1549RESOLUTION NO.1549
A RESOLUTION of the City of Moses Lake accepting a
proposal for the purchase of its limited tax general
obligation bonds in the aggregate principal amount of
$650,000; and authorizing printing of such bonds.
WHEREAS, the City Council of the City of Moses Lake,
Washington,(the "City"), by Ordinance No. 1334 established a
\^_J public sidewalk paving capital improvement program within a portion
of the downtown business district to be completed in stages (the
"Paver Program"),issued its Limited Tax General Obligation Bond
Anticipation Notes in the principal amount of $200,400,maturing
May 1, 1990, to pay a portion of the cost of the 1989 phase of the
Paver Program,and redeemed such Notes by an interfund loan from
the City's General Fund (the "Loan");and
WHEREAS, the City is proceeding with the 1990 phase of the
Paver Program,the City's share of the cost of which is
approximately $330,000; and
WHEREAS,a parcel of land located at Third and Ash Streets is
available and the City is desirous of acquiring such property for
the purpose of developing a downtown parking lot (the "Parking Lot
Property");and
WHEREAS, the City expects to borrow money and issue limited
tax general obligation bonds for the purposes of paying the Loan,
paying the City's share of the 1990 phase of the Paver Program, and
paying the cost of acquiring the Parking Lot Property;and
u
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
acquisition,construction and installation of the 1990 phase of the
Paver Program,the acquisition of the Parking Lot Property,the
repayment of the Loan (the "Capital Improvement Program"),and the
issuance of $650,000 principal amount of limited tax general
obligation bonds (the "Bonds")to pay the City's share of the costs
of the Capital Improvement Program.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
^_J when,authorized and issued at a price of $98.3961538 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.
Section 3.Authorization to Citv Officials.The proper City
officials are hereby authorized to proceed with printing of such
Liaited Tax General Obligation Bonds,1990 Sale Resolution — 1
Section 3.Authorization to City Officials.The proper City
officials are hereby authorized to proceed with printing of such
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:
AJajgjtJ
City Cler
APPROVED AS TO FORM
CG1\VW\10 VW.AGH
Linited Tax General Obligation Bonds,1990 Sale Resolution —2
Mayor^