Ordinance 1433-88 - Laserfiche WebLink

L. Collection and Application of Assessments. The City will promptly collect all outstanding Assessments and pay the same into the Revenue Bond Fund. Such Assessments may be used to meet the required payments into any account in the Revenue Bond Fund and may be used to pay the principal of, premium, if any, and interest on any Parity Bonds without said Assessments being allocated to the payment of the principal of and interest on any particular issue or series of such Parity Bonds. M. Collection of Delinquent Assessments. The City will, on or before April 1 of each calendar year, determine all Assessments or installments thereof that are delinquent and will take all necessary action to enforce payment of such Assessments, including real property foreclosure actions pursuant to RCW Chapter 35 . 50, as amended, or its successor statute, if any, against the property owners whose Assessments are delinquent. N. Covenants Regarding Tax-Exempt Status of the 1988 Bonds. The City hereby covenants that it will not make any use of the proceeds from the sale of the 1988 Bonds or any other moneys or obligation of the City which may be deemed to be proceeds of such 1988 Bonds pursuant to Section 148( a) of the Internal Revenue Code of 1986 and the applicable regulations thereunder which will cause the 1988 Bonds to be "arbitrage bonds" within the meaning of said Section and said regulations at the time of such use . The City will comply with the applicable requirements of Section 148( a) of the Internal Revenue Code of 1986 and the applicable regulations thereunder throughout the term of the 1988 Bonds. The City covenants that it will not act or fail to act in a manner which will cause the 1988 Bonds to be considered obligations not described in Section 103 (a) of the Internal Revenue Code of 1986, as amended. The City will take no actions and will make no use of the proceeds of the 1988 Bonds or any future bonds issued on a parity -38- KR180 88/01/11