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RESOLUTION NO,/VS~
A RESOLUTION of the City of Moses Lake,Washington,
providing for the issuance of bonds of Local Im
provement District No. 5 in the principal sum of
$217,066.79.
WHEREAS,the improvements provided by Ordinance No.284,passed
and approved August 9, 1955, to be constructed in Local Improvement
District No. 5 of the City, have been completed; and
WHEREAS,the total cost of said improvements as evidenced by
warrants drawn on the Local Improvement District No. 5 Fund,created
by said Ordinance No.284 in the amount of $237,777.36 plus accrued
interest thereon from the date of each warrant to the respective dates
of redemption and proposed redemption thereof in the amount of $7,991.76
is$245,769.32;and
WHEREAS,the assessment roll in said District has been confirmed
by Ordinance No.310,passed and approved August 15, 1956, in the total
amount of $246,414.77,of which $28,702.33 was paid during the thirty-
day period permitted by law for the payment of assessments without pen-
alty or interest;and
WHEREAS,it will be necessary for the City to now issue bonds
of said Local Improvement District in the principal sum of $217,066.79
and to deliver said bonds,together with the prepaid assessments on the
assessment roll to the holder or holders of the outstanding Local Im
provement District No.5 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
which have been drawn upon the Local Improvement District No. 5 Fund
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of the City and issued for the payment of the cost of the improve
ments in said Local Improvement District,the City shall now issue
bonds of such Local Improvement District in the principal sum of
$217,066.79.
Said bonds shall be dated October 20,1956,shall be in de
nominations of $1,000.00 each,except Bond No.1 which shall be in
the denomination of $66.79 »shall be numbered from 1 to215,inclus
ive,shall bear interest at the rate of four percent (4#)per annum
payable annually on October 20th of each year, and shall mature
October 20,1968.
All of 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. 5 Fund to pay the same and all unpaid
bonds of this Local Improvement District which are prior in numerical
order to the last bond to be redeemed over and above an amount suffic
ient for the payment of the interest next accruing on all the unpaid
bonds of this Local Improvement District.Notice of such intended re
demption 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.
form:
Section 2.Said bonds shall be in substantially the following
UNITED STATES OP AMERICA
NO.$1,000.00 ($66.79)
STATE OP WASHINGTON
CITY OP MOSES LAKE
LOCAL IMPROVEMENT DISTRICT NO. 5
N. B.Neither the holder nor the owner of any
bond or warrant Issued under the provisions of this
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Act shall have any claim therefor against the City or
town by which the same is issued,except for the pay
ment from the special assessments made for the improve
ment 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 law
ful 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
ONE THOUSAND DOLLARS
($66.79)in lawful money of the United States of America,
with interest thereon from the date hereof at the rate of
four per cent (4$)per annum,payable annually upon pres
entation 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.5 Fund created
by Ordinance No.284 of the City and from the Local Im
provement Guaranty Fund of the City created by Chapter 209>
Session Laws 1927*
This bond is one of an issue aggregating in all the
principal sum of $217*066.79 and is payable on or before
October 20,1968,and is subject to call by the Treasurer
of said City on any annual interest payment date whenever
there shall be sufficient money in said Local Improvement
District No. 5 Fund to pay the same and all unpaid bonds
of this Local Improvement District of which this is one
which are prior in numerical order to this bond,over and
above an amount sufficient for the payment of the inter
est next accruing on the unpaid bonds of this Local Im
provement District.
In case this bond is called for payment before its
final maturity,each and every interest coupon not accrued
at the time of such payment shall be void. Call for pay
ment of this bond shall be made by the City Treasurer by
one publication of such call in the official city newspaper
not more than twenty nor less than ten days prior to said
call date,and when such call is made this bond shall be
paid on the day the next interest coupon thereon shall be
come due after such call.
IN WITNESS WHEREOF,the City of Moses Lake,Washington,
has caused this bond to be signed by its Mayor and attested
by its Clerk under the corporate seal of the City, and has
caused the interest coupons hereto attached to be executed
with the facsimile signatures of said officials this 20th
day of October,1956.
City of Moses Lake,Washington
Attest:By
Mayor
City Clerk
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The interest coupons to be attached to said bonds shall
be in substantially the following form:
NO.$
On the 20th day of October,19 , the City of
Moses Lake,Washington,will pay to bearer at the
Office of the City Treasurer,the sum of
DOLLARS in lawful money of the United
States or America, said sum being the interest due that
date on bond numbered of Local Improvement District
No.5 of the City, out of Local Improvement District No.
5 Fund;provided,that this coupon is subject to all the
terms and conditions contained in the bond to which it is
attached.
ATTEST:
City Clerk
City of Moses Lake,Washington
By
Mayor
Mayor
ATTEST:
City Clerk
PASSED at a regular meeting of the Council of the City
of Moses Lake,Washington,and approved by its Mayor on the ^^day
of October, 1956.
CITY OF MOSES LAKE,WASHINGTON
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