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RT HF 2-11-51 L^J ^
RESOLUTION NO.^)ft
A RESOLUTION of the City of Moses Lake,Washington,providing
for the issuance of bonds of Local Improvement District
No.2 in the total principal sum of $102,424.44,and
fixing the date, form,terms and maturity thereof.
WHEREAS,the improvements provided for by Ordinance No.123 in
Local Improvement District No.2 have been completed and the assess
ment roll in said district has been confirmed by Ordinance No.150 in
the manner required by law;and
WHEREAS,the total amount of warrants issued on Local Improvement
District No.2 Fund for the payment of the entire cost of said improve
ments is $120,192.24,$667.18 of which will be paid out of moneys other
than the assessments collected within the 30-day period permitted by
law for payment of assessments without penalty or interest;and
WHEREAS,accrued interest from the date of issue to February 10,
1951 on the remaining $119,525-06 of warrants issued to pay the balance
of the cost of said improvements equals $4,437.29,thus making the
total cost of said improvements to be paid out of assessments collected
and to be collected the sum of $123,962.35;and
WHEREAS,$21,537.91 of said assessments was paid during the 30-day
period permitted by law for payment of assessments without penalty or
Interest,thus making it necessary that bonds of said local improvement
district in the principal sum of $102,424.44 be now issued and sold to
provide funds to redeem the balance of the warrants issued in payment
of the construction of said improvements not already redeemed out of
said prepaid assessments;
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City
of Moses Lake, Washington, as follows:
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Section 1.That in order to provide funds to redeem the out
standing warrants, plus accrued Interest thereon, for the payment of
the balance of the cost of the Improvements in Local Improvement
District No.2, the City of Moses Lake shall issue bonds of such
local improvement district in the total principal sum of $102,424.44.
Said bonds shall be dated February 10, 1951, shall be in denominations
of $500 each except for Bond No.1,which shall be in the denomination
of $424.44,shall be numbered from 1 to 205 inclusive,shall bear
interest at the rate of 5 1/2$per annum payable annually,and shall
mature in twelve years from date. Said bonds shall be payable at the
office of the City Treasurer in Moses Lake,Washington,in lawful money
of the United States of America.
Said bonds shall be redeemable at par in numerical order on any
interest payment date whenever there shall be sufficient money in Local
Improvement District No,2 Fund to pay the same and all unpaid bonds of
this issue which are prior in numerical order to the last bond to be
redeemed over and above an amount sufficient for the payment of the
interest next accruing on all the unpaid bonds of this issue.Notice
of such Intended redemption shall be given by one publication thereof
in the official city newspaper not more than twenty nor less than ten
days prior to such redemption date.
Section 2. Said bonds shall be in substantially the following
form:
NO.$500
UNITED STATES OF AMERICA
STATE OF WASHINGTON,CITY OF MOSES LAKE
LOCAL IMPROVEMENT DISTRICT NO. 2
N.B.Neither the holder nor the owner of any bond or
warrant issued under the provisions of this act shall
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have any claim therefor against the city or town by which
the same is issued,except for payment from the special
assessments made for the improvement for which said bond
or warrant was issued, and except as against the local
improvement guaranty fund of such city or town,and the
city or town shall not be liable to any holder or owner
of such bond or warrant for any loss to the guaranty fund
occurring in the lawful operation thereof by the city or
town. The remedy of the holder or owner of a bond or
warrant in case of non-payment,shall be confined to the
enforcement of the assessment and to the guaranty fund.
THE CITY OF MOSES LAKE,WASHINGTON,a municipal
corporation of the State of Washington,hereby promises
to pay to bearer the sum of
FIVE HUHDRED DOLLARS
in lawful money of the United States of America, with
interest thereon from the date hereof at the rate of
5 1/2$per annum payable annually upon presentation and
surrender to the City Treasurer of this bond and the
annexed interest coupons as they severally become due.
This bond, both principal and interest, is payable only
out of Local Improvement District No. 2 Fund,created by
Ordinance No.123 of the City,and from the Local Improvement
Guaranty Fund of the City created by Chapter 209, Session
Laws of 1927.
This bond is one of an issue of bonds aggregating in all
the principal sum of $102,424.44,and is payable on or before
February 10,1963,and is subject to call by the Treasurer of
said City on any annual interest payment date whenever there
shall be sufficient money in said Local Improvement District
No. 2 Fund to pay the same and all unpaid bonds of the issue
of which this is one which are prior in numerical order to
this bond,over and above an amount sufficient for the payment
of the interest next accruing on the unpaid bonds of this issue
In case this bond is called for payment before its final
maturity,each and every interest coupon not accrued at the
time of such payment shall be void.Call for payment of this
bond shall be made by the City Treasurer by one publication
of such call in the official city newspaper not more than
twenty nor less than ten days prior to said call date,and
when such call is made this bond shall be paid on the day
the next interest doupon thereon shall become due after such
call.
IN WITNESS WHEREOF,the City of Moses Lake,Washington,
has caused this bond to be signed by its Mayor,and attested
by its Clerk under the corporate seal of the City,and has
caused the interest coupons hereto attached to be executed
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with the facsimile signatures of said officials this tenth
day of February,1951.
CITY §F MOSES LAKE.WASHINGTON
'/•--"-~^V"By
~:^v y^-':"r Mayor
-:^\s*-AEEEST:
•\
-.'/'-:••.?:->^s City CCity Clerk
The interest coupons to be attached to said bonds shall be in
substantially the following form:
(NO.l)($23.34)
NO.$27.50
On the tenth day of February, 19 , the City of Moses
Lake,Washington,will Day to bearer at the office of the
City Treasurer,the sum*of TWENTY-SEVEN AND 50/100 DOLLARS
in lawful money of the United States of America,said sum
being the interest due that date on bond numbered
of Local Improvement District No.2 of the City,out of
^Local Improvement District No. 2 Fund;provided,that this
coupon is subject to all the terms and conditions contained
in the bond to which it is attached.
WASHINGTON
/-
y-•_
City Clerk
Mayor
ATTEST*
City Clerk
PASSED by the Council of the City of Moses Lake and approved by
its Mayor this 13thday of February,1951.
CITY OF MOSES LAKE,WASHINGTON
Mayor
AfTESQX:
J^iL-WX
4.