Ordinance 1504-88 - Laserfiche WebLink

(2) The aggregate amount that would have been earned on the amounts deposited in the funds and accounts described in subparagraph ( 1) above for the Computation Period if such amounts had been invested at a yield equal to the actual yield on the Bonds for the Computation Period, plus (3) Any income (whether or not that income exceeds the yield on the Bonds) attributable to the excess of the amount computed under subparagraph ( 1) above over the amount computed under subparagraph (2 ) above. If the gross earnings on the Bond Fund for any Bond Year during the Computation Period are less than $100, 000, the amount 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 Any amounts that are withdrawn from the Excess Earnings Fund as a result of a decrease in the Rebate Amount may be returned to the Projects Fund or other City Funds, as appropriate.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. -13- KR258 88/07/06