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J. Collection of Delinquent Accounts. The City will, on or before April 1 of <br /> each calendar year, determine all accounts that are delinquent and will take all necessary action to <br /> enforce payment of such accounts including real property foreclosure actions pursuant to RCW <br /> Chapter 35.67, as amended, or its successor statute, if any, against those property owners whose <br /> accounts are delinquent. <br /> K. Collection and Application of Assessments. The City will promptly collect <br /> all outstanding Assessments and pay the same into the Revenue Bond Fund. Such Assessments <br /> may be used to meet the required payments into any account in the Revenue Bond Fund and may <br /> be used to pay the principal of, premium, if any, and interest on any Parity Bonds without said <br /> Assessments being allocated to the payment of the principal of and interest on any particular issue <br /> or series of such Parity Bonds. <br /> L. Collection of Delinquent Assessments. The City will, on or before April 1 <br /> of each calendar year, determine all Assessments or installments thereof that are delinquent and <br /> will take all necessary action to enforce payment of such Assessments, including real property <br /> foreclosure actions pursuant to RCW Chapter 35.50, as amended, or its successor statute, if any, <br /> against the property owners whose Assessments are delinquent. <br /> Section 11. Tax Covenants. <br /> A. No Arbitrage or Private Activity Bonds. The City shall comply with the <br /> requirements of this Section unless in the written opinion of Preston Thorgrimson Shidler Gates& <br /> Ellis or other nationally recognized bond counsel such compliance is not required in order to <br /> maintain the exemption of the interest on the 1993 Bonds from federal income taxes. <br /> The City hereby covenants that it will not make any use of the proceeds of sale of the <br /> 1993 Bonds or any other funds of the City that may be deemed to be proceeds of such 1993 <br /> Bonds pursuant to Section 148 of the Code and the applicable regulations thereunder that will <br /> cause the 1993 Bonds to be "arbitrage bonds" within the meaning of said section and said <br /> regulations. The City will comply with the requirements of Section 148 of the Code (or any <br /> -28- FWWOWE.DOC 93/10/26 <br />