2812• Attachment #4
RESOLUTION NO. 2812
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN
AGREEMENT BETWEEN THE WASHINGTON STATE COMMUNITY ECONOMIC
REVITALIZATION BOARD AND THE CITY OF MOSES LAKE
A resolution of the City of Moses Lake, Washington, authorizing and directing the City Manager to
execute on behalf of the City of Moses Lake an agreement between the Washington State Community
Economic Revitalization Board and the City of Moses Lake for aid in financing the costs of public
facilities consisting of 1) installing 2,400 feet of water main to supply domestic water and fire flow
capacity to the Guardian Fiberglass facility; 2) installing 3,900 feet of sewer main; and 3) constructing
a 25 megawatt electrical substation to supply required power.
The City of Moses Lake does hereby resolve as follows:
Section 1. That the City Manager of the City of Moses Lake be and he is hereby authorized and directed
to execute, on behalf of the City of Moses Lake, a Final Contract between the Community Economic
Revitalization Board and the City of Moses Lake and such other documents as may be required for
securing aid in financing the cost of the above-described public facilities.
The City of Moses Lake has a City Council — City Manager form of government. In this form of government,
the City Council authorizes the City Manager to execute all contracts.
A copy of said Final Contract is attached hereto, designated as Exhibit A, and made a part hereof as
though set forth herein in full.
Section 2. The City Council has accepted the offer of the loan from the Community Economic
Revitalization Board in the amount of $666,100 said loan to bear interest at the rate of 1.75% per
annum, and a $63,910 grant.
Repayment of said general obligation loan shall be in accordance with the provisions of Article 8 of the
General and Special Conditions to the Final Contract and more particularly as follows:
Start repayment in 2008 and finish paying the loan 20 years thereafter.
•If the first disbursement is between, January 1 and June 30, repayment will begin July following
the first anniversary of the first disbursement of funds.
•If the first disbursement is between July 1 and June 30, repayment will begin January following
the first anniversary of the first disbursement of funds.
The City of Moses Lake reserves the right to accelerate payments on principal and eliminate the interest
on any accelerated principal payments.
•This obligation shall be considered as a legal general obligation of the City of Moses Lake
and the City of Moses Lake hereby pledges its full faith and credit to the payment thereof
•
DATED AND SIGNED this day of M ou at-n , 20 0 .
City of Moses Lake
By.
Ronald C. Covey, Mayor
ATT ST:
Ronald R. Cone, Financial D ector
Attachment #4
Resolution — Page 2
Section 3. The City of Moses Lake shall establish a separate fund to be known as the Community
Economic Revitalization Board (CERB) Fund. Establishment of this fund applies to CERB grants and
loans. In the case of a loan, there shall be sufficient moneys placed in this fund to meet the above-
detailed repayment schedule. The source of payment is: the water and sewer fund for installing the
water and sewer mains, and general fund for constructing the PUD electrical
(Include emergency clause, if necessary.)
NOTE: Signatures shall be the same as officer(s) so designated in the first section of this •
document.
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