Ord 2008-038 - Laserfiche WebLink

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amount in excess of 5 percent is used fora "private business use" which is "related" and not "disproportionate," within the meaning of section 141(b)(3) of the Code, to the governmental use; (3) to take any action to assure that no amount which is greater than the lesser of $5,000,000, or 5 percent of the proceeds of the Bond (less amounts deposited into a reserve fund, if any) is directly or indirectly used to finance loans to persons, other than state or local governmental units, in contravention of section 141(c) of the Code; (4) to refrain from taking any action which would otherwise result in the Bond being treated as a "private activity bond" within the meaning of ??n 141(b) of the Code; (5) to refrain from taking any action that would resin' u? ?, fond being "federally guaranteed" within the meaning of section 149(b) of the Co e; (6) to refrain from using any portion of the ~?rocc of t1? Bond, directly or indirectly, to acquire or to replace funds which we?? ? us?? , direc??, ?? indirectly, to acquire investment property (as defined in sectic ,148(b)(2; of t' ?e Code. which produces a materially higher yield over the term of the Bona, ? 'r than 1 ?estment ?operty acquired with -- (A) proceeds of the Bond inve? a for a reasonable temporary period of 3 years or less or, in the case of ? ?- - ??nding ? ? ??r a period of 90 days or less until such proceeds are n? _ ? for ??e pu,, ?e for , nich the bond is issued, (B) amounts invests , a bona ? de debt service fund, within the meaning of section 1.148-1(b) of ?'- ? Treasu, , '? e?? rations, and ??? ?.mou ?de??os?. ';r anyreasonablyrequiredreserveorreplacementfund to t}? extent such amo nts d ? ??ot exceed 10 percent of the proceeds of the Bond; 1} to , ?rwise restrict the use of the proceeds of the Bond or amounts treated as procec ?s of the b, ' as may be necessary, so that the Bond does not otherwise contravene the requirements of *???? 148 of the Code (relating to arbitrage) and, to the extent applicable, section 149, , of the Code (relating to advance refundings); and (8) to pay to the United States of America at least once during each five-year period (beginning on the date of delivery of the Bond) an amount that is at least equal to 90 percent of the "Excess Earnings," within the meaning of section 148(fl of the Code and to pay to the United States of America, not later than 60 days after the Bond has been paid in full, 100 percent of the amount then required to be paid as a result of Excess Earnings under section 148(fl of the Code. (b) Rebate Fund. In order to facilitate compliance with the above covenant (8), a "Rebate Fund" is hereby established by the City for the sole benefit of the United States of America, and such SAN MARCOSI CO Rfdg Bonds2008:Ordinance 1