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• <br /> 1 Ordinance No . 980-83 establishing a system of registration for <br /> 2 the City' s bonds and obligations . <br /> 3 The Bond Registrar shall be responsible for its <br /> 4 representations contained in the Bond Registrar ' s Certificate of <br /> 5 Authentication on the Bonds . The Bond Registrar may become the <br /> 6 owner of Bonds with the same rights it would have if it were not <br /> 7 the Bond Registrar and, to the extent permitted by law, may act <br /> 8 as depository for and permit any of its officers or directors to <br /> 9 act as members of , or in any other capacity with respect to, any <br /> 10 committee formed to protect the rights of Bond owners . <br /> 11 Section 7 . The Bonds shall be negotiable instruments to <br /> 12 the extent provided by RCW 62A. 8-102 and 62A. 8-105 . <br /> 13 Section 8 . The City covenants that it will take all <br /> 14 actions necessary to prevent interest on the Bonds from being <br /> 15 included in gross income for federal income tax purposes , and it <br /> 16 will neither take any action nor make or permit any use of <br /> 17 proceeds of the Bonds or other funds of the City treated as <br /> 18 proceeds of the Bonds at any time during the term of the Bonds <br /> 19 which will cause interest on the Bonds to be included in gross <br /> 20 income for federal income tax purposes . The City also covenants <br /> 21 that , if all gross proceeds of the Bonds have not been spent <br /> 22 within certain periods prescribed by the Internal Revenue Code <br /> 23 of 1986 , as amended (the "Code" ) , it will calculate, or cause to <br /> 24 be calculated, and rebate to the United States all earnings from <br /> 25 the investment of gross proceeds of the Bonds that are in excess <br /> - 7 - <br />