Reso 2010-1538-1 - Laserfiche WebLink

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,- . . 3. Rebate Fund and Payment (a) The City shall calculate the Rebate Account Requirement as of each Calculation Date no later than fifty (50) days after each Calculation Date. (b) No later than fifty (50) days after each Calculation Date, the City shall . deposit in the Rebate Fund the amount, if any, necessary to increase the amount in such Fund to the Rebate Account Requirement. (c) The City shall pay any amount required to be paid to the United States under section 148(f) of the Code out of amounts in the Rebate Fund no later than each Rebate . Payment Date. (d) The City may withdraw from the Rebate Fund any excess of the amount on deposit in the Rebate Fund over the Rebate Account Requirement calculated as of a Calculation Date. I. I 4. Rebate Calculations . (a) The rebate amount as of any Calculation Date is computed by future valuing certain investment receipts and payments at an interest rate equal to the yield on the Bonds computed as of the Calculation Date. . (b) The yield on the Bonds is 4.22%, computed in accordance with 26 CFR Sec. 1.1484(c) on the basis of a 360 day year for the actual number of days elapsed and with interest compounded quarterly. For purposes of computing the yield, the issue price of the Bonds is $15,000,000. . (c) The City shall: (i) if necessary, retain an experienced professional to perform calculations relating to the Rebate Amount; (ii) consult legal counsel experienced in matters relating to calculations relating to the Rebate Account Requirement to resolve issues that may arise and for which it is necessary to consult legal counsel; and (iii) retain all records with respect to the calculations and any payments to the United States for at least 6 years after the last Bonds is discharged. . (d) Payments to the United States shall be filed with the Internal Revenue Service Center, Ogden, Utah 84201 on or before the payment is required to be paid and shall be accompanied by Form 8038- T or such other form as is prescribed for such purpose. 5. Investment Restrictions . (a) No investment of Gross Proceeds (other than a United States Treasury security of the State and Local Government Series) will be acquired for an amount in excess of its fair market value or sold or disposed of for an amount less than its fair market value. B-2 {MI886561_2} .