Ord 2012-014 - Laserfiche WebLink

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the requirements of section 148 of the Code (relating to arbitra and, to the extent applicable, section 149(d) of the Code (relating to advance refungs); and (9) to pay to the United States of America at least once duringh five-year period (beginning on the date of delivery of the Bonds) an amount that qual to 90 percent of the "Excess Earnings," within the meaning of section 148(f) o and to pay to the United States of America, not later than 60 days after the Bondshave been paid in full, 100 percent of the amount then required to be paid as a result of Exess Earnings under section 148(f) of the Code. (b) Rebate Fund. In order to facilitate compliance with the abo covenant (8), a "Rebate Fund" is hereby established by the City for the sole benefit of the United States of America, and such fund shall not be subject to the claim of any other person, inclhout limitation the bondholders. The Rebate Fund is established for the additional purpose of compliance with section 148 of the Code. (c) Proceeds. The City understands that the term "proceeds" includes "disposition proceeds" as defined in the Treasury Regulations and, in the case of refunding bonds, transferred proceeds (if any) and proceeds of the Refunded Obligations expended prior to of issuance of the Bonds. It is the understanding of the City that the covenants contained herein are intended to assure compliance with the Code and any regulations or rulings promulga by the U.S. Department of the Treasury pursuant thereto. In the event that regulations or rul hereafter promulgated which modify or expand provisions of the Code, as applicable to the Bohe City will not be required to comply with any covenant contained herein to the extent that h failure to comply, in the opinion of nationally recognized bond counsel, will not adversely affect the exemption from federal income taxation of interest on the Bonds under section 103 of the Code.he event that regulations or rulings are hereafter promulgated which impose additional requirements which are applicable to the Bonds, the City agrees to comply with the additional requirement to the extent necessary, in the opinion of nationally recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Bonds under section 103 of the Code.n furtherance of such intention, the City hereby authorizes and directs the City Manager or the Mr to execute any documents, certificates or reports required by the Code and to make such els, on behalf of the City, which may be permitted by the Code as are consistent with the purpose e issuance of the Bonds. (d) Disposition of Project. The City covenants that the properonstituting the projects financed or refinanced with the proceeds of the Bonds will not be sold or otherwise disposed in a transaction resulting in the receipt by the City of cash or other compensation, unless the City obtains an opinion of nationally-recognized bonds counsel that such sale or other disposition will not adversely affect the tax-exempt status of the Bonds. For purposes of the foregoing, the portion of the property comprising personal property and disposed in the orll not be treated as a transaction resulting in the receipt of cash or other competion. For purposes hereof, the City shall not be obligated to comply with this covenant if it obtains an opinion that such failure to comply will not adversely affect the excludability for federal income tax purposes from gross income of the interest. 23 San Marcos GORB 2012 - Delegated: Ordinance