Ordinance 1065-84 - Laserfiche WebLink

levy and collection of those taxes and the prompt payment of that principal and interest . Section 8 . 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 of its other money 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 applicable regulations promulgated thereunder . Section 9 . The "Limited Tax General Obligation Bond Fund, 1984 " (the "Bond Fund" ) is created and established in the office of the City Treasurer . The accrued interest received, if any, upon the sale and delivery of the Bonds shall be paid into the Bond Fund . The principal proceeds received from the sale and delivery of the Bonds shall be paid into the General Fund of the City and used for the purposes specified in Section 2 of this ordinance and to pay the costs of issuance, sale and administra- tion of the Bonds . Pending the expenditure of such principal proceeds, the City may temporarily invest such proceeds in any legal investment and the investment earnings may be retained in that fund and expended for the purposes of the Bonds . All taxes collected for and allocated to the payment of the principal of and interest on the Bonds hereafter shall be deposited in the Bond Fund . Section 10 . In the event the City shall issue advance refunding bonds pursuant to the laws of the State of Washington, or have money available from any other lawful source, to pay the principal of and interest on the Bonds or such portion thereof included in the refunding plan as the same become due and pay- able and to refund all such then outstanding Bonds and to pay the costs of refunding, and shall have irrevocably set aside in - 7 -