Ordinance 979-83 - Laserfiche WebLink

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 . Section 7 . Wm. P . Harper & Son & Company, a Division of Harper , McLean & Company, in Seattle, Washington, has submitted an offer to purchase all of the Bonds at a price of par, plus accrued interest from the date of the Bonds to the date of their delivery to the purchaser , the City to furnish the printed Bonds and the approving legal opinion of Roberts & Shefelman, munici- pal 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 Bonds, 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 Bonds shall, therefore, immediately upon their execution, be delivered to Wm. P . Harper & Son & Company, a Division of Harper, McLean & Company, in Seattle, Washington, upon payment therefor in accordance with such offer . - 6 -