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bonds shall bear interest from the date of their issuance at a rate
not to exceed six per cent (6;s) per annum, payable semi-annually or
annually, as may be agreed upon between the City Council and the pur-
chaser of said bonds, and shallbaar the date of the first day of Jan-
uary, 1931. Such bonds shall. be serial in form and maturity, and
numbered from one upward consecutively, and shall. mature annually com-
menoing with the second your and ending with the twenty-fifth year
after the date of issuance in such amounts (as nearly as practicable),
to be specified by the City Council by ordinance, as will, together
with the interest on all outstanding bonds of such issue, be met by an
equal annual tax levy for the payment of said bonds and interest. The
said period of twenty-five years is a period, in the judgment of the
City Council, equivalent to the life of the improvement to be acquired
by the use of the bonds herein provided for. Said bonds shall be in
denominations of not less than One Hundred Dollars ($100.00) and not
more than One Thousand Dollars ($r1000.00) as the City Council may by
ordinance determine. Interest coupons for the said interest shall be
attached to said bonds and be a part thereof and the said bonds and
coupons shall be payable at a place thereon designated.
Section 4. That there shall be, and hereby is, submitted to the
qualified voters of the City of Port Townsend, at the regular city
primary election to be held in said city and the various voting wards
thereof on Tuesday, the 4th day of November, 1930, the proposition of
making certain additions and betterments to, and extensions of, the ex-
isting municipal water works system of the City of Port Townsend and the
incurring of a General indebtedness therefor in the sum of Forty-nine
Thousand Dollars (r,r0',000.00) by th:: issuance and sale of negotiable
interest -bearing general indebtedness coupon bonds of said city in said
amount; all as set forth in detail in Section 3 of this ordinance.
Section 5. At the regular city primary election, to be held in the
City of Port Townsend and the various voting wards thereof on Tuesday,
the 4th day of November, 1930, which day and date be, and hereby is,