The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1927-05-05


bonds and calling for bids thereon
and fixing time and place for the
meeting of the city council of said
city for considering bids on said
bonds.
The City Council of the City of
Kennewick do ordain as follows:
| Whereas an opportunity exists
to secure city municipal build
ing suitable for all municipal re-
quirements of the City of Kenne-
wick for a smaller annual eXpend-
| iture than the amount required to
be paid in rent for such building
or buildings for city purposes. and
a suitable building for such pur-
poses can be secured and placed
in condition for municipal require
ments for the estimated amount of
$40, 100000.
1t is therefor Ordained:
/ Sec. /. For the purpose of Sc
curing municipal building the
said City of Kennewick will issue
its negotiable coupon bonds for the
sum of $4,000. Said bonds shall
be known and designated as City
Building Bonds, shall be serial in
form and maturity and numbered
from one upward consecutively
and shall mature commencing with
! the second and ending with the
twentieth year after their date,
and shall bear date May 18th, 1927
and shall be in such amounts as
nearly as practicable to be speci-
fled by the City Council as will,
together with interest on all out
standing bonds of the same series,
be met by an equal annual tax
levy for the payment of said bonds
and interest; said bonds shall bear
interest from their said date at
not to exceed six per cent per an
mum, payable semi annually and
both principal and interest will be
payable at the office of the City
Treasurer in Kennewick, WASH
ington.
| Sec. 2. The City Clerk of the
City of Kennewick is hereby au-
thorized and directed to give no.
tice of the proposed issuance and
sale of said bonds. such notice to
be published in the Kennewick
Courier-Reporter, which is the of
fetal newspaper of the City of
Kennewick, once each week for
four successive weeks, prior to the
closing of bids. Said notice shall
state for what purpose and the
total amount for which it is pro-
posed to issue said bonds, shall
specify place and designate the
day and hour subsequent to the
date of the last publication thereof
when sealed bids will be received
and publicly opened for the pur.
chase of said bonds, shall specify
the maximum rate of interest
which said bonds shall bear, and
that such interest shall be payable
semi annually. which interest shall
be not to exceed six percent pei
annunl, and shall require bidders
| to submit a bid specifying:
/ (a) The lowest rate of interest
and premium, if any, above pal
at which bidder will purchase sale
bonds. or
(b) The lowest rate of interest
at which the bidder will purchase
said bonds at par.
The notice shall state that al
! bids shall be sealed and, except
the bid of the State of Washing
ton, if one is received, shall b,
accompanied by deposit of fiv,
per cent either cash or certified
check of the amount of the bid
which shall be returned if the biz
is not accepted, and if the success
full bidder shall fail or neglect Il
complete the purchase of his biz
the amount of his deposit shall b,
forfeited to the City of Kennewicl
and in that event the corporate
authorities may at their option &C
cept the bid of the one makins
the next best bid.
Shall also state that the right j.
reserved by the City of Kennewicl
to reject any and all bids, but thai
no bid may be withdrawn after
the same has been filed unless per.
mission SO to do be first obtained
from the City Council. The City
Clerk shall also mail a copy OF
said notice of sale of bonds to
the State Finance Committee
Olympia, Washington, more thar
three weeks prior to the date nam.
ed for the meeting to consider
bids for said bonds.
Sec. 3. That on Tuesday, the 14tl
day of June. at the hour of S
o'clock pm. the City Council OF
the City of Kennewick shall meet
in the city council chamber of the
City Hall, in said City of Kenne-
wick. together with the City Treas.
urer of said city, and shall pro-
coed publicly to open said bids, il
any there be received, for the said
municipal building bonds and shall
sell sal dbonds to the person or
persons making the most advan-
tageous offer therefor, provided,
however. that said bonds shall not
be sold or disposed of below par,
and the city council shall have the
right to reject any and all bids,
and if all bids shall be rejected,
said bonds shall be readvertised
for sale in the manner herein pro-
vided.
Sec. A. This ordinance shall be
in full force and effect five DAYS
from and after its passage and
publication according to law. in
the Kennewick Courier-Reporter,
the official newspaper of Kenne-
| uyick