Courier-herald. [volume] (Kennewick, Wash.) 1949-1950, 1949-11-05
ORDINANCE NO. ss7

AN ChUlNANCE OF the City OF kenneWicKs
Washington. fixing the dute. form. terms
ind maturities Of Sl.ooo.0oo of wuteI
revenue bonds OF the city provided for
by Ordinance No. $50 end authorized by
vote of the qualified electors Of the city
at a specici election held therein on
August %. ls49. creating q special
fund for the payment of the principal
and interest thereof. q Reserve Account.
ind Sinking Fund, providing certain
other protective features safeguarding
the payment thereof. and uuthorixins the
issuance and confirming the sale Of
S5oo.oo0 thereof to provide funds for
esstGin Of the purposes fixed in Sold
oIdincnce No. $50 and authorised at
soid election.
WHEREAS, the City of Kennewick,
and approved July 10, 1919, provided that
special election should be held within
the city on August %, 1919, for the sub
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-
ity thereof with a complete water supply
ana system ana, 10 pTpNlCe
necessary funds therefor, should issue its
general obligation bonds in the principal
sum of $4,000 and its water revenue
bonds in the principal sum OF not to eH-
coed $1,000, 600; and
WHEREAS, at said election the number
and proportion of the qualified electors of
the city required by law voted In favor OF
said proposition; and
WHEREAS, the city has fixed the date
Of sale of said general obligation bonds on
November 10, 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
operation of said systems be obtained and
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 -2-.-
WHEREAS, to provide funds necessary
for all of said purposes in addition to the
money to be received from the sale OF said
general obligation bonds, 1t is deemed
necessary and to the best interest OF the
city and its inhabitants that S500,OO0 of
said S1,000,000 of water revenue bonds
be now issued; and -
WHEREAS, the city has entered into a
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 ]. 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, 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, 1919, and as
authorized by vote of the qualified electors
OF the city at a special election held
therein on August %, 1949, the city shall
issue and sell all or part of said 81 ,000, 900
of water revenue bonds authorized by said
ordinance and at said election In such
amounts and at such times as may be
necessary and advisable.
All Of said LOCO, 900 OF water revenue
bonds, IL 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 por pussu out Of the Bond Redemp-
ton Fund hereinafter created.
All of said bonds shall be dated Now
ember 1, 1919. shall be in denominations
OF $1,000 each, shall be numbered from
I 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 shall
mature serially in order OF their number