1691RESOLUTION NO.1691
A RESOLUTION OF THE CITY OF MOSES LAKE,GRANT COUNTY,WASHING
TON AUTHORIZING THE ISSUANCE OF LIMITED TAX (COUNCILMANIC)
GENERAL OBLIGATION BONDS OF THE CITY OF MOSES LAKE FOR THE
COSTS OF DOWNTOWN IMPROVEMENTS AND FOR EXPANSION OF THE
PARK AND RECREATION DEPARTMENT'S MAINTENANCE SHOP FOR THE
CITY OF MOSES LAKE ANDTO COMPLETETHE ACQUISITION OF PROPERTY
FOR A HEADQUARTERS FIRE STATION AND/OR TO ACQUIRE PROPERTY
FOR A SATELUTE FIRE STATION; CREATING A CAPITAL PROJECT FUND
AUTHORIZING INTERFUND LOANS FROM TIME TO TIME FROM THE SELF
\J INSURANCE FUND AND/OR THE EQUIPMENT RENTAL FUND IN ANTICIPA
TION OF ISSUANCE OF SUCH BONDS;AND COMPLYING WITH REQUIRE
MENTS OF THE UNITED STATES TREASURY TO ENABLE REPAYMENT OF
SUCH LOANS FROM PROCEEDS OF SUCH BONDS HEREAFTER ISSUED BY
THE CITY OF MOSES LAKE
RECITALS:
1. The City of Moses Lake, Grant County, Washington (the "City"),by and through its Engineering
Division ofthe Municipal Services Department and through the Office of the City Manager,has begun
preliminary design of and determined cost estimates for downtown improvements,improvement to
the Parkand Recreation Department's Maintenance Shop,and to completethe acquisition of property
fora headquarters fire stationand to acquire propertyfora satellite fire station(the"Project"),forthe
City.
2. Itis the intention of the City Council of the Cityto issue bond anticipation notes and/or bonds in one
or more series payable from regulartax levies (the "Bonds")to reimburse and/or pay the costs of
acquiring,constructing,installing,and equippingthe Projectat such time ortimes as the costs ofthe
Projectinwhole, or In phases, is more specifically determined and/or an awardof a contract forthe
Project is imminent.
3. It is hereby found and determined that the Self Insurance Fund and/or the Equipment Rental Fund
of the City (the "Fund")have available and is expected to continue to have available sufficient
amounts over and above the costs of deductibles and co-insurance and the costs to purchase and
—•maintain equipment to enable the Self Insurance Fund and/or the Equipment Rental Fund to lend
(j monies for the initial costs of the Project untilsuchtime as it becomes feasible orappropriate to issue
^-^the Bonds.
RESOLVED:
1.Capital Project Fund.There is hereby created and established a Capital Project Fund ("Project
Fund");and all expenses heretofore or hereafter paidwith respect to the Project shall be identified
as Project No. 1 and charged against such Fund.
2.Financing Plan.The costs of the Project are currently estimated to be $1.2 million,of which
approximately 100%is expected to be paid from the bonds authorized by Section 3 of this resolution
and the balance of such costs, ifthere are any,shall be paid from such sources as the City shall
herefter designate.
3.Authorization of Bonds. The issuance of limited tax (councilmanic)general obligation bonds of the
City(the "Bonds")is hereby authorized in such series, at such times,In such amounts, and with such
terms and conditionsas the City Council shall hereafter,by ordinance,determine fromtime to time
to paythe costs of the Projectand to repay the interfund loans made orto be made inaccordance
with this resolution.Such Bonds maybe issued in one or more series of limited (councilmanic)
bonds,and/orasnotesand/orregistered warrants issued in anticipation ofthe subsequentissuance
of bonds, at such time ortimes as necessary or appropriate,all inaccordancewiththe status ofthe
Project andthe market conditions for saleof such notes orbonds. The total aggregate amountof
Bondsto be issuedto reimburse costs ofthe Project pursuant to this resolution is$1.2 million.
4.Interfund Loan.Ail costs andexpenses ofthe City attributable tothe Project shall be charged against
{^)the Project Fund and shall be paid from the Self Insurance and/or Equipment Rental Fund (the
"Lending Fund")available after provision for the costs and expenses heretofore budgeted and
appropriated from such Lending Funds asthey come due.All Project costs andexpenses heretofore
or hereafter paid from the Lending Funds,togetherwith Interest thereon from the date expended to
the date of reimbursement thereof,shall be reimbursed from proceeds of the bonds.
5. Reimbursement Allocation.The portion of proceeds ofthe Bonds, orany seriesthereof,which shall
constitute a reimbursement allocation,includingthe pro rata share ofthe costs of issuance,shall be
designated by the ordinance hereafter authorizing the issuance and sale of such bonds. The
maximum aggregateamount of Bonds to be issued pursuant to this resolution for the purpose of
reimbursing costs of the Project is $1.2 million.
6.
,*»This resolution constitutes adeclaration
^omcla.intent under United States
Adopted by the City Council on June 23,1992-
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ATTEST:
Bnance Director
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