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Subject to the limitations prescribed by the Constitution and Statutes of the State of Washington, the city shall have power to borrow money for corporate purposes, on the credit of the city, and to issue negotiable bonds therefore, such bonds to be serial in form and maturity and numbered from one upward consecutively. The various annual maturities shall commence with the second year after the date of issue of such bond, and shall as nearly as practicable be in such amount as will together with the interest on outstanding bonds be met by an equal annual tax levy for the payment of said bonds and interest; Provided, however, that only bond number one, of any issue, shall be of a denomination other than a multiple of $100.00. Interest upon all such bonds shall be payable either annually or semi-annually, as may be prescribed by ordinance, and the rate of interest, date of maturity, manner of sale of such bond, detail conditions and the manner of issue, shall be as may be prescribed by ordinance.