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(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; and <br /> (b) The balance of the Bond proceeds shall be deposited in the Project Fund. <br /> Section 12. Tax Covenants; Special Designation. <br /> A. No Arbitrage or Private Activity Bonds. The City hereby covenants that it will not <br /> make any use of the proceeds from the sale of the Bonds or any other funds of the City that may <br /> be deemed to be proceeds of such Bonds pursuant to Section 148 of the Code that will cause the <br /> Bonds to be "arbitrage bonds" within the meaning of said Section. The City will comply with the <br /> applicable requirements of Section 148 of the Code (or any successor provision thereof applicable <br /> to the 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 /> B. Special Designation. The City hereby designates the Bonds as "qualified tax- <br /> exempt obligations under Section 265(b) of the Code. The City does not expect to issue more <br /> than $10,000,000 in qualified tax-exempt obligations during the calendar year 1996. <br /> Section 13. Sale of Bonds. The City hereby accepts the offer of Bank of America NW, <br /> N.A., doing business as Seafirst Bank (the "Underwriter") to purchase the Bonds on the terms <br /> and conditions set forth in its purchase contract dated as of March 13, 1996, and in this <br /> ordinance. The Mayor is hereby authorized to execute such purchase contract on behalf of the <br /> City. The proper City officials are hereby authorized and directed to do everything necessary for <br /> the prompt issuance, execution and delivery of the Bonds to the Underwriter and for the proper <br /> 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 /> authorizes the Underwriter's distribution of the Preliminary Official Statement in connection with <br /> the offering of the Bonds. Pursuant to Securities and Exchange Commission Rule 15c2-12 <br /> ("Rule 15c2-12"), the City hereby deems this Preliminary Official Statement as final as of its date <br /> -12- DOTOF7.DOC 96/03/12 <br />