1548RESOLUTION NO.1548
A RESOLUTION of the City of Moses Lake accepting a
proposal for the purchase of its water and sewer revenue
bonds in the aggregate principal amount of $230,000;and
authorizing printing of such bonds.
WHEREAS, by Ordinance No. 1339,passed by the City Council of
the City of Moses Lake,Washington,(the "City") on October 11,
[^J 1988,Utility Local Improvement District No.3 was formed,the
improvements consisting of a lift station, force main and sewer
side laterals and appurtenances to serve a portion of Laguna Drive
and sewage collection facilities and appurtenances to serve a
portion of Lakeside Drive (the "Improvements"), provision for
payment of the costs of the improvements by special assessment
against the property specially benefited was made, and the issuance
of water and sewer revenue bonds was authorized;and
WHEREAS,the total cost and expense of the Improvements
ordered by Ordinance No.1339 is in excess of $325,700.00 of which
$264,371.05 has, by Ordinance No. 1360,been assessed against the
property specially benefited by such improvements and the balance
is to be paid by the City;and
WHEREAS,pursuant to Ordinances No.1393 and No.1394,the
City issued its Water and Sewer Utility Revenue Bond Anticipation
Notes (Utility Local Improvement District No.3)in the principal
amount of $325,700 (the "Notes"),maturing May 1, 1990,to pay the
cost of the Improvements and redeemed such Notes, in part, by an
interfund loan from the City's Water and Sewer Construction Fund
(the "Loan");and
u
WHEREAS,the City expects to borrow money and issue water and
sewer revenue bonds for the purposes of paying the Loan; and
WHEREAS,the City has received a proposal for purchase of such
bonds from Seattle-Northwest Securities Corporation,of Seattle,
Washington,(the "Proposal");NOW,THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MOSES LAKE,
WASHINGTON,as follows:
Section 1.Findings.The City Council has introduced or
expects to introduce an ordinance (the "Ordinance")authorizing the
repayment of the Loan and the issuance of $230,000 principal amount
of water and sewer revenue bonds (the "Bonds")therefor.It is
hereby found and determined that, if the Ordinance is passed and
approved,the City will need to receive the proceeds of the Bonds
promptly,that acceptance of the Proposal is in the best interests
of the City,that as consideration for binding Seattle-Northwest
Securities Corporation to the terms of such Proposal for a
reasonable period in which to consider the Ordinance it is
necessary to obligate the City to pay certain costs relating to
issuance of the Bonds prior to, and without regard to, final
passage of the Ordinance,and that adoption of this resolution does
not obligate the City Council to pass and approve the Ordinance.
Section 2.Sale of the Bonds.The acceptance of the
proposal of Seattle-Northwest Securities Corporation of Seattle,
Washington,dated June 12,1990,to purchase the Bonds,if,as and
K^_J when,authorized and issued at a price of $98.20 per $100.00 of
principal amount of the Bonds and on the terms set forth in said
proposal and this resolution is hereby conditionally accepted,
which acceptance shall become unconditionally effective if,when
and as the Ordinance is duly introduced,passed and published and
becomes effective and the Bonds are available for delivery on or
before to July 15,1990.
Lioited Tax General Obligation Bonds,1990 Sale Resolution — 1
^
Bonds upon introduction of the Ordinance; and incurring and payment
of the cost thereof is hereby authorized whether or not the
Ordinance shall become effective.
Section 4.Effective Date.This resolution shall take effect
immediately after its adoption.
ADOPTED by the City Council of the City of Moses Lake,
Washington at a regular open public meeting thereof held on 12th
day of June,1990.
CITY OF MOSES LAKE,WASHINGTON
ATTEST:
City Clerk
APPROVED AS TO FORM:
^f<*SL,m
City Attorney
CG1\VW\10497VW.AGM
Limited Tax General Obligation Bonds,1990 Sale Resolution —2
Mayor\^^