Ordinance 1013-84 - Laserfiche WebLink

all property in the City subject to taxation in an amount suffi- cient, together with other money legally available and to be used therefor, to pay the principal of and interest on the Notes at maturity, and will set aside and deposit into the Note Fund from taxes and other revenue collected by the City and other money legally available therefor beginning in December 1984 the following amounts at the following times : Deposit Date Deposit Amount December 30, 1984 $2 , 000,000 January 31, 1985 825,000 February 28, 1985 825,000, plus an amount equal to the interest payable on the Notes at maturity. The full faith, credit and resources of the City are pledged irrevocably for the payment of the principal of and interest on the Notes and the payment of such deposits . Section 4 . The Notes shall be printed on good bond paper or may be in typewritten form in a form consistent with the provisions of this ordinance and State law. The Notes shall be signed by the Mayor of the City and attested by the City Clerk, either one of whose signatures may be in facsimile, and shall have the seal of the City printed or impressed thereon. Section 5 . 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 of its other money at any time during the term of the Notes which will cause the Notes to be an arbitrage obligation within the meaning of Section 103 (c) of the United States Internal Revenue Code of 1954 , as amended, and applicable regulations promulgated thereunder . Section 6 . Harper , McLean & Company of Seattle, Washington, has submitted an offer to purchase the Notes at a - 3 -