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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 /> to the effect that the City is a note issuer whose arbitrage <br /> certifications may not be relied upon. <br /> Section 5 . Pending the printing, execution and delivery to <br /> the purchaser of the definitive Notes , the City may cause to be <br /> executed and delivered to such purchaser a single temporary Note <br /> in the principal amount of $560 , 000 . Such temporary Note shall <br /> - 4 - <br />