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187- RESOLUTION NO./j?7 A RESOLUTION of the City Council of the City of Moses Lake,Washington,providing for the issuance of bonds of Local Improvement Dis trict No. 11 of the city in the total princi pal sum of $24,244.79. WHEREAS,the improvements provided for In Ordinance No. 366 of the city in Local Improvement District No. 11 have been completed and accepted by the city;and WHEREAS,the assessment roll in said local Improvement dis trict in the total principal sum of $29,315.23 has been confirmed by Ordinance No. 373 in the manner required by law; and WHEREAS,$5,035.87 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 $24,244.79 to redeem outstanding warrants drawn on Local Improvement District No. 11 Fund which were issued to pay part of the cost of constructing and in stalling 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 5 in clusive drawn on Local Improvement District No. 11 Fund of the city have been redeemed and after all expenses of said Local Improvement District ^o No. 11 have been paid,there are any moneys left in the Local Improvement District No.11 Construction Fund created by Resolution No.174 of the city,such moneys shall be transferred to said Local Improvement District No. 11 Fund and shall be used as soon as possible thereafter for the pay ment 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.11 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. 11 of the city and all expenses incidental thereto, the city shall issue bonds of such local improvement district in the total principal sum of $24,244.79. Said bonds shall be dated March 20,1959*shall be in de nominations of $500 each except for Bond No.1,which shall be in the denomination of $244.79,shall be numbered from %to 49 inclusive, shall bear interest at the rate of 5$per annum payable annually on the 20th day of March of each year, and shall mature on March 20, 1971. Foth 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. Section 3.Said bonds shall be in substantially the follow ing form: 2. <J \J 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 assess ments made for the improvement for which said bond or warrant was issued,and except as against the local im provement 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 5#per annum pay able 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. 11 Fund created by Ordinance No.366 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 $24,244.79,is payable on or before March 20,1971* and is subject to call by the Treasurer of said city on any annual interest payment date whenever there shall be suffi cient money in said Local Improvement District No. 11 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. 3. w 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 20th day of March,1959. CITY OF MOSES LAKE,WASHINGTON By. 4. Mayor ATTEST: City Clerk The interest coupons attached to said bonds shall be in sub stantially the following form: NO.$25.00 (NO.1)($12.24) On the 1st day of March, 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-FIVE AND NO/100 DOLLARS in lawful money of the United States of America out of Local Improvement District No. 11 Fund,said sum being the annual interest due that date on bond numbered of Local Improvement District No.11 of the city;provided that this coupon is subject to all the terms and conditions con tained in the bond to which it is attached. CITY OF MOSES LAKE,WASHINGTON '4layor ATTEST: "City Clerk PASSED by the City Council of the City of Moses Lake,Wash ington,and approved by its Mayor at a regular meeting of said Council held this 24th day of March,1959. CITY 0F MOSES LAKE,/AS! By /sLo^y 0- 'V Mayor ATTEST: City Clerk 5.