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• <br /> ordinance except the right to receive the funds so set aside and <br /> pledged, and such Bonds shall be deemed not to be outstanding <br /> hereunder. <br /> SECTION 9. Payment of Arbitrage Rebate. <br /> A. General Rule. The City will pay to the United <br /> States of America in accordance with the provisions of this <br /> Section (i) at least 90 percent of the Rebatable Arbitrage with <br /> respect to the Bonds as of each Installment Computation Date, and <br /> (ii) 100 percent of the Rebatable Arbitrage with respect to the <br /> Refunding Bonds as of the Final Computation Date. <br /> B. Computation of Rebatable Arbitrage. The Rebatable <br /> Arbitrage with respect to the Bonds computed in accordance with <br /> 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 /> -15- KR112 90/09/17 <br />