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88)f-> RT HF 4-30-53 *V^^-^ RESOLUTION NO.f* A RESOLUTION of the City of Moses Lake, Washington, providing for the issuance of bonds of Local Improvement District No.3 in the total principal sum of $346,787.93- WHEREAS, the improvements provided for by Ordinance No.177 in Local Improvement District No.3 of the city have been completed and the assessment roll in said district has been confirmed by Ordinance No.191 in the manner required by law; and WHEREAS,the total cost of said improvements as evidenced by warrants drawn on Local Improvement District No. 3 Fund created by said Ordinance No.177, plus accrued interest thereon from date of each war rant to May 15,1953,is $373,31^.06;and WHEREAS,$26,526.13 of said assessments was paid during the, 30-day period permitted by law for the payment of assessments without penalty or interest,thus making it necessary that bonds of said local improvement district in the principal sum of $346,787 93 be now issued and,with said prepaid assessments,be delivered to the holder of said outstanding Local Improvement District No.3 Fund warrants in exchange therefor; NOW,THEREFORE,BE IT RESOLVED by the Council of the City of Moses Lake,Washington,as follows: Section 1.That in order to redeem the outstanding warrants numbered 1 to 104,Inclusive (except for warrants numbered 6,57,58 and 74,which have been declared void by act of the Council),drawn on Local Improvement District No.3 Fund of the city and issued for the payment of the cost of the Improvements in said local improvement district,the city shall now issue bonds of such local improvement district in the total principal sum of $346,787.93- ^J ^u Said bonds shall be dated May 15, 1953, shall be in denominations of $1,000 each except for Bond No.1,which shall be in the denomination of $787-93,shall be numbered from 1 to 347,inclusive,shall bear interest at the rate of 5%per annum payable annually,and shall mature in twelve years from date of issue.Said bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer in Moses Lake,Washington. 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.3 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. (NO.1) UNITED STATES OF AMERICA a,000 787.93) STATE OF WASHINGTON CITY OF MOSES LAKE LOCAL IMPROVEMENT DISTRICT NO.3 N.B.Neither the holder nor the owner of any bond or warrant issued under the provisions of this act shall have any claim therefor against the city or town by which the same is issued,except for payment from the special assess ments 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 ^J ^J 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 assess ment and to the guaranty fund. The City of Moses Lake,a municipal corporation of the State of Washington,hereby promises to pay to bearer the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America,with Interest thereon from the date hereof at the rate of 5% 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.3 Fund created by Ordinance No.177 of the city and from the Local Improvement Guaranty Fund of the city created by Chapter 209, Session Laws 1927. This bond is one of an issue of bonds aggregating in all the principal sum of $3^6,787-93,and is payable on or before May 15,1965,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.3 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 coupon 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 with the facsimile signatures of said officials this 15th day of May,1953- CITY OF MOSES LAKE,WASHINGTON By ATTEST:Mayor City Clerk 3. The interest coupons to be attached to said bonds shall be in substantially the following form: NO.$50.00 (NO.1)($39.40) On the 15th day of May,19 ,the City of Moses Lake, Washington, will pay to bearer at the office of the City Treasurer,the sum of FIFTY AND NO/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.3 of the city, out of Local Improvement District No.3 Fund;provided,that this coupon is subject to all the terms and conditions contained in the bond to which it is attached. By ^^Y^VlJrv Mayor ATTEST: City Clerk PASSED by the Council of the City of Moses Lake and approved by its Mayor this J-day of YV\'1953- CITY OF MOSES LAKE,WASHINGTON By V^NrvCWoiU Mayor ATTEST: City Clerk CITY OF M0SE_S LAKE,WASHINGTON h.