1038RESOLUTION NO.1038
A RESOLUTION AUTHORIZING THE REFINANCING OF REGISTERED WARRANTS
ISSUED PURSUANT TO ORDINANCE 961 AND TO AMEND RESOLUTION 1036
TO PERMIT REPAYMENT OF INTERFUND LOANS BY REGISTERED WARRANTS
WHEREAS,City of Moses Lake Ordinance 961 provided for the making of expenditures
for the related costs associated with the clean-up of volcanic ash to be by regis
tered warrant;and
WHEREAS,Rainier National Bank provided a market for such registered warrants which
bear interest at one-half of one percent below the Rainier National Rank's current
expense revenue warrant rate;and
WHEREAS,the interest charges on such registered warrants approximates $215 per
day;and
WHEREAS,the Washington State Finance Committee has authorized the purchase of
registered warrants issued by local governmental entities as a result of the Mount
St.Helens eruptions,and that the Washington State Treasurer has offered to
purchase such registered warrants issued by the City of Moses Lake at 0%interest;
NOW,THEREFORE,BE IT RESOLVED,that authority be given to the City Treasurer to
issue registered warrants to bear interest at 0%to the Washington State Treasurer
for the purpose of financing volcanic disaster clean-up expenditures subject to the
fiscal limitation of $1,152,302 as set forth in Ordinance 961.
BE IT FURTHER RESOLVED that Resolution 1036 authorizing the making of interfund
loans for the purpose of maintaining financing of volcanic disaster clean-up expen
ditures in excess of $1,152,302 is hereby amended to permit the repayment of such
interfund loans by registered warrants in order to immediately take advantage of
the Washington State Finance Committee's financing program.
BE IT FURTHER RESOLVED,that such purchases of registered warrants will be subject
to the provisions as set forth in the Washington State Treasurers'proposal including
the fact that the receipt of federal disaster assistance monies will be first
received by the appropriate state agency and the State Office of Financial Management
will deduct from the remittance an amount sufficient to retire outstanding registered
warrants held by the Washington State Treasurer.
PASSED by the City Council of the City of Moses Lake,Washington,and APPROVED by
its Mayor this 9th day of September,1980.
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ATTEST/'
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