Ordinance 971-83 - Laserfiche WebLink

purchaser . The City Treasurer is authorized to negotiate the price and rate of interest which will be borne by the Notes subject to the maximum rate set forth in Section 1 of this ordinance . The City shall furnish the printed or typewritten notes and the approving legal opinion of Roberts & Shefelman, municipal 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 mate- rial issued or used in connection with the Notes , 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 Notes shall , therefore, immedi- ately upon their execution, be delivered to Harper, McLean & Company, Seattle, Washington, upon payment therefor in accord- ance with such offer . Section 7 . There is created in the office of the City Treasurer a special fund called the "Operating Cash Requirements Fund, " into which fund the principal proceeds and accrued inter- est, if any, received from the sale of the Notes shall be depos- ited . Pending the expenditure of such proceeds in payment of expenses of the City, such proceeds may be invested in any legal investment and the investment income received may be retained in the Operating Cash Requirements Fund and expended for the pur- poses of such fund. Any proceeds of the Notes or investment earnings therefrom remaining in the Operating Cash Requirements Fund following the deposit into the Note Fund required by Section 3 above may be transferred to the City' s General Fund and expended for the purposes of such fund . - 4 -