Laserfiche WebLink
<br />(j) the Issuance Expenses will not be financed by proceeds of the Bonds <br />(including earnings thereon) in excess of two percent (2%) of the proceeds of the Bonds. <br />\vithin the meaning of Section 147(g) of the Code; <br /> <br />(k) no Bond proceeds or any sums treated as "bond proceeds" under Section 148 <br />of the Code shall be invested in investments which cause the Bonds to be federally <br />guaranteed within the meaning of Section 149(b) of the Code. If at any time these sums <br />exceed, within the meaning of Section 148. (i) amounts invested for an initial temporary <br />period until the moneys are needed for the purpose for which the Bonds are issued, (ii) <br />investments of a bona fide debt service fund, and (iii) investments of a reserve which meet <br />the requirement of Section 148( d) of the Code, such excess moneys shall be invested in only <br />those investments which are (A) obligations issued by the United States Treasury, (B) other <br />investments permitted under regulations. or (C) obligations v.hich are (1) not issued by, or <br />guaranteed by, or insured by. the United States or any agency or instrumentality thereof or <br />(2) not federally insured deposits or accounts. all within the meaning of Section 149(b )(2) <br />of the Code; <br /> <br />(/) unless the Corporation receives an opinion of Bond Counsel that such <br />payments are not required. the Corporation on behalf of the Issuer shall pay the United <br />States, as a rebate, an amount equal to the sum of (i) the excess of the aggregate amount <br />earned on all nonpurpose obligations (other than investments attributable to an excess <br />described in this clause), over the amount which would have been earned if all nonpurpose <br />obligations were invested at a rate equal to the yield on the Bonds, plus (ii) any income <br />attributable to the excess described in clause (i), at the times and in the amounts required by <br />Sections 148(f)(2) and (3) of the Code. all within the meaning of Section 148(1) of the Code. <br />The Corporation and Lender shall maintain records of the interest rate borne by the Bonds <br />and the investments of the Accounts established in the Resolution and earnings thereon in <br />adequate detail to enable the Corporation to calculate the amount of any rebate required to <br />be made to the United States. The Corporation shall pay the rebate to the United States at <br />times and in installments which satisfy Section 148(f)(3) of the Code and the regulations. <br />within sixty (60) days after the ~ifth (5th) Bond Year and after each succeeding fifth (5Ih) <br />Bond Year and within sixty (60) days after the day on which the last of the Bonds is <br />redeemed. If the Lender is not furnished with such calculations. the Lender may undertake <br />to have such calculations made or verified at the expense of the Corporation and the <br />Corporation shall promptly furnish the Lender with such information as the Lender may <br />request for that purpose. Such calculations shall be retained until six (6) years after the <br />retirement of the last Bond. The rebate shall be calculated as provided in Section 1.148-0 <br />through 1.148-11 of Treasury Regulations; <br /> <br />(m) the Bonds have satisfied the public approval requirements of Section 147(f) <br />of the Code since they have been approved by the Issuer by its elected legislative body after <br />reasonable public notice published in a newspaper of general circulation in the Issuer not less <br />than fourteen (14) days prior to the date of a public hearing with respect to the Facilities; <br /> <br />-:-5 <br />