Ordinance 1505-88 - Laserfiche WebLink

of earnings on such subaccount for such Bond Year shall not be taken into account in making the computations under subparagraphs (1) and (2 ) above. (c) The Rebate Amount shall be calculated within thirty (30) days of the end of the first Bond Year, within thirty (30) days of the end of each subsequent Bond Year, and within sixty (60) days of the retirement of the last obligation of the Bonds. The City shall make deposits into the Excess Earnings Fund within the 30-day period to maintain it at the Rebate Amount, less the amounts, if any, previously paid to the United States as provided herein. Such deposits shall be made from the Projects Fund, or from other legally available moneys of the City. Any amounts that are withdrawn from the Excess Earnings Fund as a result of a decrease in the Rebate Amount may be returned to the Projects Fund or other City Funds, as appropriate. If, during any Computation Period, the Rebate Amount is less than the amounts previously paid to the United States, such a deficit may not be recovered from amounts previously paid to the United States. The City shall make installment payments from the Excess Earnings Fund to the United States as required by law. SECTION 10. Tax Covenants. The City hereby covenants that it will not make any use of the proceeds of sale of the Bonds or any other funds of the City which may be deemed to be proceeds of such Bonds pursuant to Section 148 of the Internal Revenue Code of 1986 and the applicable regulations thereunder which would cause the Bonds to be "arbitrage bonds" within the meaning of said section and said regulations. The City will comply with the requirements of Section 148 of the Internal Revenue Code of 1986 and the applicable regulations thereunder throughout the term of the Bonds. -13- KR257 88/07/06