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RESOLUTION NO.11 ^
A RESOLUTION of the Council of the City of
Moses Lake,Washington,creating a construction
fund for Local Improvement District No.5 of
the city for the purpose of paying all of the
costs of the improvements to be constructed and
installed in said local improvement district,
including all costs incidental thereto,and
ratifying the sale of bonds and warrants of
said local improvement district to Wm. P.Harper
&Son &Company.
WHEREAS,by proceedings duly and regularly taken and by
Ordinance No.£J?f/-,passed and approved August 9,1955>Local
Improvement District No. 5 of the city was created and the construction
and installation of certain improvements was authorized;and
WHEREAS,the city has entered into an agreement with Wm. P.
Harper & Son &Company of Seattle,Washington,whereby said firm has
agreed to purchase all of the interim construction warrants drawn on
the Local Improvement District No. 5 Fund at par and at an interest
rate of 4$per annum and to purchase the bonds of said district when
same are issued,at par and at an interest rate of 4$per annum;and
WHEREAS,it is necessary that the money received by the
city from Wm.P.Harper &Son &Company from the sale of said warrants
be placed in a special construction fund and used to pay the costs of
construction and installation of said improvements,including the
monthly estimates due the contractors and all incidental costs of the
local improvement district;and
WHEREAS, it is necessary that such special fund now be
created for said purposes;
NOW,THEREFORE,BE IT RESOLVED by the City Council of the
City of Moses Lake, Washington, as follows:
Section 1.That the action of the City Council in accepting
the proposal of Wm. P.Harper &Son &Company of Seattle,Washington,
for the purchase of all of the interim construction warrants of Local
Improvement District No.5,at par,bearing interest at the rate of
4$per annum,and all of the bonds of said district,at par,bearing
interest at 4$per annum,be and the same is hereby in all respects
ratified and approved.
Section 2.That there be and is hereby created a special
fund of the city to be known as "Local Improvement District No.5
Construction Fund."All moneys received from the sale of warrants
drawn on the Local Improvement District No.5 Fund shall be placed
in said Construction Fund,and shall be used solely for the purpose
of paying all the costs of construction and installation of the im
provements for said Local Improvement District No. 5,including all
costs and expenses incidental thereto.
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
this 9th day of August, 1955.
CITY OSMOSES LAKE,WASHINGTON
By X^,VCvV(\^^g^^v
Mayor
ATTEST:
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2.