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the Rebate Computation Certificate and, as of each Computation <br /> Date, will be the excess of: <br /> (a) The future value of all Nonpurpose Receipts <br /> with respect to the Bonds; over <br /> (b) The future value of all Nonpurpose Payments <br /> with respect to the Bonds. <br /> The future value will be computed as of each Computation Date. <br /> C. Payment Procedure. The payment of Rebatable <br /> Arbitrage due as of each Installment Computation Date will be <br /> paid no later than the date that is 60 days after the Installment <br /> Computation Date. <br /> The payment of Rebatable Arbitrage due as of the Final <br /> Computation Date will be paid no later than the latest of (a) the <br /> date that is 60 days after the Final Computation Date, (b) the <br /> date that is 8 months after the date of issuance of the Bonds, <br /> (c) the date 60 days after the earlier of the date that the City <br /> no longer expects to spend gross proceeds of the Bonds within 6 <br /> months of the date of issuance of the Bonds or 12 months after <br /> the date of issuance of the Bonds. <br /> Each payment of Rebatable Arbitrage will be made to the <br /> Internal Revenue Center, Philadelphia, Pennsylvania 19225 and <br /> will be accompanied by the appropriate IRS Form. <br /> D. Other Methodology. Notwithstanding this <br /> Section 9, payments of Rebatable Arbitrage will be made in <br /> accordance with instructions provided by bond counsel if <br /> necessary to maintain the Federal income tax exemption for <br /> interest payments made on the Bonds. <br /> SECTION 10. Tax Covenants. The City hereby covenants that <br /> it will not make any use of the proceeds of sale of the Bonds or <br /> any other funds of the City which may be deemed to be proceeds of <br /> such Bonds pursuant to Section 148 of the Internal Revenue Code <br /> -14- KR113 90/09/17 <br />