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1 of the amount that would have been earned had the yield on those <br /> 2 investments been equal to the yield on the Bonds , plus all <br /> 3 income derived from those excess earnings , to the extent and in <br /> 4 the manner required by Section 148 of the Code and applicable <br /> 5 regulations . If the City fails to meet rebate requirements <br /> 6 applicable to the Bonds under Section 148 of the Code, the City <br /> 7 covenants that, to the extent permitted by that Section, it will <br /> 8 pay the penalty provided in Subsection 148(f) (7) (C) if required <br /> 9 to prevent interest on the Bonds from being included in gross <br /> 10 income for federal income tax purposes . The City certifies that <br /> 11 it has not been notified of any listing or proposed listing by <br /> 12 the Internal Revenue Service to the effect that it is a bond <br /> 13 issuer whose arbitrage certifications may not be relied upon. <br /> 14 Section 9 . Prior to October 15 , 1993 , the Bonds may be <br /> 15 redeemed only from special assessment payments . In the event <br /> 16 that on or after October 15, 1993 , money and/or "government <br /> 17 obligations, " as defined in Chapter 39 . 53 RCW as now or <br /> 18 hereafter amended, maturing at such time or times and bearing <br /> 19 interest to be earned thereon in amounts (together with such <br /> 20 money, if necessary) sufficient to pay and retire the Bonds in <br /> 21 accordance with their terms , are set aside in or for the account <br /> 22 of the Bond Fund for the bonds to effect such payment and <br /> 23 retirement, and such money and the principal of and interest on <br /> 24 such government obligations are set aside in a special fund and <br /> 25 pledged irrevocably for such purpose, then no further payments <br /> - 8 - <br />