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ARTICLE 2 <br />CONSULTANT'S SERVICES <br /> <br />2.1 BASIC SERVICES <br /> <br /> For each outstanding series of bonds or certificates of obligation issued by the City, the <br />Consultant will perform the following annually during the term of this Agreement: <br /> <br />2.1.1 Review the schedule of investments made by the City with proceeds from the bonds or <br />certiciates of obligation, and proceeds of other funds of the City which, under Treasury Regulations <br />Section 1.148 or any successor regulations thereto, are subject to the rebate requirements of the <br />Code. <br /> <br />2.1.2 Perform, consistent with the Code and the regulations promulgated thereunder, to determine <br />the arbitrage amount under Section 148(0(2) of the Code. For purposes of this Agreement, the term <br />"arbitrage amount" includes payments made under the election to pay penalty in lieu of rebate for <br />a qualified construction issue under Section 148(0(4) of the Code. <br /> <br />2.1.3 Calculate the bond yield. <br /> <br />2.1.4 Calculate the excess investment earnings, if any, of required rebate to the federal <br />government within the legally permitted time period. For those issues in which the time period bas <br />expired, calculations are to be completed within sixty (60) days from the date this Agreement <br />becomes effective. <br /> <br />2.1.5 Deliver a written Arbitrage Computation Report specifying the arbitrage amount based <br />upon the investment schedule, the calculations of bond yield and investment yield, and other <br />information deemed relevant by the Consultant.. <br /> <br />2.1.6 Provide an executive summary identifying the method used, major assumptions, <br />conclusions, and any recommendations for changes in record keeping for investments. <br /> <br />2.1.8 Assist the City in the event of an Internal Revenue Service (IRS) inquiry. <br /> <br />2.1.9 Advise the City in all matters related to Rebate Provisions. <br /> <br />2. I. 10 Provide assistance and consultation to the City for at least six (6) years after each issue's <br />final maturity. All records and documentation must be retained by the successful proponent during <br />that period. <br /> <br />2.1.11 Provide a written opinion to the City stating that arbitrage calculation results are consistent <br />with the 1986 Rebate Provisions. <br /> <br />arbitrage services.wpd 2 <br /> <br /> <br />