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• <br /> • <br /> provisions of this ordinance and state law, shall be signed by <br /> the Mayor and the City Clerk, one of whose signatures may be in <br /> facsimile, and shall have the seal of the City affixed thereto <br /> or printed thereon. <br /> Section 3 . The Notes shall be negotiable instruments to <br /> the extent provided by RCW 62A. 8-102 and 62A. 8-105 . <br /> Section 4 . 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 obligations within the meaning <br /> of Section 103 (c) of the United States Internal Revenue Code of <br /> 1954 , as amended and redesignated, and applicable regulations <br /> promulgated thereunder . Further, the City covenants that, if <br /> all proceeds of the Notes have not been spent within six months <br /> from the date of issuance of the Notes , the City will calculate, <br /> or cause to be calculated, and rebate to the United States all <br /> earnings from the investment of Note proceeds that are in excess <br /> of the amount that would have been earned had the yield on such <br /> investments been equal to the yield on the Notes , plus all <br /> income derived from such excess earnings , to the extent and in <br /> the manner required by Section 103 (c) of such Code as amended <br /> and redesignated and such applicable regulations . <br /> The City further covenants that it has not been notified of <br /> any listing or proposed listing by the Internal Revenue Service <br /> - 4 - <br />