From Rocklopedia Fakebandica
Archie Andrews (yes, that Archie), hires the band to play the senior class dance. Unfortunately, it comes out that when Archie offered them $35, King thought he meant $3500. When Archie pays them the $35 in advance, King blows up, tells off Archie, and he and his band stomp off without playing.
Archie is forced to throw together The Riverdale Four to play the dance, to the great disappointment of the entire senior class. Archie resigns the presidency to avoid their ire.