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No. 1054 regarding issuance of tax increment revenue refunding bonds
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No. 1054 regarding issuance of tax increment revenue refunding bonds
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4 1. % <br />(e) The Commission will file an information report <br />Form 8038 -G with the Internal Revenue Service as required <br />by Section 149 of the Code. <br />} ( f ) The Commission will not make any investment or do <br />any other act or thing during the period that any Bond is <br />outstanding hereunder which would cause any Bond to be an <br />"arbitrage bond" within the meaning of Section 148 of the <br />Code and the regulations applicable thereto as in effect on <br />the date of delivery of the Bonds. <br />The Commission will not take any action or fail to take any action <br />with respect to, the Bonds that would result in the loss of the <br />exclusion from gross income for federal tax purposes of interest on <br />the Bonds pursuant to Section 103(a) of the Code, and the <br />Commission will not act in any manner which would adversely affect <br />such exclusion. <br />Section 9. Defeasance of Bonds. If the whole amount <br />of the principal, redemption premium, if any, and interest due and <br />payable upon the Bonds then outstanding or a portion thereof shall <br />be paid, or (i) sufficient moneys, or (ii) direct obligations of, <br />or obligations the principal of and interest on which are <br />unconditionally guaranteed by, the United States of America, the <br />principal of and the interest on which when due or when called for <br />redemption by the holder thereof at the option of the holder will <br />provide sufficient moneys for such purpose, and such obligations <br />are not subject to call or redemption by the issuer thereof prior <br />to maturity or for which irrevocable instructions to redeem have <br />been given and the principal of and the interest on which when due <br />will provide sufficient moneys for such purpose, or (iii) time <br />certificates of deposit fully secured as to both principal and <br />interest by obligations of the type described in (ii) above of a <br />-19- <br />
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