The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1939-1949, 1941-02-20
ORDINANCE NO. 361

| ORDINANCE NO. 361
An Ordinance providing for borrow
ing $45OOO0 to be expended in the
construction of the extension Of
Washington Street, in the City OF
Kennewick, providing for the is
suance of general obligation bonds
therefor, fixing the maximum rate
of interest at par and the date of
maturity of said bonds, directing
notice to be given Of the proposed
issuance of said bonds and calling
for bids for the sale thereof and
fixing the time and place of meet
ing of the City Council to con-
slider said bids.
The City Council of the City of
Kennewick Does Ordain as Follows:
Section I. That it is necessary for
the proper construction Of certain
streets within the City of Kenne-
wick, and particularly washington
Street as extended north from State
Highway No. 8, commonly known
as Columbia Avenue, that there be
borrowed the sum of $4500.00.
Section 2. That to secure the nee
essary funds for constructing the
extension of Washington Street and
surfacing the same, the City Of
Kennewick will issue negotiable
bonds for the sum of $4500.00, which
said bonds shall be designated
Washington Street Extension
Bonds" they shall be serial in form
and maturity and numbered from
one upward consecutively, and shall
mature commencing with the second
year and ending with the tenth
year, it being determined and de-
clared that the life of the improve
ment for which said bonds are pro-
posed to be issued will be approx
mately ten years. Said bonds shall
bear the date of their issue and
shall be issued as soon as practic-
able after their acceptance; they
shall be in such amounts to be spec
flied by the City Council as will,
as nearly as practicable, together
with interest on all outstanding
bonds, be met by an equal annual
tax levy for the payment of said
bonds and interest. Said bonds shall
bear interest from their date at not
to exceed six percent per annum,
payable semi-annually, and both
principal and interest shall be pay
able at the office of the City Treas
urer of Kennewick, Washington, or,
if purchased by the State Of Wash
ington, at the office of the Treasur-
err Of said State.
Section 8. The City Clerk of the
City of Kennewick is hereby direct
ed to advertise for bids for the sale
of said bonds in the Kennewick
Courier-Reporter in the manner
provided by law, to send notice Of
the sale of said bonds, as provided
by law, to the State Finance Com
mittee of the State of Washington
at least three weeks before the time
of considering the bids for said
bonds.
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be substantially in the following
| form:
United States of America
State of Washington, County of
Benton
City of Kennewick
Washington Street Extension Bonds
of the City of Kennewick
No. - Amount S.
Know all men by these presents:
That the City of Kennewick, a mu-
nicipal corporation, in the County of
Benton, State of Washington, Is
| justly indebted to, and for value re-
ceived promises to pay to Recommendation
at the -----------------------, the principal sum
of ------------------------ Dollars, on the $500
day Of ---------, with interest thereon
until paid semi-annually on the ---
day of ------------ and the ----- day of
- of each year, upon the pres
entation and surrender of the an
nexed interest coupons as they sew