The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1939-1949, 1945-06-07

ordinance, it will also pay into
said "Kennewick 1915 Sewer
Revenue Bond Fund" as soon as
possible out of the excess revenues
of said sewerage system, after all
charges for maintenance and op-
Grafton and bond. services have
been paid, the additional sum Of
100000. Said sum shall be used
for the sole purpose of paying
the principal and interest Of these
bonds only if the payments into
said fund as provided in the next
preceding paragraph Of this or
dinance are insufficient to pay
said principal and interest as the
same shall accrue. Said city fur
Their pledges and agrees that it
will continue to pay into said
fund out of the excess revenues
from said sewerage system,
amounts sufficient to keep said
surplus amount in the minimum
sum of 100000, provided that
when said surplus amount is suf-
ficient to pay the principal and
interest of the bonds of this issue
then outstanding, that no further
amount need be paid into said
fund. The gross revenues from
said sewerage system are hereby
pledged to such payments which
shall constitute charge upon all
such gross revenues prior and su-
perior to all other charges what
soever excepting the necessary
charges for maintenance and oper-
alton.
Section 6. The City of Kenne-
wick hereby covenants and agrees
with the purchasers and holders
of these bonds as follows: h
That the City will keep proper
books of account in accordance
with the uniform system of &C.
counting for public utilities, and
the city agrees to have its said
books of account audited annually
by Independent qualified and COM
petent public accountantsS Copies
of such audits shall be promptly
filed with the original contract
purchaser of said bonds. Said City
further agrees that at any time
after forty-five days following the
close of any fiscal year the City
will furnish upon request to the
purchaser of these bonds and to
any bondholder a copy of the
balance sheet and profit and loss
statement Of the sewerage system
as of the close Of such fiscal year,
and the income and expenses
thereof for such year, including
the amounts paid into the bond
redemption fund, and the amount
remaining in such fund at the
close of such year. Said City fur
ther agrees that any bondholder
shall have the right at all reas-
enable times to inspect said sew
erage system and all records and
books of account of the city per-
tanning thereto, and that each Of
the above mentioned audits shall
show whether or not the city has
in all respects performed and
complied with the covenants set
forth in this ordinance with re-
spect to, among other things, the
payments into the bond redemp-
ton fund hereinbefore provided
for, the efficient management of
the said system, the maintenance
of sufficient rates for the pay
ment Of costs Of maintenance and
operation and bond service, and
the keeping Of its books of ac-
count.
Section z. Il Is hereby declared
by the corporate authorities Of the
City of Kennewick that In the
creation Of such special fund as
in this ordinance provided said
authorities have exercised due re-
gard to the cost of operation and
maintenance Of said sewerage sys-
tenn and in their judgment the
revenues derived from the said
system will be sufficient to meet
all expenses Of operation and
maintenance and to set aside into
said fund the amounts herein spe-
Gifted.
The City Of Kennewick coven-
ants and agrees to and with the
holders of each and every one Of
said bonds in the event such bonds
or any portion thereof be issued,
to maintain in good condition
and operate said sewerage sys-
tenn, and to establish and MAIN
tain such rates for sewerage serv-
ice as will provide sufficient reve-
nue. to produce the gross revenue
required to meet the obligations Of
said city as herein set forth. The
said City of Kennewick further
covenants that it will promptly,
by ordinance Of form approved by
Preston Thor1rimson- Turner.