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RESOLUTION NO. n=.t:J8 A RESOLUTION OF THE CITY OF MOSCOW, IDAHO, AUTHORIZING THE SALE OF GENERAL OBLIGATION BONDS, SERIES 1992, IN THE PRINCIPAL AMOUNT OF $898,000, TO THE SUCCESSFUL BIDDER; AND DIRECTING THE PREPARATION OF THE BONDS WHEREAS, the city of Moscow, Idaho (the "City"), by Ordinance No. 92-08, adopted on May 4, 1992, has authorized the issuance and sale of the City of Moscow General Obligation Bonds, Series 1992 (the "Bonds"), in the aggregate principal amount of $898,000, and has directed the giving of Notice of Sale thereof; and WHEREAS, at the time and place fixed in the Notice of Sale for receiving bids for the purchase of said Bonds, said bids were received and publicly opened, examined, and declared. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MOSCOW, IDAHO, as f ollows: Section 1: All bids received for the purchase except the bid herein stated, are hereby rejected. hereby ordered sold to: PIPER JAFFRAY INC. of the bonds, The Bonds are as the responsible bidder making the best bid, with interest to the date of delivery of said Bonds, said sale to be subject to all of the terms and conditions set forth in the Notice of Sale of the Bonds and in the successful bid, and the Mayor of the City is hereby authorized to execute an acceptance of said bid. Section 2: The City's Bond Counsel is hereby authorized and directed to have said Bonds printed forthwith, and said Bonds shall be executed, authenticated, and delivered by the City to the successful bidder on receipt of the amount therefor as above stated, with accrued interest, if any, and upon the performance of the conditions contained in the accepted bid and the Notice of Sale of the Bonds. Page 1 ---PAGE BREAK--- Section 3: The . legal opinion of Davis Wright Tremaine, of Boise, Idaho, approv ng the validity of the Bonds, shall be provided to the purchaser at the time of delivery of the Bonds. DATED this 1st day of June, 1992. Elaine Russell', City Clerk Page 2 CITY OF MOSCOW Latah County, Idaho ---PAGE BREAK--- RESOLUTION NO. A RESOLUTION OF THE CITY OF MOSCOW, IDAHO, APPROVING, PURSUANT TO SECTION 50-901A, IDAHO CODE, A SUMMARY OF ORDINANCE NO. 92-08 FOR PUBLICATION WHEREAS, the City of Moscow, Latah County, Idaho (the "City"), on May 4, 1992, adopted Ordinance No. 92-08, authorizing the issuance and sale of general obligation bonds in the principal amount of $898,000; and WHEREAS, the Code, to publish, thereof. City is authorized, by Section 50-901A, Idaho in lieu of the entire ordinance, a summary NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MOSCOW, IDAHO, as follows: Section 1: That the summary of Ordinance No. 92-08, adopted y the Moscow City Council on May 4, 1992, a copy of which summary l.S annexed hereto as Exhibit be, and the same is hereby, approved. Section 2: This Resolution shall take effect and be in force f rom and after its passage and approval. DATED this 4th day of May, 1992. ( S E A L ) CITY OF MOSCOW Latah County, Idaho Mayor ---PAGE BREAK--- SUMMARY OF ORDINANCE NO. 92-08 AN ORDINANCE OF THE CITY OF MOSCOW, LATAH COUNTY, IDAHO, AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, SERIES 1992, IN THE PRINCIPAL AMOUNT OF $898, 000; PROVIDING FOR THE DESIGNATION, PURPOSE, DATE, MATURITIES, EXECUTION, REGISTRATION, AND REDEMPTION OF THE BONDS; PROVIDING FOR THE SALE OF THE BONDS; PROVIDING FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON THE BONDS BY THE ANNUAL LEVY OF TAXES; CREATING CERTAIN FUNDS AND ACCOUNTS; AND PROVIDING CERTAIN COVENANTS WITH THE OWNERS OF THE BONDS A summary of the principal provisions of the City of Moscow, Latah County, Idaho, is as f ollows: Section 1: Authorizes the issuance General Obligation Bonds, Series 1992" aggregate principal amount of $898, 000. of Ordinance No. 92-08, adopted on May 4, 1992, of the "City of Moscow {the "Bonds"), in the section 2: Describes the purpose of the Bonds, consisting generally of payment of the cost of acquisition of f ire trucks and other f ire f ighting apparatus and equipment and costs and fees incident thereto. Section 3: Describes the Bonds and sets forth a schedule of maturities of the principal amount of the Bonds. Section 4: Provides for payment of interest on the Bonds and establishes the maximum rate of interest thereon. Section 5: Provides for the place and manner of payment of the Bonds. Section 6: Provides for the manner of execution and authen tication of the Bonds. Section 7: Appoints the Corporate Trust Department of West One Bank, Idaho, N. A. , Boise, Idaho, as Bond Registrar, and provides for the system of registration of the Bonds. Section 8: Provides for redemption of the Bonds. Section 9: Provides for the public sale of the Bonds on June 1, 1992. Section 10: Approves a Notice of Sale of the Bonds and provides for publication thereof. Page 1 - EXHIBIT ---PAGE BREAK--- Section 11: Establishes the "City of Moscow Capital Improvement Fund. " Section 12: Provides for the levy of taxes for payment of the Bonds. Section 13: Establishes the "City of Moscow General Obligation Bonds, Series 1992, Bond Fund. " Section 14: Provides for the method of replacing lost, stolen, mutilated, or destroyed Bonds. Section 15: Provides for defeasance of the Bonds. Section 16: Provides certain special covenants of the City with respect to the tax-exempt status of the Bonds. Section 17: Authorizes the City's financial advisor, West One Bank, Idaho, N. A. , to submit a bid for the Bonds. Section 18: Provides for ratification. Section 19: Authorizes the Mayor, City Clerk, and City Treasurer to execute such additional documents as may be required for the sale and delivery of the Bonds. Section 20: Provides for severability. Section 21: Repeals conflicting ordinances. Section 22: Provides for effective date. The full text of Ordinance No. 92-08 is available at City Hall and will be provided to any person upon personal request during normal office hours. DATED this 4th day of May, 1992. ATTEST: Page 2 - EXHIBIT CITY OF MOSCOW Latah County, Idaho May r ---PAGE BREAK--- CERTIFICATION OF CITY ATTORNEY I, the undersigned City Attorney for and legal advisor to the City of Moscow, Latah County, Idaho, hereby certify that I have read the attached summary of Ordinance No. 92-08 of the City of Moscow and that the same is true and complete and provides adequate notice to the public of the contents of said Ordinance. Dated this SR day of May, 1992. Page 3 - EXHIBIT