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The Note Registrar shall be responsible for its representa- <br /> tions contained in the Registrar ' s Certificate of Authentication <br /> on the_ iqotes . The Note Registrar may become the owner of Notes <br /> with the same rights it would have if it were not the Note <br /> Registrar and, to the extent permitted by law, may act as <br /> depository for and permit any of its officers or directors to <br /> act as members of, or in any other capacity with respect to, any <br /> committee formed to protect the rights of Note owners . <br /> Section 5 . The Notes shall be negotiable instruments to <br /> the extent provided by RCW 62A. 8-102 and 62A. 8-105 . <br /> Section 6 . The City covenants that it will neither make <br /> nor permit any use of proceeds of the Notes or other funds of <br /> the City at any time during the term of the Notes which will <br /> cause the Notes to be arbitrage bonds within the meaning of <br /> Section 148 of the United States Internal Revenue Code of 1986 <br /> and applicable regulations promulgated thereunder . Further, the <br /> City covenants that , 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 such Code <br /> and such applicable regulations . In the event the City shall <br /> fail to meet the rebate requirements applicable to the Notes <br /> - 7 - <br />