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Section 1 . 148-5T of the Temporary Income Tax Regulations or <br /> any successor Temporary Income Tax Regulations . <br /> "Nonpurpose Payments" means, in general, any payment with <br /> respect to an investment allocated to the Bonds . The following <br /> types of payments are specifically included: <br /> (a) Direct Payments . The amount of gross proceeds of <br /> the Bonds directly used to purchase the investment . Direct <br /> payments to not include brokerage commission, administrative <br /> expenses or similar expenses . <br /> (b) Constructive Payments . The fair market value (as <br /> of the date of allocation of the Bonds) of any investment <br /> that was not directly purchased with gross proceeds of the <br /> Bonds, but which is allocated to the Bonds . <br /> (c) Payments of Rebatable Arbitrage . Any payment of <br /> Rebatable Arbitrage if such payment is made no later than <br /> the due date for such payment . <br /> "Project" means the animal shelter and Fire Station No . 7 <br /> improvements as further specified in Section 2 of this ordinance . <br /> "Project Funds" means the "Animal Shelter Construction Fund <br /> and the Fire Station Construction Fund" described in Section 14 <br /> hereof. <br /> "Rebatable Arbitrage" means the amount payable to the United <br /> States by the City pursuant to Section 9 of this Ordinance . <br /> "Treasurer" means the Treasurer of the City, or any <br /> successor to the functions and responsibilities of the Treasurer <br /> of the City. <br /> -4- FWWOOH.DOC 93/01/08 <br />