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City, including the principal amount of the Bonds, as of <br /> October 31, 1992, is $31, 160, 000 . The principal amount of <br /> outstanding general obligation indebtedness of the City, whether <br /> voted or non-voted, including the principal amount of the Bonds, <br /> as of October 31, 1992, is $38, 600, 000 . <br /> SECTION 16 . Sale of the Bonds . The Bonds shall be sold at <br /> public sale and bids for the purchase of the Bonds shall be <br /> publicly opened, read and considered at the offices of Seattle- <br /> Northwest Securities, Pacific First Centre, Suite 4300, 1420 <br /> Fifth Avenue, Seattle, Washington at such time and on such date <br /> as the Finance Director of the City shall direct . <br /> The City Clerk is hereby authorized and directed to publish <br /> a notice of such sale in a newspaper of general circulation <br /> within the City, and in such other papers or financial journals <br /> as may be deemed desirable or appropriate by the financial <br /> consultant of the City. Such notice of sale shall be <br /> substantially consistent with the notice of sale appended hereto <br /> as Exhibit B and by this reference incorporated herein, and may <br /> be published in abbreviated form. <br /> The Council shall approve the terms of the Bonds and accept <br /> a bid for the Bonds by resolution adopted on the same day as the <br /> bond sale provided that the Council reserves the right to reject <br /> any and all bids for the Bonds . <br /> The Finance Director of the City is hereby authorized and <br /> directed to do or cause to be done everything necessary for the <br /> preparation and approval of an official statement for the sale of <br /> -26- FW W OOH.DOC 93/01/08 <br />