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Upon completion of each of the Projects, any remaining money in the Golf Course Project <br /> Account and the Solid Waste Project Account, as applicable, shall be transferred to the Bond <br /> Fund or used for other capital purposes, and such accounts shall be closed. <br /> The proceeds of the sale of the Bonds shall be used and applied as follows: <br /> (a) The amount equal to the interest (if any) accruing on the Bonds from their date to <br /> the date of their delivery shall be deposited in the Bond Fund; <br /> (b) Approximately $5,999,603.98 of the Bond proceeds shall be deposited in the Golf <br /> Course Project Account; and <br /> (c) Approximately $3,740,012.87 of the Bond proceeds shall be deposited in the Solid <br /> Waste Project Account. <br /> Section 12. Tax Covenants. The City hereby covenants that it will not make any use of <br /> the proceeds from the sale of the Bonds or any other funds of the City that may be deemed to be <br /> proceeds of such Bonds pursuant to Section 148 of the Code that will cause the Bonds to be <br /> "arbitrage bonds" within the meaning of said Section. The City will comply with the applicable <br /> requirements of Section 148 of the Code (or any successor provision thereof applicable to the <br /> Bonds) throughout the term of the Bonds. <br /> The City further covenants that it will not take any action or permit any action to be taken <br /> that would cause the Bonds to constitute "private activity bonds" under Section 141 of the Code. <br /> Section 13. Sale of Bonds. The City hereby accepts the offer of Bank of America <br /> National Trust and Savings Association, doing business as Seafirst Bank (the "Underwriter") to <br /> purchase the Bonds on the terms and conditions set forth in its purchase contract dated as of <br /> August 20, 1997, and in this ordinance. The Mayor is hereby authorized to execute such <br /> purchase contract on behalf of the City. The proper City officials are hereby authorized and <br /> directed to do everything necessary for the prompt issuance, execution and delivery of the Bonds <br /> to the Underwriter and for the proper use and application of the proceeds of such sale. <br /> Section 14. Approval of Preliminary Official Statement; Final Official Statement. The <br /> City hereby approves the Preliminary Official Statement presented herewith to the Council and <br /> -16- DOTOM6.DOC 97/08/20 <br />