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successor provision thereof applicable to the 1993 Bonds) and the applicable regulations <br /> thereunder throughout the term of the 1993 Bonds. The City further covenants that it will not <br /> take any action or permit any action to be taken that would cause the 1993 Bonds to constitute <br /> "private activity bonds" under Section 141 of the Code. <br /> B. Arbitrage Rebate. <br /> (a) General Rule. The City will pay to the United States of America in <br /> accordance with the provisions of this section (i) rebate installment payments which, when added <br /> to the future value as of the Computation Date of all previous rebate payments made with respect <br /> to the 1993 Bonds, equal at least 90% of the Rebate Amount with respect to the 1993 Bonds, and <br /> (ii) a final rebate installment payment in an amount which, when added to the future value of all <br /> previous rebate payments made with respect to the 1993 Bonds, equals 100% of the Rebate <br /> Amount hereinafter defined. <br /> (b) Computation of Rebate Amount. As of any Computation Date, the <br /> Rebate Amount for the 1993 Bonds is the excess of the future value, as of such date, of all <br /> Receipts over the future value, as of such date, of all Payments. <br /> (c) Payment Procedure. <br /> (i) The first rebate installment payment will be made for a <br /> Computation Date that is no later than five years after the issue date of the 1993 Bonds. <br /> Subsequent rebate installment payments will be made for a Computation Date that is not later <br /> than five years after the previous Computation Date for which rebate installment payment was <br /> made. Each rebate installment payment will be paid no later than 60 days after the Computation <br /> Date to which the payment relates. <br /> (ii) A final rebate payment will be paid within 60 days of the <br /> date the 1993 Bonds are discharged or such other period as is permitted by Internal Revenue <br /> Service regulations. <br /> -29- FWW04E.DOC 93/10/28 <br />