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1 been earned had the yield on those investments been equal to the <br /> 2 yield on the Bonds, plus all income derived from those excess <br /> 3 earnings , to the extent and in the manner required by Section <br /> 4 148 of the United States Internal Revenue Code of 1986 , as <br /> 5 amended (the "Code" ) , and applicable regulations . If the City <br /> 6 fails to meet rebate requirements applicable to the Bonds under <br /> 7 Section 148 of the Code, the City covenants that , to the extent <br /> 8 permitted by that Section, it will pay the penalty provided in <br /> 9 Subsection 148( f) ( 7) (C) if required to prevent interest on the <br /> 10 Bonds from being included in gross income for federal income tax <br /> 11 purposes . The City certifies that it has not been notified of <br /> 12 any listing or proposed listing by the Internal Revenue Service <br /> 13 to the effect that it is a bond issuer whose arbitrage certifi- <br /> 14 cations may not be relied upon. <br /> 15 Section 9 . Harper , McLean & Company of Seattle, <br /> 16 Washington, has presented a purchase contract (the "Purchase <br /> 17 <br /> Contract" ) to the City offering to purchase the Bonds under the <br /> 18 terms and conditions provided in the Purchase Contract , which <br /> 19 written Purchase Contract is on file with the City Clerk and is <br /> 20 incorporated herein by this reference . The City Council finds <br /> 21 that entering into the Purchase Contract is in the City' s best <br /> 22 interest and therefore accepts the offer contained therein and <br /> 23 authorizes its execution by City officials . <br /> 24 The Bonds will be printed at City expense and will be <br /> 25 delivered to the purchaser in accordance with the Purchase <br /> - 8 - <br />