Ordinance 1233-86 - Laserfiche WebLink

and rebating to the United States interest earnings on Note proceeds in excess of the Note yield, and the City' s bond counsel, at the request of the City, gives an opinion to the City that , as a result of such actual or expected noncompliance, interest on the Notes is taxable, or will become taxable unless unspent Note proceeds are used to redeem a portion of the Notes , then the City will call for redemption at par plus accrued interest all outstanding Notes , or, if fewer than all of the outstanding Notes are to be redeemed, that number of Notes selected by lot as will result in the preservation of the tax exemption for interest on the Notes which remain outstanding , within 75 days of the date on which bond counsel gives such opinion to the City. For the purposes of this paragraph, the imposition by any future federal law of any alternative minimum tax on the interest on the Notes shall not be deemed to be an event requiring the City to call any Notes for redemption. 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 7 . Harper, McLean & Company of Seattle, Washington, has submitted a written offer to purchase the Notes at a price of $99 . 60 per each $100 . 00 par value, the City to furnish the printed or typewritten Notes and the unqualified approving legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle, Washington. Bond counsel shall not be required to review or express any opinion concerning the completeness or accuracy of any official statement, offering circular or other sales material relating to the issuance of the Notes or otherwise used in connection with the Notes and bond counsel ' s opinion shall so state . The City Council , being of - 5 -