94RT HF 1-27-54 W ^
RESOLUTION NO.^V
A RESOLUTION of the City of Moses Lake,Washington,
providing for the issuance of bonds of Local
Improvement District No.4 of the city in the
total principal sum of $57,500.
WHEREAS,the improvements provided for in Ordinance No.200
in Local Improvement District No.4 have been completed;and
WHEREAS,the assessment roll in said district has been con
firmed by Ordinance No.211 in the manner required by law;and
WHEREAS,the total principal amount of warrants drawn on
Local Improvement District No.4 Fund for the purpose of paying the
entire cost of said improvements and all expenses incidental thereto
was $63,148.40 and the accrued interest from the date of each to
February 15,1954 will be $908.87,thus making a total cost of said
local improvement district of $64,057.27;and
WHEREAS,$4,891.80 of the assessments on said assessment roll
was paid during the 30-day period permitted by law for the payment o:
assessments without penalty,interest or costs; and
WHEREAS, after all costs incidental to the creation of this
local improvement district,the construction of the Improvements therein
and the issuance of the bonds thereof have been paid, it appears that
the sum of $1,665.47 will be left in the Fixed Estimate Fund of the
district,which sum shall be transferred to Local Improvement District
No.4 Fund and used with said prepaid assessments in redemption of
outstanding Local Improvement District No.4 Fund warrants;and
WHEREAS, by subtracting the amount of cash in said Fund
($6,557.27)from the principal amount of the outstanding warrants
plus accrued Interest thereon to February 15,1954 ($64,057.27),it
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appears that the city must issue its bonds of this local improvement
district in the total principal sum of $57,500 in order to redeem all
of said warrants;and
WHEREAS,it is now necessary that the date,form,terms and
maturity of said bonds be fixed;
NOW,THEREFORE,BE IT RESOLVED by the Council of the City of
Moses Lake,Washington,as follows:
Section 1. That immediately upon the passage of this resolution
the sum of $1,665.47 now in the Fixed Estimate Fund of Local Improvement
District No.4 of the city shall be transferred to Local Improvement
District No.4 Fund,and shall be used with the assessments heretofore
paid in said local improvement district for the redemption of warrants
drawn on said Fund.
After all expenses incidental to this Local Improvement
District No.4 have been paid out of the moneys remaining in said Fixed
Estimate Fund ($6o6.74),the balance of such money,if any,shall be
transferred to Local Improvement District No.4 Fund of the city and
shall be used at the first opportunity in the redemption of bonds of
said local improvement district.
Seetlon 2.That for the purpose of redeeming the outstanding
warrants drawn on Local Improvement District No.4 Fund which were
issued for the payment of the cost of the improvements constructed
and installed in Local Improvement District No.4 and all expenses
incidental thereto,the city shall issue bonds of such local improvement
district in the total principal sum of $57,500.
shall be in denominations of $500 each,
Said bonds shall be dated February 15,195^^/shall be numbered
from 1 to 115 inclusive,shall bear interest at the rate of 4 3/4$per
2-
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annum payable annually on the 15th day of February of each year,and
shall mature on February 15,1966.Said bonds shall be payable at the
office of the City Treasurer in Moses Lake in lawful money of the United
States of America.Notice of any intended redemption of any such bonds
shall be given by the City Treasurer by one publication thereof in the
official city newspaper not more than twenty nor less than ten days
prior to said redemption date.
Section 3.Said bonds shall be in substantially the following
form:
UNITED STATES OF AMERICA
NO.$500
STATE OF WASHINGTON
CITY OF MOSES LAKE
LOCAL IMPROVEMENT DISTRICT NO. 4
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
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 nonpayment, shall be confined to the
enforcement of the assessment 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
FIVE HUNDRED DOLLARS
in lawful money of the United States of America with
interest thereon from the date hereof at the rate of
4 3/4J&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.
3.
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This bond,both principal and Interest,is payable
only out of Local Improvement District No.4 Fund created
by Ordinance No.200 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 sum of $57,500,is payable on or before February 15,
1966,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.4
Fund to pay the same and all unpaid bonds of this issue which
are prior in numerical order to this bond over and above an
amount sufficient for the payment of the interest next coming
due on the unpaid bonds of this local Improvement district.
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 with the corporate seal of the city Impressed
hereon, and has caused the Interest coupons hereto attached
to be executed with the facsimile signatures of said officials
this 15th day of February,195^•
CITY OF MOSES LAKE,WASHINGTON
By
Mayor
ATTEST:
City Clerk
The interest coupons to be attached to said bonds shall be in
substantially the following form:
NO.$23.75
On the 15th day of February,19 ,the City of Moses
Lake,Washington,will pay to bearer at the office of the
City Treasurer the sum of TWENTY-THREE AND 75/100 DOLLARS
in lawful money of the United States of America out of
Local Improvement District No.4 Fund,said sum being the
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annual Interest due that date on bond numbered of
Local Improvement District No.4 of the city;provided,
that this coupon is subject to all the terms and con
ditions contained in the bond to which it is attached.
CITY OF MOSES LAKE,WASHINGTON
By
ATTEST:
Mayor
City Clerk
PASSED by the Council of the City of Moses Lake,Washington,
and approved by its Mayor at a regular meeting of said Council held on
the 9th day of February, 1954.
CITY OF MpaS^^AKE.WASHINGTON
By /^K^^^^
ATTEST:
City Clerk
5.
Mayor (f™iZ^rx