoftheBondsandonthetermssetforthinsaidproposal andthisordinanceisherebyaccepted.-
Section 16.Authorization to City Officials.The proper Cityofficialsareherebyauthorizedtoenterintosuchagreements,toexecutesuchinstruments,to print bonds,to approve the prelimi-nary and final official statements for the Bonds,or other disclo-
sure document,to provide certifications,and to take all actionstheydeemreasonable,necessary and proper to carry out the ProjectandissuanceoftheBondsinconformancewiththeprovisions ofthisordinance.
Section 17.Severability.If any one or more of thecovenantsoragreementsprovidedinthisordinancetobeperformedonthepartoftheCityshallbedeclaredbyanycourtofcompetentjurisdictiontobecontrarytolaw,then such covenant orcovenants,agreement or agreements shall be null and void and shallbedeemedseparablefromtheremainingcovenantsandagreementsofthisordinanceandshallinnowayaffectthevalidityoftheotherprovisionsofthisordinanceoroftheBonds.
Section 18.Ratification.Any act taken pursuant to theauthorityofthisordinancepriortoitseffectivedateisherebyratifiedandconfirmed.
Section 19.Effective Date.This ordinance shall take effectfivedaysafteritsadoptionandpublicationinthemannerprovidedbylaw.
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 10
PASSED by the City Council of the City of Moses Lake,Washington at a regular open public meeting thereof held on the10thdayofAugust,1993.
'dity Clerk
AP D AS TO FORM:
dity Attorney
PUBLISHED:8/13/93
O
O
1993 LIMITED TAX GENERAL OBLIGATION BOND ORDINANCE -Page 11