US Bank 8/5/2015 - Laserfiche WebLink

all amounts required to be rebated to the federal government. Further,the City will not indirectly pay any amount otherwise payable to the federal government pursuant to the foregoing requirements to any person other than the federal government by entering into any investment arrangement with respect to the gross proceeds of the Schedule that might result in a reduction in the amount required to be paid to the federal government because such arrangement results in a smaller profit or a larger loss than would have resulted if the arrangement had been at arm's- length and had the yield on the issue not been relevant to either party. 15. Not an Abusive Transaction. (a) General. No action taken in connection with the issuance of the Schedule will enable the City to (i) exploit, other than during an allowable temporary period, the difference between tax-exempt and taxable interest rates to obtain a material financial advantage(including as a result of an investment of any portion of the gross proceeds of the Schedule over any period of time, notwithstanding that, in the aggregate, the gross proceeds of the Schedule are not invested in higher yielding investments over the term of the Schedule), and (ii) issue more Schedule, issue Schedule earlier, or allow Schedule to remain outstanding longer than is otherwise reasonably necessary to accomplish the governmental purposes of the Schedule. To the best of our knowledge, no actions have been taken in connection with the issuance of the Schedule other than actions that would have been taken to accomplish the governmental purposes of the Schedule if the interest on the Schedule were not excludable from gross income for federal income tax purposes (assuming the hypothetical taxable interest rate would be the same as the actual tax-exempt interest rate on the Schedule). (b) No Sinking Fund. No portion of the Schedule has a term that has been lengthened primarily for the purpose of creating a sinking fund or similar fund with respect to the Schedule. (c) No Window. No portion of the Schedule has been structured with maturity dates the primary purpose of which is to make available released revenues that will enable the City to avoid transferred proceeds or to make available revenues that may be invested to be ultimately used to pay debt service on another issue of obligations. 16. No Arbitrage. On the basis of the foregoing facts, estimates and circumstances, it is expected that the gross proceeds of the Schedule will not be used in a manner that would cause any of the Schedule to be an "arbitrage bond"within the meaning of section 148 of the Code and the Regulations. To the best of the knowledge and belief of the undersigned, there are no other facts,estimates or circumstances that would materially change such expectations. 17. No Private Use,Payments or Loan Financing. (a) General. The City reasonably expects, as of the date hereof, that no action or event during the entire stated term of the Schedule will cause either the "private business tests" or the "private loan financing test," as such terms are defined in the Regulations, to be met. Speci fically, (i) No portion of the proceeds of the Schedule will be used in a trade or business of a nongovernmental person. For purposes of determining use, the City will apply rules set forth in applicable Regulations and Revenue Procedures promulgated by -5-