Ordinance 1075-84 - Laserfiche WebLink

depository for and permit any of its officers or directors to act as a member of, or in any other capacity with respect to, any committee formed to protect the rights of Bond owners . Section 4 . The Bonds shall be negotiable instruments to the extent provided by RCW 62A. 8-102 and 62A. 8-105 . Section 5 . The City covenants that it will spend the principal proceeds of the Bonds with due diligence to completion of the purposes specified in this ordinance and will make no use of the proceeds of the Bonds or other funds of the City at any time during the term of the Bonds which will cause the Bonds to be arbitrage bonds 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 6 . In the event that money and/or "government obligations, " as defined in Chapter 39 . 53 RCW as now or here- after amended, maturing at such time or times and bearing inter- est to be earned thereon in amounts (together with such money, if necessary) sufficient to pay and retire the Bonds in accord- ance with their terms, are set aside in or for the account of the Bond Fund for the Bonds to effect such payment and retire- ment, and such money and the principal of and interest on such government 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 prin- cipal of and interest on the Bonds, and the Bonds shall cease to be entitled to any lien, claim, benefit or security of this ordinance or of the 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 . Harper, McLean & Company in Seattle, Washington, has submitted an offer to purchase all of the Bonds at a price of $97 per each $100 of par value, plus accrued - 6 -