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under section 148 of such Code, the City covenants that, to the <br /> e cent: 1:,;elm::. :.ted by that Section, it shall pay the penalty <br /> provided in Subsection 148(f) (7) (C) if required to prevent a <br /> loss of the tax exemption for 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, except the <br /> description of the Notes , and shall express no opinion concern- <br /> ing the completeness or accuracy of any official statement , <br /> offering circular or other sales material issued or used in <br /> connection with the Notes , and bond counsel ' s opinion shall so <br /> state. The City Council , deeming that it is in the best inter- <br /> est of the City that such offer be accepted, accepts the same . <br /> The Notes shall , therefore, immediately upon their execution, be <br /> delivered to Harper, McLean & Company, in Seattle, Washington, <br /> upon payment therefor in accordance 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 /> - 8 - <br />