Courier-herald. [volume] (Kennewick, Wash.) 1949-1950, 1949-11-12

b. That the surplus revenue derived by
the city by virtue of its compliance with
the coverage covenant provided IN sub.
paragraph a of this section. after pay.
mentS into the Bond Redemption Fund,
Reserve Account and Skiing Fund herein.
above required have been paid, shall only
be used for the following purposes:
ID For purchasing necessary equip
ment, making necessary repairs or re-
placements to the water system. and for
other necessary capital improvements
thereto
(2) For constructing and installing
additions. improvements and extensions to
the system that are economically sound:
CD For redemption OF bonds aneao OF
their fixed maturities or purchase OF the
same in the open market for retirement
only. .
and keep said water system ana an
additions and improvements thereto IN
good repair, working order and condition,
and will at all times operate Sucn pro.
perties and the business in connection
herewith in an efficient manner and at
reasonable cost.
and disaster insurance II the same IS
available upon all the properties OF the
water system in an amount eQuaI 70 inc
full insurable value thereof. and Will fur-
ther obtain and carry such other insurance
on said properties as may be avaianie
and as would normally be carried and
REQUIRED by sound business practice.
.. The city will not sell or otherwise
dispose Of such water system unless pro.
vision is made for payment into the Bond
Redemption Fund Of sum sufflcient 20
nav fhe principal and interest of all OF
the bonds of this issue then outstanding
in accordance with the terms Thereon:
I. The city agrees to furnish monthly
income and expense statements of Its
water department pending the compieuon
of the financing program provided by
Ordinance No. $50 to the purchasers ana
underwriters of all Of said bonds, II, as
and when issued, and further agrees after
COMPLETION of said program, TO make
evaiiabI to all of such underwriters ana
to any bondholders accurate semiannuai
profit and loss statements.
Section g. That for the purpose OF pro-
,,;dine funds to acquire the water supply
and distribution systems of Pacific Power
&, Light Company, private corporallon'
and Kennewick Irrigation District, NUM-
cipal corporation, and all properties, ootn
real and personal, owned and USED by
said corporations in connection with the
oneration of their systems, to drill test
well or wells on Clover Island, TO con-
struct and install certain additions and I'M
provements to said systems as part OF tne
nlan of said Improvements PROVIDED IN
Grdnance No. $50, to provide working
capital for the conduct and operation OF
said systems as one water utility OF the
city, and to pay certaln eHpesSes ,st ill.,
and the construction and install alton OF
said improvements, the city shaI now
issue and sell 100000 OF the S1,OOO,OOO
of such water revenue ponaS aulnoIiLea.
numbered 1 to 500 inclusive as fixed IN.
the schedule set forth in Section OF this
ordinance Bonds numbered to 1O3 In
elusive, maturing from November l., l3o2
through November /, 1853, shall bear in
terest at the rate OF SO per annum, and
bonds numbered 104 to 500 inclusive. ma
turing from November 1. 1860 through
November 1. 1876, shall bear interest at
the rate of IS; % per annunl.
The action of the City Council in accept
ing the written offer of The Pacific Ma
tional Bank of Seattle, Seattle, Washing
ton, and associates dated OCTOBER Is.
1949. to purchase said $o0O,OoO OF ponds
i and the execution of said contract OF pur-
| chase on behalf of the city by the Mayor
and Clerk thereof is hereby in all respects
| ratified and confirmed.
! The city officials are hereby authorized
| and directed to do everything necessary
| for the prompt execution. issuance and
delivery of said S50O,o0O of bonds and for
| the proper application and use OF the
| funds derived from such sale as herein
Section 10. This ordinance shall become
| effective from and after five days from the
| date of its passage, approval and publica-
| ton as required by law.
PASSED by the Council Of the City Of
Kennewick, Washington, and approved by
| it's Mayor this Bird day of November. 1949.
CITY OF KENNEWICK, WASHINGTON
By U. L. KEOLKER, Mayor
| ATTEST: rt Is.
MARJORIE A. MILLER. City Clerk
APPROVED AS TO FORM:
KENNETH E. SERIER. City Attorney.
| CERTIFICATE
| i, MARJORIE A.. MILLER, duly elected.
qualified and acting Clerk of the City of
kenneWick, do hereby certify that the
foregoing Ordinance is true and correct
! copy of an ordinance duly adopted by the
| Council of said city and approved by its
| Mayor on the 3rd day of November 1S4o.
tSeaD MARJORIE A. MILLER, City Clerk
k-73-Nov. 5, IL, 1949,