1757_00001ORDINANCE NO.1757
AN ORDINANCE of the City Council of the Cit
of Moses Lake,Washington,ratifying privi '
authorization of the undertaking of theconstructionandequippingofanewfire
protection service headquarters,station andtrainingfacility,the declaration of theestimatedcostoftheimprovements,and themethodoffinancingthereof;and ratifying theOissuanceofthebondanticipationnotedated
June 12,1996,to provide the constructionfinancing.
WHEREAS,the City of Moses Lake,Washington (the "City")wasinneedofanewfireprotectionserviceheadquarters,station andtrainingfacilityinordertoprovideadequatefireprotectionfortheCity(the "Projectu);and
WHEREAS,the Project is to be funded in part by a loan fromtheUnitedStatesofAmericaactingbyandthroughitsDepartment
of Agriculture (the "United States");and
WHEREAS,the City has heretofore undertaken the Project andissueditsLimitedTaxGeneralObligationBondAnticipationNote
dated June 12,1996,to provide interim financing pending theissuanceandsaleofageneralobligationbondtotheUnitedStatesevidencingtheloan;NOW,THEREFOREr
THE CITY COUNCIL OF THE CITY OF MOSES LAKEr WASHINGTON,DO
ORDAIN as follows:
Section 1.The Council of the City of Moses Lake ratifies allactionsheretoforetakentoconstructandequipanewfire
0 protection services headquarters,station and training facilitylocatedonCity-owned property on the southeasterly side of E.Third Avenue between Block and Fig Streets (the "Projectug
In carrying out such Project,the City has acquired andinstalledallequipmentandappurtenancesnecessaryforitsproperutilizationandacquiredbypurchase,lease or condemnation allproperty,both real and personal,or any interest therein,and allrights-of-way,franchises,and easements necessary to carry outsaidplan,which is all as more particularly set forth in plans andspecificationspreparedbyTheCochranAssociates,consultingarchitectsfortheProject.
Section 2.The estimated cost of the acquisition,construction and installation of the Project was declared to be,asnearasmaybe,the sum of $3,120,330,of which $3,020,300 shall beprovidedbytheissuanceandsaleofalimitedtaxgeneralobligationbondoftheCityandthebalancewasprovidedfromCityfunds.
Said bond shall bear interest payable semiannually to maturitybearinganinterestrateofnottoexceedthemaximumratepermittedatthetimesaidbondissold,shall be issued at suchtimeasmaybefoundnecessary,and shall mature in various amountsandatsuchtimesuptoamaximumperiodofnottoexceedthirtyyearsfromdateofissueasmaybefixedbytheCouncil.The exactOdate,form,terms and maturities of said bond shall be as hereafterfixedbyordinanceoftheCityCouncil.This ordinance ratifiesthedeclarationofofficialintentionheretoforemadepursuant toSection1.103-18 of the Income Tax Regulations promulgated by theUnitedStatesDepartmentoftheTreasuryandpursuanttotheCityManager's,Declaration of intention dated June 14,1994,asauthorizedbyResolutionNo.1732 of the city Council.
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Section 3.In order to provide interim financing for theProject,the City has issued it General Obligation BondAnticipationNote(Main Fire Station Project)in the amount of$3,020,000,dated June 12,1996,(the "Note").
The Note is payable solely out of proceeds of the limited taxgeneralobligationbondhereaftertobeissuedtotheUnitedStateswithinthreeyearsfromitsdateofissuance,The Note was issuedasalimitedtaxgeneralobligationoftheCity,secured by thefullfaithandcreditofthecityandpayablefromalllegallyOavailablefundsoftheCity,including taxes levied within and asapartofthetaxlevypermittedtocitieswithoutavoteoftheelectors.
Section 4.The City Manager and other city officials wereauthorizedtoproceedwiththeimprovementsrequiredfortheProject,and the Project is substantially complete.The CouncilshallbyordinancedirecttheissuanceandsaleofthebondtotheUnitedStatesinsuchmannerandatsuchtimeasitshalldirectandinaccordancewithlaw.
Section 5.A special account has been established in theBuildingFundoftheCityforthepurposeofpayingthecostsofconstructionoftheProjectdesignatedthe"Fire StationConstructionAccount"(the "Construction Fund")for the purpose ofaccountingforproceedsoftheNoteandothermoniesavailabletopaycostsoftheProjectandofpaymentofthecostsofconstructing,acquiring,installing and equipping the Project,including the costs of interim financing.All moneys held in theConstructionFundhavebeeninvestedinlegalinvestmentsforCityfunds,and investment earnings are credited,as received,to thegeneralfundoftheCityasheretoforeauthorizedanddirectedbyordinance.Upon the completion of the Project and the payment ofallcoststhereof,including the payment of all retainages forconstruction,the balance on hand in the Construction Fund shall beOtransferredtothefundcreatedforthepaymentofbondsissuedtofinancetheProject,and the construction Fund shall be closed.
section 6.This ordinance shall become effective from andafteritspassageandpublicationasrequiredbylaw.
PASSED by the city Council of the City of Moses Lake,Washington this 11th day of March,1997.
City Cle ''
/ity Attorney
PUBLISH:3/14/97
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