The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1916-11-23

Section A. That special fund l.
and is hereby created to be known =
"Local Improvement Fund, Distr;..
No. 16" which fund shall consist 90
all of the amounts assessed, levied ona
collected upon the several lots. trace
or parcelssof land in said Local n,
provement District No. 16. for ~.
purpose Of defraying the cost and CIV
pense of said improvement, and tba.
out of said fund shall be paid all war s
rants and bonds issued in the nnon,.a-
hereinafter provided for the paymant
of the costs and expense of said i'm
provement, and that no part of said
fund shall become the property of the
City of Kennewick, but shall he
treated as a special trust fund for tbe
purposes herein indicated.
Section 5. Special assessments
payable in five equal annual INSTALL
ments, and bearing interest at mot
greater than 79o per annum, shall IN
accordance with law and the charter
and general ordinances of the Civ
of Kennewick, be assessed to and lew,
led upon all Of the property includad
in the Improvement district herein
before created. @asa.
Section 6. Payment for the i'm.
provement hereinbefore mentioned
shall be made by the payment bv
bonds" plan, in the manner provided
for by ordinance No. la of the Civ
of Kennewick.
Section z. For tha nurnora &c -.
ing the costs and expenses of said
improvement, there shall be issued
improvement bonds, to be styled Go.
cal Improvement Bond, District No.
49," payable-un or before seven years
from the date Of the issuance thereof.
and bearing interest at the rate Of
not greater than 79o per annum, paw
able annually, as provided by law and
the ordinances of the City OF, Kenne-
wick and said bonds shall be redeemed
only out Of the Local Improvement
Fund hereinbefore created. In case
said improvement is made by contract
said bonds shall be delivered to the
contractor in payment of the contract
price, or the City of Kennewick NAV.
at its option, sell said bonds and make
payment thereof in cash. The Local
Improvement bonds herein provided
for may be sold by the Public I'm
provement Committee of the CITY of
Kennewick or by the City Treasurer
at public or private sale at not less
than par value and accrued interest.
In such event, the proceeds thereof
shall be applied in payment of the
costs and expense Of said improve
ment. The Public Improvement COM
mittee may incur a reasonable ex-
pense for advertising in connection
with the sale or attempted sale of
said bonds. If said bonds be sold at
public sale, notice thereof shall be
published in the Kennewick Courier
Reporter in the two issues next pre-
ceding the date of said sale, which no
tice shall specify the time and place
of such sale. The said bonds shall
be of the denomination Of one hundred
dollars each, except that one bond
may be Of such sum less than one
hundred dollars as may be necessary
to make the issue correspond with the
total amount of the special assess
ments levied as herein provided.
Section 8. The Public Improvement
Committee of the City of Kennewick,
is hereby directed to advertise for
bids for making said Improvement,
reserving to the City the right to re-
ject any and all bids and to do the
work under its own supervision. In
case a satisfactory bid is received and
accepted, the contract for said i'm
provement shall provide that the same
shall be completed in all things in ac-
cordance with the plans and specifca-
tions for said improvement and shall
also provide that the contractor maxi
ing the same shall accept the bonds
herein provided for at par and ac-
crued interest, in payment of the con-
tract price for said work, to the ex-
tent Of such bond issue, if the City
shall so elect. In case no satisfactory
bid is received, said Improvement shall
be made by the City by day labor, un-
less otherwise ordered by the City
Council and payment therefor shall
be made by the issuance Of local inn
provement warrants to be issued and
redeemed by the sale of said bonds,
as provided herein, and by general or
dinance.
Section 9. This ordinance shall
take effect and be in force from and
after five days from its passage, APP
prevail and publication in the official
newspaper Of the City of Kennewick.
PASSED by the City Council this
21st day Of November, 1916.
APPROVED this 22nd day of No
vember, 1916.
L. E. JOHNSON, Mayor,
Attest-M. E. SOTH, City Clerk.