Ordinance 1174-85 - Laserfiche WebLink

declares and finds that the fixing of the above interest rate is in the best interests of the City. The Notes are issued without the right or option of the City to redeem the same prior to their maturity date. Section 2 . The Notes shall be printed or lithographed on good bond paper or may be in typewritten form in a form consis- tent with this ordinance and state law. The Notes shall be signed by the facsimile signature of the Mayor and the manual signature of the City Clerk, and shall have the seal of the City affixed thereto or imprinted thereon. Section 3 . The Notes shall be negotiable instruments to the extent provided by RCW 62A. 8-102 and 62A. 8-105 . Section 4 . The City covenants that it will spend the principal proceeds of the Notes with due diligence to completion of the purposes specified in this ordinance and will make no use of the proceeds of the Notes or other funds of the City at any time during the term of the Notes which will cause the Notes to be arbitrage obligations within the meaning of Section 103 (c) of the United States Internal Revenue Code of 1954 , as amended, and the applicable regulations promulgated thereunder . Section 5 . Harper, McLean & Company, Seattle, Washington, has submitted an offer to purchase the Notes at a price of $99 . 125 per each $100 par value, the City to furnish the printed or typewritten notes and the approving legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle, Washington, at the City' s expense . 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 issued or used in connection with the Notes, and bond counsel ' s opinion shall so state . The City Council , deeming that it is in the best interest of the City that such offer be accepted, accepts the same . The Notes, therefore, - 3 -