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1 proceeds of the Bonds or other funds of the City treated as <br /> 2 proceeds of the Bonds at any time during the term of the Bonds <br /> 3 which will cause interest on the Bonds to be included in gross <br /> 4 income for federal income tax purposes . The City also covenants <br /> 5 that , if all gross proceeds of the Bonds have not been spent <br /> 6 within certain periods prescribed by the United States Internal <br /> 7 Revenue Code of 1986 , as amended (the "Code" ) , it will <br /> 8 calculate, or cause to be calculated, and rebate to the United <br /> 9 States all earnings from the investment of gross proceeds of the <br /> 10 Bonds that are in excess of the amount that would have been <br /> 11 earned had the yield on those investments been equal to the <br /> 12 yield on the Bonds , plus all income derived from those excess <br /> 13 earnings , to the extent and in the manner required by Section <br /> 14 148 of the Code and applicable regulations . If the City fails <br /> 15 to meet rebate requirements applicable to the Bonds under <br /> 16 Section 148 of the Code, the City covenants that , to the extent <br /> 17 permitted by that Section, it will pay the penalty provided in <br /> 18 Subsection 148 (f) (7) (C) if required to prevent interest on the <br /> 19 Bonds from being included in gross income for federal income tax <br /> 20 purposes . The City certifies that it has not been notified of <br /> 21 any listing or proposed listing by the Internal Revenue Service <br /> 22 to the effect that it is a bond issuer whose arbitrage <br /> 23 certifications may not be relied upon. <br /> 24 Section 11 . Prior to March 15 , 1993 , the Bonds may be <br /> 25 redeemed only from special assessment payments . In the event <br /> - 9 - <br />