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68/ K^~J \^J RESOLUTION HO,u A HESOLDTION of the City of Moses Lake employ ing Wm.P*Harper &Son &Company of Seattle, Washington to perform certain services in connection with the issuance and sale of cer tain Water and Sewer Revenue Warrants and Water and Sewer Revenue Bonds and for the pay ment thereof© WHEREAS,the City of Moses Lake operates a Municipal Water and Sewer Department which it desires to extend and improve in the near future at an estimated cost of $100,000;and WHEREAS,there may be future demands upon said system requiring expendi ture of funds for additional improvements as the anticipated growth of the City*s population occurs;and WHEREAS,the financial condition of said department is such that perm anent long-term financing can be planned in a manner more advantageous to the City at a future date;and WHEREAS,it is deemed to be to the best interest of the City to employ Wm0 P«Harper & Son &Company of Seattle,Washington as financial advisors to analyze its situation and consult with the City at appropriate times in connection with the issuance and sale of temporary obligations and their sub sequent refunding with appropriate long**term bonds; NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Moses, Lake,Washington as follows: Section It That the offer of March U,195>2 of Wia.Po Harper &Son & Company (hereinafter called "The Companyn)to purchase $100,000 Revenue War rants of the Cityfs Water and Sewer Department at the price and subject to con** ditions as set forth therein be,and it is, hereby accepted* Section lis That Whu P#Harper & Son &Company be,and it is,hereby em ployed to do as follows: A*"The Company"will from time to time give financial advice con cerning the program for extending and improving the water and sewer systems; Bo "The Company"will review monthly operating statements and annual budgets and advise the City on these matters to the extent that they affect present and future financing and will meet with the City at appropriate times to discuss these and other problems concerning utility operations; »•2 ** C»That at an appropriate time,•'The Company"will present and recommend a plan of permanent long-term financing which will include,but not be limited to,the refunding of the temporary warrants to be issued during the term of this employment! D»That the period of this employment shall terminate five years from the date of issue of the warrants to be issued and sold within the near future,except that this employment may be terminated by mutual consent after the warrants to be issued have been refunded as part of a long-term serial bond issue$ E*That the offer submitted herewith for purchase of $100,000 Revenue Warrants is to aid in determining your plans for extension and im- provement of the Water and Sewer System and is in accordance with previous discussions; Fo That in the event it is found necessary and desirable to issue and sell additional warrants during the period of this employment,The Company1* agrees to submit an offer for purchase of all such warrants which they recommend© Section III:For and in consideration of these services,Wm.P#Harper &Son &Company shall be paid a fee of 2 l/2#of the par value of all bonds or warrants sold or ©ontracted to be sold within the period of this employment to provide funds for the renewal,replacement,extension,or betterment of the including $100,000 Revenue Warrants referred to herein; City's Water and Sewer SystemVprovided,however,that if "The Company"sub mits an offer to purchase said long-term bonds recommended in the plan of financing at a private sale and this offer is accepted by the Council,then "The Company"will waive the fee on the bonds so purchased by "The Company". PASSED,by the Council of the City of Moses Lake and approved by its Mayor this hth day of March,1°5>2# CITY OF MOSES LAKE,WASHINGTON By ATTEST:Mayor ^V^^^>lu By teui//City Clerk £/ WM,P.HARPER &SON & COMPANY accepts and agrees to the terms as set forth in the above/resola- tion«//,*>/?/i (//?ftr //C^^^/J^^£a^^