Ordinance 1236-86 - Laserfiche WebLink

as of some later date, then the City shall call for redemption at par plus accrued interest all of the Bonds then outstanding within 75 days after the date that law becomes law. The City 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 certifications may not be relied upon. Section 6 . Prior to April 1 , 1990 , the Bonds may be redeemed only from special assessment payments . In the event that on or after April 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 Bonds in accordance with their terms , are set aside in or for the account of the Bond Fund for the bonds to effect such payment and retirement , and such money and the principal of and interest on such govern- ment 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 Bonds, and the Bonds shall cease to be entitled to any lien, claim, benefit or security of this ordi- nance or of the Local Improvement Guaranty Fund except the right to receive the money so set aside and pledged, and thereafter the Bonds shall be deemed not to be outstanding hereunder . Section 7 . /k' ►ek- (4vi pa'yr has submitted an offer to purchase all of the Bonds at a price of $ 97 00 per each $100 of par value, plus accrued interest from the date of the Bonds to the date of their delivery to the pur- chaser, the City to furnish the printed Bonds and the approving legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle, Washington, at the City' s expense. Bond counsel shall - 6 -