Ordinance 1359-87 - Laserfiche WebLink

• • • The City further covenants that it has not been notified of any listing or proposed listing by the Internal Revenue Service to the effect that it is a bond issuer whose arbitrage certifi- cations may not be relied upon. Section 6 . Prior to June 1, 1990 , the Term Bonds may be redeemed only from special assessment payments . In the event that on or after June 1, 1990, money and/or "government obliga- tions , " as defined in Chapter 39 . 53 RCW as now or hereafter amended, maturing at such time or times and bearing interest to be earned thereon in amounts (together with such money, if necessary) sufficient to pay and retire the Term Bonds in accordance with their terms , are set aside in or for the account of the Bond Fund for the Term Bonds to effect such payment and retirement , and such money and the principal of and interest on such government obligations are set aside in a special fund and pledged irrevocably for such purpose, then no further payments need to be made into the Bond Fund for the payment of the principal of and interest on the Term Bonds , and the Term Bonds shall cease to be entitled to any lien, claim, benefit or security of this ordinance or of the Local Improvement Guaranty Fund except the right to receive the money so set aside and pledged, and thereafter the Term Bonds shall be deemed not to be outstanding hereunder . Section 7 . Harper , McLean & Company in Seattle, Washington, has submitted an offer to purchase all of the Bonds at a price set forth in its offer on file with the City, the - 8 -