Courier-herald. [volume] (Kennewick, Wash.) 1949-1950, 1949-11-12
! L.eguls
ORDINANCE NO. ss7

4
AN ORDINANCE Of the City Of Kennewick,
Washington. fixing the dcte. form. terms
and muturities Of Sl.000.000 Of woter
revenue bonds Of the city provided for
by Ordinance No. $50 and authorized by
vote Of the qualified electors Of the city
at special election held therein on
August %. l9d9. creating special
fund for the payment of the principal
and interest thereof. q Reserve Account.
and Sinking Fund. providing certain
the payment thereof. and authorizing the
issuance and confirming the sole Of
SS00,000 thereof to provide funds for
ceYtoin Of the purposes fixed in suid
Ordinance No. $50 and authorised at
sold election.
WHEREAS, the city Of Kennewick,
Washington, by Ordinance No. $50 passed
and approved July 10, 1949, provided that
q special election should be held within
the city on August %, 1949. for the SUBJ
mission to the qualified electors thereof
of proposition OF whether or not the
city should acquire all of the properties of
Pacific Power & Light Company a private
corporation, and kennewick Irrigation
District, municipal corporation, used in
connection with their water systems pro-
ducing and distributing water throughout
the city and vicinity and construct and
install certain additions and improvements
thereto so as to furnish the city, its In
habitants and people residing in the vicin-
and distribution system and, to provide
necessary funds therefor, should issue its
general obligation bonds in the principal
sum of S150,OOO and its water revenue
bonds in the principal sum Of not to ex-
coed 100000 and
and proportion of the qualified electors Of
the city required by law voted in favor Of
said propositions; and
WHEREAS, the city has fixed the date
OF sale of said general obligation bonds on
November Is, 1919; and
WHEREAS, it is deemed necessary and
to the best interest of the city and its in
habitants that said water supply and dis
tribution systems be acquired as soon as
possible and that working capital for the
funds be made available for the construc-
ton and installation Of certain of the
improvements to said water supply and
distribution systems as provided in Ordin-
ance No. $50 and for certain expenses
incidental thereto and to the acquisition
Of said properties; and
WHEREAS, to provide funds necessary
for all Of said purposes in addition to the
general obligation bonds, it is deemed
necessary and to the best interest OF the
city and its inhabitants that $50O,0O0 of
said $1,000, 900 Of water revenue bonds
be now issued; and
contract with The Pacific National Bank Of
Seattle, Seattle, Washington, and -associ.
ates for the sale Of said bonds;
NOW, THEREFORE, BE IT ORDAINED by
the Council of the City Of Kennewick,
Washington, as follows:
Section I. That in order to provide the
funds which, plus the proceeds Of the sale
of said general obligation bonds, are ne
cessary to acquire the water supply and
distribution systems Of Pacific Power &
Light Company, a private corporation, and
Kennewick Irrigation District, municipal
corporation, and to construct and install
the additions and improvements thereto,
all as provided by Ordinance No. $50,
passed and approved July 10. 1949, and as
authorized by vote Of the qualified electors
Of the city at special election held
issue and sell all or part Of said 100000
Of water revenue bonds authorized by said
ordinance and at said election In such
amounts and at such times a. may be
necessary and advisable.
All of said $1,OO0,0O0 Of water revenue
bonds, II and when issued, shall be Of
equal rank and lien upon the gross revenue
of the water supply and distribution sy-
stem of the city and all additions and
improvements thereto, and the principal
thereof and interest thereon shall all be
paid paYi possu out of the Bond Redemp-
ton Fund hereinafter created.
All of said bonds shall be dated Nov.
ember 1, 1919. shall be in denominations
of $1,000 each, shall be numbered from
! to 1000 inclusive, shall bear interest at
the rate of not to exceed SO per annum
payable semiannually on the first days OF
May and November OF each year, and snall
mature serially in order Of their number
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