Courier-herald. [volume] (Kennewick, Wash.) 1949-1950, 1949-11-05
City Clerk

Section 3. Said bonds shall be signed by
the Mayor of the city and attested by the
City Clerk under the corporate seal OF
the city, and the interest coupons at
tached to said bonds shall be signed win
the facsimile signatures of said officials.
The duly elected, qualified and acting
Mayor and Clerk Of the city at the time
of the actual issuance OF any OF the bonos
execute and attest said bonds on behalf
of the city regardless OF whether or not
they were such Mayor andIor Clerk OF
the city on November l., 1919.
Section e. That there be and and, Is nerepg
a special fund to be known as kenne-
wick 1949 Water Revenue Bond Redemp-
ton Fund.-, which fund Is to be drawn
upon for the sole purpose OF paying the
principal and interest OF all OF saia
81 1000, 900 OF bonds outstanding. The City
of Kennewick hereby obligates and binds
itself to set aside and pay into said Bond
Redemption Fund, out OF the gross rev
enue of its water supply and Distribution
thereto, certain fixed amounts necessary
to pay the principal OF said interest," on an
of the outstanding bonds of said issue as
the same respectively become Que anu
payable. ala
Bond Redemption Fund on or before the
both day of each month in the amounts
hereinafter specified: ,o
a. Beginning with November, 194e. and
continuing as long as any OF said ponos
equal to at least one sixth Of the interest
to become due and payable at the enn OF OF
the next ensuing 6-month period on all Oh
said outstanding bonds.
b. Beginning with November, 1891, ana
continuing as long as any OF said ponos
are outstanding and unpaid, an amount
equal to at least one-twelfth OF the princi'
pal of said bonds to become due ana pay
able on the next principal payment oale.
Provided, however, that when mere -
sufficient money in said Bond Redemption
Fund and the Reserve Account ana tne
Sinking Fund herein after created TO pay
the principal and interest to maturity Oh
all the outstanding bonds OF TINS ISSUE,
then no further aa p paymehiS h Fund De ~
Said amounts so pledged are hereby oe-
clared IN be a prior lien and charge upon
the gross revenue of said water suppiy
and distribution system and all aooluons
and improvements thereto, supeuor NY ~
except the necessary cost OF maintehahce
and operation of said system.
SECTION S. There is hereby created 2
Reserve Account in said Bond Redemption
Fund, and the city hereby agrees that "
will set aside and pay into said Reserve
| Account, out of the gross revenue OF sa,a
water supply and distribution system eho
ali additions and improvements tnerelo
| and out of any other funds whicn tney
may have on hand and which are avail al
able for such purpose, the sum of $4S'ooo'
| which shall be paid as follows:
Commencing with the month OF january,
| 1a5O. the sum of at least $1.6I5 per mcntn
| for twenty:four months, and tnen Ins
sum Of at least S675 per month 1or t"e'se
The city further agrees that when said
sum OF S4S, 900 has been paid into saio
Reserve Account it will at all tunes mann ss !.
tain that amount therein Until mere n ~
sufficient amount in the Bond Redemption
Fund. Reserve Account and Sinking Fund
hereinafter created to pay the prihcipei
and interest to maturity OF an Ine uu..
standing bonds Of this issue. In the epens
there shall be deficiency IN MT Dy in.
staIlments OF either principal or interes.,
such deficiency shall be made up irolI'
the Reserve Account by the witnoIdwa,
of cash therefrom. Any deficiency createa
in the Reserve Account by reason made III M
from moneys from the revenue OF saia
water system first available after maMns
necessary provision for the required pay
ments into the Bond Redemption Fund.
All money in the Reserve a. cs.h
or invested in United States Government
obligations maturing not later than Twelve
years from date OF purchase. intSrsst
earned on any such investments snan ~.
deposited in and become part Oh Inc
Bond Redemption Fund. h,,
Section, 8 That there be and Is hereby
created in the office of the City Treasurer
a special fund to be known as hehhe-
wick l949 Water Revenue Bond SINKING
FUND.-" hereinafter called "Sinking Fund,
into which the following payments shall
he made out of the gross revenue OF the
water supply and distribution system OF the
city and all additions and improvements
thereto first available after costs OF main.
tenance and operation Of said system and
the payments into the Bond Redemption
Fund herein above provided for have been