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rebate requirements applicable to the Notes under Section 148 of <br /> such Code, the City covenants that, to the extent permitted by <br /> that Section, it shall pay the penalty provided in Subsection <br /> 148(f) (7) (C) if required to prevent a loss of the exclusion from <br /> gross income for federal tax purposes of interest on the Notes . <br /> The City further covenants that it has not been notified of <br /> any listing or proposed listing by the Internal Revenue Service <br /> to the effect that it is a bond issuer whose arbitrage certifi- <br /> cations may not be relied upon. <br /> Section 5 . Harper, McLean & Company, Seattle, Washington, <br /> has submitted an offer to purchase the Notes at the price set <br /> forth in its offer on file with the City, the City to furnish <br /> the Notes and the approving legal opinion of Roberts & <br /> Shefelman, municipal bond counsel of Seattle, Washington, at the <br /> City' s expense. Bond counsel shall not be required to review or <br /> express any opinion concerning the completeness or accuracy of <br /> any official statement , offering circular or other sales mate- <br /> rial issued or used in connection with the Notes, and bond <br /> counsel ' s opinion shall so state . The City Council , deeming <br /> that it is in the best interest of the City that such offer be <br /> accepted, accepts the same . The Notes , therefore, immediately <br /> upon their execution, shall be delivered to Harper, McLean & <br /> Company in Seattle, Washington, upon payment therefor in accor- <br /> dance with such offer . <br /> The proper City officials are authorized and directed to do <br /> everything necessary for the prompt delivery of the Notes to the <br /> - 5 - <br />