1335RECITALS:
RESOLUTION NO. 1335
A RESOLUTION DESIGNATING WATER/SEWER REVENUES FOR CAPITAL
IMPROVEMENT PURPOSES AS SET FORTH IN THE 1987 BUDGET
ORDINANCE,WHICH WAS ENACTED ON NOVEMBER 26,1986
1.Revenues which are set aside for debt services are included in the bond
ordinance.They are also included in this resolution.Bond coverages
for capital improvement purposes are included in the bond ordinance and
are included in this resolution.
2.The Washington State Department of Revenue requires a resolution in addi
tion to the budget enacting ordinance which states a set aside of funds
for capital improvements (funds which are placed in a restricted water/
sewer construction fund and which will only be used for present and fu
ture capital construction projects)to qualify for tax exemption.
RESOLVED:
1.Pursuant to City of Moses Lake Water and Sewer Bond Ordinance #8 and the
1987 Budget Ordinance,$765,708 of Water/Sewer Revenues shall be set
aside in Debt Service Fund #460 to repay Water/Sewer Revenue Bonds for
capital improvements.The revenues set aside for debt service are as
follows:
January -June (1/12)$255,000.00 $21,250.00
January -June (1/6)256,838.13 42,806.36
Total $64,0b6.36
July -December (1/12)$265,000.00 $22,083.33
July -December (1/6)248,869.38 41,478.23
Total $63,bbl.bb
The above amounts shall be taken 19.62%from water revenues,and 80.38%
from sewer revenues.
2.Pursuant to the ordinance establishing the E.A.A.Loan for the Wheeler
Road Water Main,l/12th of $8,320.96 shall be set aside from water
revenues and placed in the E.A. A.Debt Service Fund each month.
3.Pursuant to the ordinance establishing the C.E.R.B.Loan for Reservoir
#6,l/9th of $35,203.14 shall be set aside from the water revenues for
the months of January through September and placed in the C.E.R.B.Debt
Service Fund.
4.The 1987 budget enacting ordinance provides for $652,500 to be trans
ferred from the Water/Sewer Operating Fund (account)to the Water/Sewer
Construction Fund (account),which is restricted for capital improvement
purposes.
5.The $652,500 of Water/Sewer Revenues are designated for capital improve
ment purposes,and each month during 1987,1/12 of said amount will be
placed in the Water/Sewer Construction Fund (account),which is restrict
ed for capital improvement purposes.The amount of 80.38%of 25%of
$765,708 ($153,869.02)shall be set aside from sewer revenues and
$498,630.98 shall be set aside from water revenues.The amount of 25%of
the debt service is required in the bond covenants for capital improve
ment purposes.
Adopted by the City Council on July 14,1987.
'/Mayor/