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141 (b) as an obligation not described in subsection (a) of said <br /> Section 103;- unless the tax exemption thereof is not affected. <br /> Section 12 . Tax Covenants . <br /> A. No Arbitrage or Private Activity Bonds . The City <br /> shall comply with the requirements of this Section unless in the <br /> written opinion of Preston Thorgrimson Shidler Gates & Ellis or <br /> other nationally recognized bond counsel such compliance is not <br /> required in order to maintain the exemption of the interest on <br /> the 1992 Bonds from federal income taxes . <br /> The City hereby covenants that it will not make any use of <br /> the proceeds of sale of the 1992 Bonds or any other funds of the <br /> City that may be deemed to be proceeds of such 1992 Bonds <br /> pursuant to Section 148 of the Code and the applicable <br /> regulations thereunder that will cause the 1992 Bonds to be <br /> "arbitrage bonds" within the meaning of said section and said <br /> regulations . The City will comply with the requirements of <br /> Section 148 of the Code (or any successor provision thereof <br /> applicable to the 1992 Bonds) and the applicable regulations <br /> thereunder throughout the term of the 1992 Bonds . The City <br /> further covenants that it will not take any action or permit any <br /> action to be taken that would cause the 1992 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 <br /> United States of America in accordance with the provisions of <br /> this section (a) at least 90 percent of the Rebatable Arbitrage <br /> 46 Fww003.DOC 92/09/21 <br />