Ordinance 3211-11 - Laserfiche WebLink

preserve the tax exemption of the interest on the Bonds. The covenants of this section are specified solely to assure the continued exemption from regular income taxation of the interest on the Bonds. (c) No Designation under Section 265(b) of the Code. The Bonds are not "qualified tax exempt obligations" for investment by financial institutions under Section 265(b) of the Code. (d) Modification of Tax Covenants. The covenants of this section are specified solely to assure the continued exemption from regular income taxation of the interest on the Bonds. To that end, the provisions of this section may be modified or eliminated without any requirement for formal amendment thereof upon receipt of an opinion of the City's bond counsel that such modification or elimination will not adversely affect the tax exemption of interest on any Bonds. Section 12. Form of Bonds. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $ STATE OF WASHINGTON CITY OF EVERETT WATER AND SEWER REVENUE BOND, 2011 Interest Rate: Maturity Date: CUSIP No. Registered Owner: CEDE & Co. Principal Amount: AND NO/DOLLARS THE CITY OF EVERETT, a municipal corporation organized and existing under and by virtue of the laws of the State of Washington (the "City"), promises to pay to the Registered Owner identified above, or registered assigns, on the Maturity Date identified above, solely from the special fund of the City known as the "Fund 401 — Public Works-Utilities — Bond Redemption Subaccount" (the "Revenue Bond Fund") the Principal Amount indicated above and -54- P:\2o2a7 cMvNzo287 sao 02/07/11