289L
U
RESOLUTION NO.289
WHEREAS,under date of December 27,1962,the City of Moses Lake gave
Notice of Bond Call to the Bond Holders of its outstanding 1957 Gas Revenue
Bonds providing for redemption of said bonds on January 25,1963,and;
WHEREAS,$1,136,238.40 for the redemption of the 1957 Gas Revenue Bonds has
been tendered to the City of Moses Lake by Cascade Natural Gas Corporation,
and;
WHEREAS,the City of Moses Lake has on deposit $93,179.76 to be applied
towards the redemption of 1957 Gas Revenue Bonds,and;
WHEREAS,it is necessary for the City of Moses Lake to cancel and return
the Installment Note heretofore delivered to the City of Moses Lake by Cascade
Natural Gas Corporation,and;
WHEREAS,it is also necessary for the City of Moses Lake to execute and
deliver a release and satisfaction of the mortgage and assignment given to the
City of Moses Lake by Cascade Natural Gas Corporation to secure said Install
ment Note,and;
f I
1 j WHEREAS,upon receipt and acceptance of $1,136,238.40 from Cascade Natural
Gas Corporation,it will be necessary for the City of Moses Lake to remit
$1,229,418.16 to the Bond Holders through their agent.
NOW,THEREFORE,BE IT RESOLVED as follows:
1.The City of Moses Lake hereby accepts and acknowledges receipt of
$1,136,238.40 from Cascade Natural Gas Corporation as payment in full
of its Installment Note dated January 31,1961.
2.The City of Moses Lake is authorized and directed to cancel and deliver
the Installment Note,,herein referred to,to Cascade Natural Gas Corporation.
3.The Mayor Pro-Tern, Harold Stadshaug,and the City Clerk,Mabel Waterman,
I are authorized to execute and deliver a release and satisfaction of mortgage
as approved by the City Attorney releasing and satisfying that certain mortgage
and assignment dated January 31,1961,wherein Cascade Natural Gas
\ •t t
r\
j
• \ - \ •-
•-•••-1 -"•-'--\-'
Corporation is the Mortgagor and the City of Moses Lake is the Mortgagee,
given to secure the Installment Note of even date.
4.The City Manager of the City of Moses Lake is authorized and directed
to pay over to Forrest Hardin,Manager,Moses Lake Branch,Seattle-First
National Bank,acting as agent for all holders of the 1957 Gas Revenue
Bonds,the sum of $1,229,418.16;and upon receipt of said funds,all
outstanding 1957 Natural Gas Revenue Bonds shall be cancelled and
delivered to the City of Moses Lake.
PASSED by the Council of the City of Moses Lake and APPROVED by its Mayor
Pro-Tern this 25th day of January,1963.
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
t=^^v
-2-