Ordinance 1358-87 - Laserfiche WebLink

• of Issue of the Bonds . Each subsequent installment payment shall be made no later than five years after the previous payment was due. The last installment payment shall be made no later than sixty days after the date on which the last Bond of the Issue is redeemed and shall be in an amount sufficient to pay the remaining balance of the Rebate Amount or , in the case of an Issue of Bonds which is retired prior to any installment payment , 100 percent of the Rebate Amount . (b) Manner of Payment . Each installment payment of the Rebate Amount shall be: (i) filed with the Internal Revenue Service Center, Philadelphia, Pennsylvania 19255 ; (ii ) accom- panied by a copy of IRS Form 8038 if required for that Issue on the Date of Issue; and ( iii) accompanied by a statement summa- rizing the City' s determination of the Rebate Amount . Section 7 . No Prohibited Payments . The City shall not make any Prohibited Payment in connection with an Issue subject to Arbitrage Rebate Requirements . For the purpose of avoiding the making of any Prohibited Payment , no Nonpurpose Investment shall be purchased for an amount in excess of its fair market value determined with reference to bid and asked prices for comparable obligations in an established market . (The purchase of a United States Treasury obligation directly from the United States Treasury shall not result in a Prohibited Payment . ) Any certificate of deposit issued by a commercial bank shall be bought or sold only at a bona fide bid price quoted by a dealer who maintains an active secondary market in such certificates of - 10 -