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RESOLUTION NO./7 O
A RESOLUTION of the City Council of the City of
Moses Lake,Washington,providing for the issuance
of bonds of Local Improvement District No. 9 of
the city in the total principal sum of $49,856.41.
WHEREAS,the improvements provided for in Ordinance No.338
of the city in Local Improvement District No.9 have been completed and
accepted by the city;and
WHEREAS, the assessment roll in said local improvement
district in the total principal sum of $55,918.50 has been confirmed
by Ordinance No.360 in the manner required by law;and
WHEREAS,$6,062.09 of the assessments on said assessment
roll was paid during the thirty-day period permitted by law for the
payment of assessments without penalty,interest or costs; and
WHEREAS,it will be necessary that the city issue bonds of
said local improvement district in the principal sum of $49,856.41
to redeem outstanding warrants drawn on Local Improvement District
No.9 Fund which were issued to pay part of the cost of constructing
and installing said improvements;and
WHEREAS,it is necessary that the date, form,terms and
maturity of said bonds now be fixed;
NOW,THEREFORE, BE IT RESOLVED by the City Council of the
City of Moses Lake, Washington, as follows:
Section 1.If,after all of the warrants numbered 1 to 31
Inclusive drawn on Local Improvement District No.9 Fund of the city
have been redeemed and after all expenses of said Local Improvement
District No.9 have been paid,there are any moneys left in the Local
Improvement District No.9 Construction Fund created by Ordinance No.338
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of the city, such moneys shall be transferred to said Local Improvement
District No. 9 Fund and shall be used as soon as possible thereafter
for the payment of the principal of and interest on the bonds authorized
herein.
Section 2. That for the purpose of redeeming outstanding
warrants drawn on Local Improvement District No. 9 Fund of the city,
which warrants were issued in payment of part of the cost of the im
provements constructed and installed in Local Improvement District
No. 9 of the city and all expenses incidental thereto, the city shall
issue bonds of such local improvement district in the total principal
sura of $49,856.41.
Said bonds shall be dated July 1,1958,shall be in de
nominations of $500 each except for Bond No.1,which shall be in the
denomination of $856.4l,shall be numbered from 1 to 99 inclusive,
shall bear interest at the rate of 5 l/4#per annum payable annually
on the first day of July of each year,and shall mature on July 1,
1970.Both principal of and interest on said bonds shall be payable
at the office of the City Treasurer in Moses Lake,Washington,in lawful
money of the United States of America.
Notice of any intended redemption of any of such bonds prior
to maturity 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.
form:
Section 3.Said bonds shall be in substantially the following
UNITED STATES OP AMERICA
NO.$500
(NOTTT ($856.41)
STATE OP WASHINGTON
CITY OP MOSES LAKE
LOCAL IMPROVEMENT DISTRICT NO.9
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N. B.Neither the holder nor the owner of any bond
or warrant issued under the provisions of this act shall
have any claim therefor against the city or town by which
the same is issued,except for payment from the special
assessments made for the improvement for which said bond
or warrant was issued,and except as against the local
improvement guaranty fund of such city or town,and the
city or town shall not be liable to any holder or owner
of such bond or warrant for any loss to the guaranty fund
occurring in the lawful operation thereof by the city or
town.The remedy of the holder or owner of a bond or
warrant in case of nonpayment,shall be confined to the
enforcement of the assessment and to the guaranty fund.
THE CITY OP MOSES LAKE, a municipal corporation of
the State of Washington,hereby promises to pay to bearer
the sum of
FIVE HUNDRED DOLLARS
in lawful money of the United States of America with
interest thereon from the date hereof at the rate of
5 1/4$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. 9 Fund created
by Ordinance No.338 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 $49,856.41,is payable on or before
July 1, 1970, 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. 9 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.
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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 exe
cuted with the facsimile signatures of said officials this 1st
day of July,1958.
CITY OP MOSES LAKE,WASHINGTON
By
Mayor
ATTEST:
City Clerk
The interest coupons attached to said bonds shall be in
substantially the following form:
NO.$26.25
(NO.-T)-($44.96)
On the 1st day of July,19 ,the City of Moses Lake,
Washington,will pay to bearer at the office of the City
Treasurer in Moses Lake the sum of TWENTY-SIX AND 25/100
DOLLARS in lawful money of the United States of America
out of Local Improvement District No.9 Fund,said sum being
the annual interest due that date on bond numbered of
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Local Improvement District No. 9 of the city;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
Mayor
ATTEST:
City Clerk
PASSED by the City Council of the City of Moses Lake,
Washington, and approved by its Mayor at a regular meeting of said
Council held this 10th day of June,1958.
CITY OF MOSES LAKE,WASHINGTON
By /'..••••-,•f"''
Mayor
ATTEST:
City Clerk
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