1. MIDA Bond Hospice of Red River Valley
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1. MIDA Bond Hospice of Red River Valley
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<br />Corporation to purchase bonds or notes ofthe Issuer in an amount related to the amount of <br />such series of Bonds; <br /> <br />(i) the Costs ofIssuance will not be financed by proceeds ofthe Bonds (including <br />earnings thereon) in excess of two percent (2%) of the proceeds of the Bonds, within the <br />meaning of Section 147 (g) of the Code; <br /> <br />(j) no Bond proceeds or any sums treated as "proceeds" under Section 148 ofthe <br />Code shall be invested in investments which cause the Bonds to be federally guaranteed <br />within the meaning of Section 149(b) ofthe Code. If at any time these sums exceed, within <br />the meaning of Section 148, (i) amounts invested for an initial temporary period until the <br />moneys are needed for the purpose for which the Bonds are issued, (ii) investments of a bona <br />fide debt service fund, and (iii) investments of a reserve which meet the requirement of <br />Section 148(d) of the Code, such excess moneys shall be invested in only those Permitted <br />Investments or Government Obligations, as otherwise appropriate, which are (A) obligations <br />issued by the United States Treasury, (B) other investments permitted under regulations, or <br />(C) obligations which are (I) not issued by, or guaranteed by, or insured by, the United States <br />or any agency or instrumentality thereof or (2) not federally insured deposits or accounts, all <br />within the meaning of Section 149(b )(2) of the Code; <br /> <br />(k) 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(f) ofthe Code. <br />The Corporation and Trustee shall maintain records of the interest rate borne by the Bonds <br />and the investments of the Funds established in the Indenture and eamings 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 fifth (5th) Bond Year and after each succeeding fifth (5th) <br />Bond Year and within sixty (60) days after the day on which the last of the Bonds is <br />redeemed. If the Trustee is not furnished with such calculations, the Trustee may undertake <br />to have such calculations made or verified at the expense of the Corporation and the <br />Corporation shall promptly furnish the Trustee with such information as the Trustee 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 />7-6 <br />
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