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on March 1, 1984 , and will set aside and deposit into the Note <br /> Fund from taxes collected beginning in December 1983 and such <br /> other available money the following amounts at the following <br /> times : <br /> Deposit Date Deposit Amount <br /> December 30, 1983 $2 , 000, 000 <br /> January 31, 1984 500,000 <br /> February 29, 1984 500,000, plus an amount <br /> equal to the interest <br /> payable on the Notes at <br /> maturity. <br /> The full faith, credit and resources of the City are <br /> pledged irrevocably for the payment of the principal of and <br /> interest on the Notes and the payment of such deposits . <br /> Section 4 . The Notes shall be printed on good bond paper <br /> or may be in typewritten form in a form consistent with the <br /> provisions of this ordinance and State law. The Notes shall be <br /> signed by the Mayor of the City and attested by the City Clerk, <br /> either one of whose signatures may be in facsimile, and shall <br /> have the seal of the City printed or impressed thereon. <br /> Section 5 . The City covenants that it will spend the <br /> principal proceeds of the Notes with due diligence to completion <br /> of the purposes specified in this ordinance and will make no use <br /> of the proceeds of the Notes or of its other money at any time <br /> during the term of the Notes which will cause the Notes to be an <br /> arbitrage obligation within the meaning of Section 103(c) of the <br /> United States Internal Revenue Code of 1954 , as amended, and <br /> applicable regulations promulgated thereunder . <br /> Section 6 . Harper, McLean & Company of Seattle, <br /> Washington, has submitted an offer to purchase the Notes at a <br /> price of not less than 99 .25% of par , plus accrued interest from <br /> the date of the Notes to the date of their delivery to the <br /> - 3 - <br />