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• <br /> • <br /> States Internal Revenue Code of 1986 and applicable regula- <br /> tions . In the event the City shall fail to meet the rebate <br /> requirements applicable to the Notes under Section 148 of such <br /> Code, the City covenants that, to the extent permitted by that <br /> 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 7 . Harper, McLean & Company, Seattle, Washington, <br /> has submitted an offer to purchase all of the Notes at the price <br /> set forth in its offer on file with the City, the City to <br /> furnish the printed Notes and the approving legal opinion of <br /> Roberts & Shefelman, municipal bond counsel of Seattle, <br /> Washington, at the City' s expense . Bond counsel has not been <br /> retained to and shall not be required to review and shall <br /> express no 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 /> - 8 - <br />