154RESOLUTION NO.J'JT'€f
A RESOLUTION of the City of Moses Lake,Washington,
providing for the issuance of bonds of Local Improve
ment District No.7 in the principal sum of $22,526.04.
WHEREAS,the improvements provided by Ordinance No.306
passed and approved July 24,1956,to be constructed in Local
Improvement District No.7 of the City of Moses Lake have been
completed;and
WHEREAS, the assessment roll in said district has been con
firmed by Ordinance No.324 passed and approved February 12,1957 in
the total amount of $22,975.44,of which $449.40 was paid during the
thirty day period permitted by law for the payment of assessments with
out penalty 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
$22,526.04 and to deliver said bonds,together with monies now in
the Local Improvement District No. 7 Fund to the holder or holders of
the outstanding Local Improvement District No. 7 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. 7 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 principal sum of $22,526.04.
Said bonds shall be dated April 8,1957,shall be in
denominations of $500.00 each,except bond No.1 which shall be in
the denomination of $526.04,shall be numbered from 1 to 45 in
clusive,shall bear interest at the rate of 4-3/4$per annum payable
annually on the 8th day of April of each year and shall mature
April 8,1969.
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 the Local Improvement District No.7 Fund to
pay the same and all unpaid bonds of this Local Improvement District
which are prior in number to the last bond to be redeemed over and
above an amount sufficient for the payment of interest next accruing
on all the unpaid bonds of this Local Improvement District. Notice
of such intended redemption shall be given by one publication thereof
in the official City newspaper not more than 20 nor less than 10 days
prior to such redemption date.
Section 2.Said bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
NO.$500.00 ($526.04)
STATE OF WASHINGTON
CITY OF MOSES LAKE
LOCAL IMPROVEMENT DISTRICT NO. 7
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 the 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
($526.04)in lawful money of the United States of America,with
interest thereon from the date hereof at the rate of 4-3/4$
2.
uu ^
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 out of
Local Improvement District No.7 Fund created by Ordinance No.
306 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 aggregating in all the principal
sum of $22,526.04 and is payable on or before April 8,1969,and
is subject to call by the Treasurer of said City on any annual
interest payment date whenever there shall be sufficient money
in said Local Improvement District No. 7 Fund to pay the same
and all unpaid bonds of this Local Improvement District of
which this is one which are prior in numerical order to this
bond,over and above an amount sufficient for the payment of
interest next accruing on the unpaid bonds of this Local Im
provement District.
In case this bond is called for payment before its final
maturity,each and every interest coupon not accrued at the
time of such payment shall be void. Call for payment of this
bond shall be made by the City Treasurer by one publication of
such call in the official city newspaper not more than twenty
nor less than ten days prior to said call date,and when such
call is made this bond shall be paid on the day the next interest
coupon thereon shall become due after such call.
IN WITNESS WHEREOF,the City of Moses Lake,Washington,has
caused this bond to be signed by its Mayor and attested by its
Clerk under the corporate seal of the City,and has caused the
interest coupons hereto attached to be executed with the fac
simile signatures of said officials this 8th day of April,1957.
City of Moses Lake,Washington
By
Mayor
Attest:
City dlerk
The interest coupons to be attached to said bonds shall
be in substantially the following form:
NO.$
On the 8th day of April,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 of America,said sum being the interest
due that date on bond numbered of Local Improvement District
No.7 of the City,out of Local Improvement District No.7 Fund;
provided that this coupon is subject to all the terms and conditions
contained in the bond to which it is attached.
City of Moses Lake,Washington
By_
ATTEST:
City Clerk "
3.
Mayor
PASSED at a regular meeting of the Council of the City of
Moses Lake,Washington,and approved by its Mayor on the £23 day
of ^2^_X >1957.
ATTEST:
City Clerk
4.
CITY OF MOSES LAKE,WASHINGTON
By ^^fes^gj**/Ss>iz<z<^s&k7
'Mayor