Ordinance 1504-88 - Laserfiche WebLink

• cient to redeem and retire the Bonds or a portion of the Bonds in accordance with their terms, are set aside in a special account to effect such redemption or retirement and such money and the principal of and interest on such Obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the Bond Fund for the payment of the principal of and interest on the Bonds so provided for and such Bonds shall cease to be entitled to any lien, benefit or security of this Ordinance except the right to receive the funds so set aside and pledged, and such Bonds shall be deemed not to be outstanding hereunder. SECTION 9 . Excess Earnings Rebate. The City covenants and agrees to calculate or cause to be calculated the Rebate Amount and to pay the Rebate Amount to the Internal Revenue Service in the manner and at the times required in this subsection. (a) A special fund of the City to be known as the "1988 Senior Facilities Unlimited Tax Levy General Obligation Bonds Excess Earnings Fund" (the "Excess Earnings Fund" ) is hereby authorized and created. The City shall make deposits into and withdrawals from the Excess Earnings Fund at such times and in such manner as provided herein or in such other manner as may be required, in the opinion of nationally recognized bond counsel, to maintain the tax-exempt status of the interest on the Bonds. . (b) The City shall calculate the Rebate Amount for each Bond Year and shall maintain the Rebate Amount in the Excess Earnings Fund for the next succeeding Bond Year, less the amounts, if any, previously paid to the United States as provided herein. The Rebate Amount shall be calculated as follows: (1) The aggregate amount earned on the amounts deposited in the Projects Fund, the Authority Senior Facilities Bond Construction Fund and the Bond Fund for the Computation Period, minus -12- KR258 88/07/06