US Bank 8/5/2015 - Laserfiche WebLink

of the Schedule, of all unconditionally payable payments of principal and interest on the Schedule, produces an amount equal to the present value, using the same discount rate, of the aggregate issue price of the Schedule as of the issue date. The issue price for the Schedule is the price paid by the Seller for the Schedule of$1,362,903. No issuance costs, or costs of carrying or repaying the Schedule is taken into account for purposes of computing yield on the Schedule. 11. Temporary Periods and Yield Restriction. The City has incurred or will incur within six months of the date hereof a binding obligation to a third party which is not subject to any contingencies within the control of the City or a related party pursuant to which the City is obligated to expend at least five percent of the sale proceeds of the Schedule on the Equipment. The City reasonably expects that work on or acquisition of the Equipment will proceed with due diligence to completion and that the proceeds of the Schedule will be expended on the Equipment with reasonable dispatch. The City reasonably expects that 85 percent of the sale proceeds of the Schedule will have been expended on the Equipment prior to the date that is three years after the issue date. Any sale proceeds not expended prior to the date that is three years after the issue date, will be invested at a yield not"materially higher" than the yield on the Schedule, except as set forth in paragraph 12 below. The City reasonably expects that any amount derived from the investment of moneys received from the sale of the Schedule and from the investment of such investment income will not be commingled with substantial other receipts or revenues of the City and will be expended prior to the date that is three years after the issue date, or one year after receipt of such investment income, whichever is later. Any such investment proceeds not expended prior to such date will be invested at a yield not "materially higher"than the yield on the Schedule,except as set forth in paragraph 12 below. 12. Minor Portion. All gross proceeds will be invested in accordance with paragraph 11 above. To the extent such amounts remain on hand following the periods set forth in paragraph 11 above, the City will invest such amounts at a restricted yield as set forth in such paragraph; provided, however, that a portion of such amounts, not to exceed in the aggregate the lesser of $100,000 or five percent of the sale proceeds of the Schedule (the "Minor Portion"), may be invested at a yield which is higher than the yield on the Schedule. 13. Issue. There arc no other obligations that (a) have been or will be sold within 15 days of the Schedule, (b) are sold pursuant to the same plan of financing with the Schedule, and (c)will be paid out of substantially the same source of funds as the Schedule. 14. Compliance With Rebate Requirements. The City hereby covenants that it will take all necessary steps to comply with the requirement that rebatable arbitrage earnings on the investment of the gross proceeds of the Schedule, if any, within the meaning of section 148(f) of the Code be rebated to the federal government. Specifically, the City will (a) maintain records regarding the investment of the gross proceeds of the Schedule as may be required to calculate such rebatable arbitrage earnings separately from records of amounts on deposit in the funds and accounts of the City which are allocable to other debt issues of the City or moneys which do not represent gross proceeds of any obligations of the City, (b) calculate at such intervals as may be required by applicable Regulations, the amount of rebatable arbitrage earnings, if any, earned from the investment of the gross proceeds of the Schedule and (c)pay, not less often than every fifth anniversary date of the delivery of the Schedule and within 60 days following the final maturity of the Schedule, or on such other dates required or permitted by applicable Regulations, -4- 1