Ordinance 982-83 - Laserfiche WebLink

the actual date of execution of such Bond shall be proper offi- cers of the City although at the original date of such Bond any such person shall not have been such officer of the City. Section 4 . The Bond Registrar shall keep, or cause to be kept, at its principal corporate trust office, sufficient books for the registration and transfer of the Bonds, which shall at all times be open to inspection by the City. The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar ' s powers and duties under this ordinance . The Bond Registrar shall be responsible for its representa- tions contained in the Registrar ' s Certificate of Authentication on the Bonds . The Bond Registrar may become the owner of Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depos- itory 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 5 . The Bonds shall be negotiable instruments to the extent provided by RCW 62A. 8-102 and 62A. 8-105 . Section 6 . 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, if such use had been reasonably expected at the date the Bonds are issued, would have caused 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 . - 5 -