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Section 2 . The Notes shall be printed, lithographed or <br /> typed on good bond paper in a form consistent with the provi- <br /> sions of this ordinance and State law, shall be signed by the <br /> Mayor and the City Clerk, one of whose signatures may be in <br /> facsimile, and shall have the seal of the City affixed thereto <br /> or printed thereon. <br /> Section 3 . The Notes shall be negotiable instruments to <br /> the extent provided by RCW 62A. 8-102 and 62A. 8-105 . <br /> Section 4 . The City covenants that it will take all <br /> actions necessary to prevent the interest on the Notes from <br /> being included in gross income for federal income tax purposes , <br /> and it will neither take any action nor make or permit any use <br /> of proceeds of the Notes or other funds of the City at any time <br /> during the term of the Notes which will cause the interest on <br /> the Notes to be included in gross income for federal income tax <br /> purposes . Further, the City covenants that , to the extent <br /> required by law, if all proceeds of the Notes have not been <br /> spent within six months from the date of issuance of the Notes , <br /> it will calculate, or cause to be calculated, and rebate to the <br /> United States all earnings from the investment of Note proceeds <br /> that are in excess of the amount that would have been earned had <br /> the yield on such investments been equal to the yield on the <br /> Notes , plus all income derived from such excess earnings , to the <br /> extent and in the manner required by Section 148 of the United <br /> States Internal Revenue Code of 1986 , as amended, and applicable <br /> regulations . In the event the City shall fail to meet the <br /> - 4 - <br />