Ordinance 2009-323 - Laserfiche WebLink

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Note plus one-thousandth of one percentage point. 12. Notwithstanding any provision ofthis certificate to the contrary, to the extent permitted by law, amounts may be invested in obligations ("tax-exempt bonds") the interest on which is excluded from gross income pursuant to Section 103(a) of the Code, and which are not specified private activity bonds (as defined in Section 57(a)(5)(c) of the Code), and/or in investments that constitute "tax-exempt bonds" pursuant to Treas. Reg. g 1.150-1 (b) without regard to any yield restriction. 13. The City has covenanted and agreed to comply with the requirements applicable to it contained in Section 103 in Part IV of Subchapter B of Chapter 1 of the Code to the extent necessary to preserve the exclusion of interest on the Note from gross income for federal income tax purposes. Specifically, the City has covenanted and agreed to comply with the requirements of Section 148 (f) of the Code concerning arbitrage rebate. 14. The City agrees to engage the services of one or more certified public accountants or lawyers, or other consultants of expertise in the "arbitrage bond" provisions of the Code and Treasury Regulations (the "Rebate Consultant") on or before the earlier of (i) June 8, 2014 or (ii) the date that the Note is discharged. The City shall cause the Rebate Consultarit to perform such calculations as may be necessary to enable the City to comply with the provisions of the Arbitrage Regulations and the Code. 15. The City covenants that an amount which, when added to all previous rebate payments made with respect to the Note equals (a) at least ninety percent (90%) ofthe rebate amount as ofeach Installment Computation Date (hereinafter defined) and (b) all of the rebate amount as of the Final Computation Date (hereinafter defined) (c) shall be paid to the United States as hereinafter provided from legally available funds of the City. Each rebate payment is required to be paid no later than 4