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

and distribution system and all additions
and improvements thereto, less expenses
Of maintenance and operation but before
depreciation"
b. That the surplus revenue derived by
the city by virtue OF its compliance with
the coverage covenant provided In sub
paragraph q 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:
Cd 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.
3 3lf5) For redemption Of bonds ahead Of
their fixed maturities or purchase 81 the
same in the open market for retirement
c. The city will at all times maintain
and keep said water system and all
additions and improvements thereto IN
good repair. working order and condition,
and will at all times operate such pro-
perties and the business In connection
Herewith in an efficient manner and at
reasonable cost. z.s..7-
d. The city win obtain and carry nocd.
and disaster insurance II the same IS
available upon all the prcperties Of ne
water system in an amount equal TO the
full insurable value thereof. and viii fur
Their obtain and carry such other fnsuranees
on said properties as may be evliiahie
and as would normally be carried and
required by sound business practice.
e. The city. will not sell or otherwise
dispose OF Such water system unless pro-
vision 10 made for payment into the Bond
Redemption Fund OF q sum suffisienf 70
the bonds Of this issue then outstanding
in accordance with the terms thereof:
T. The city agrees to furnish monthly
income and expense statements OF It's
water department pending the compieuon
Ordinance No. $50 to the purchasers and
underwriters of all OF said bonds, IL, as
and when issued. and further agrees after
completion of said program, to make
available to all Of such underwriters and
to any bondholders accurate semiannual
profit and loss statements. .7
Section 8. That for the purpose OF pro-
yiding funds to acquire the water SUPPLY
and distribution systems OF Pacific Power
& Light Company. private corporation,
and Kennewick Irrigation District, a muni-
cipal corporation, and all properties, both
real and personal, owned and used by
said corporations in connection with the
operation of their systems, 70 drill a test
well or wells on Clover Island, to con-
struct and install certain additions and I'M
provements to said systems as part OF the
plan of said improvements provided IN
Ordinance No. $50, TO provide working
capital for the conduct and operation OF
said systems as one water utility OF the
city, and to pay certain expenses Incl
dental to the acquisition OF said systems
and the construction and install alton OF
said improvements, the CITY shan oo n ano
OF such water revenue bonds authorized.
Said $500, 900 OF bonds shall be bonds
numbered 1 to 500 inclusive as fixed IN
the schedule set forth in Section OF this
elusive, maturing from November i, 1852
through November j, 1888. SHAH bear ln,.-
terest at the rate of 3% per annufn, andso
bonds numbered 104 to 500 inclusive ma,
November i, 1876, shall bear interest at
the rate OF 32% per annuni. I. a.,
The action of the City Coun,dl In accept
INK the written offer OF The Pacific Ma
tionai Bank of Seattle, Seattle, Washtng-
ton, and associates dated October ID
and the execution of said contract OF pur-
chase on behalf OF the city by the Magors
and Clerk thereof is hereby in all respects
ratified and confirrned.-- .ss,.
The city officials are hereby authorized
and directed to do everything necessary ,
for the prompt execution. issuance and
delivery or said S50o.000 Of bonds and for
the proper application and use OF the.
funds derived from such sale as herein .
Section 10. This ordinance shall become /.
elective 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 ,
its Mayor this Bird day of November. 1919. :
CITY OF KENNEWIcK, WASHINGTON
By y. L. KEOLKER, Mayor
ATTEST:
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 Z
Kennewick, do hereby certify that the =
foregoing Ordinance is a true and correct o
copy of an ordinance duly adopted by the -
Council of said city and approved by its p
Mayor on the Srd day Of November, 1919.
(SeaD MARJORIE A. MILLER, City Clerk .
K-T3-Nov. 5, II, 1919. .
! Because trees keep sun from ?
the ground, forests are cooler