Ordinance 1358-87 - Laserfiche WebLink

(p) "Rebate Fund" means any special fund or account for excess earnings on Gross Proceeds of the Bonds created or to be created by the City pursuant to section 5 of this ordinance to facilitate calculation of the Rebate Amount . (q) "Tax Exemption Certificate" means the Tax Exemption Certificate dated the Date of Issue and furnished by the City to set forth certain matters of fact and its reasonable expecta- tions in connection with the issuance of the Bonds . (r) "Yield" of a Nonpurpose Investment means that yield which when used in computing the present worth of all payments of principal of and interest on the Nonpurpose Investment , calculated using the same frequency interval of compounding interest as the frequency interval of compounding interest on the Bonds , produces an amount equal to the purchase price of the Nonpurpose Investment . Section 3 . Calculation of Rebate Amount . For each issue of Bonds issued by the City that is subject to Arbitrage Rebate Requirements , the City shall calculate the Rebate Amount with respect to that Issue for the Computation Periods ending at the end of each Bond Year and upon retirement of the last Bond of the Issue, unless all Gross Proceeds of the Issue have been fully expended and the City has earlier paid 100 percent of the Rebate Amount with respect to that Issue to the United States . Section 4 . Certain Rules for Calculating Rebate Amount . Unless otherwise required by Section 148 of the 1986 Code, the following rules shall be applied to determine the Rebate Amount . - 6 -