Ordinance 1117-85 - Laserfiche WebLink

• Revenue Code of 1954 , as amended , and the applicable regulations promulgated thereunder . The City Council further finds that there is now on deposit in the Tax Anticipation Note Fund , 1984 , created by Ordinance No . 1013-84 , sufficient money and investments to redeem , both principal and interest , the outstanding Tax Anticipation Notes , 1984 , of the City on March 26 , 1985 , and that none of the proceeds of the Notes authorized by this ordinance shall be used to redeem those 1984 notes . Section 6 . Harper , McLean & Company of Seattle , Washington , has submitted an offer to purchase the Notes at a price of $99 . 25 per $100 . 00 par value , plus accrued interest from the date of the Notes to the date of their delivery to the purchaser . The City shall 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 shall , therefore , immedi - ately upon their execution , be delivered to Harper , McLean & Company , Seattle , Washington , upon payment therefor in accord- ance with such offer . Section 7 . There heretofore has been created in the office of the City Treasurer the General Fund , into which fund the principal proceeds and accrued interest , if any , received from the sale of the Notes shall be deposited . Pending the expenditure of such proceeds in payment of expenses of the City , such proceeds may be invested in any legal investment and the investment income received may be retained in the - 4 -