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60-18 Bond Financing for the Community Center Project
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60-18 Bond Financing for the Community Center Project
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Last modified
11/7/2018 2:09:11 PM
Creation date
11/7/2018 2:08:28 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/12/2018
Bill Number
60-18
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the Issuer is required to rebate portions of investment earnings to the United States government, <br /> the Issuer shall annually cause to be computed the amount required to be so rebated, or, if the <br /> provisions of Section 148(f)(4)(C)(vii) of the Code apply, the Issuer shall semiannually cause to <br /> be computed the amount of the penalty to be paid in lieu of rebate. Upon receipt of such <br /> computation, the Trustee shall at the direction of the Issuer deposit such amount in the Rebate <br /> Fund from the Construction Fund, the Expense Fund, the Debt Service Reserve Fund or <br /> investment earnings on the Bond Fund. The Trustee shall pay required rebate or penalties from <br /> the Rebate Fund as directed by the Issuer and as required by Section 148 of the Code. Such <br /> payments shall be made by the Trustee without any further authorization or direction, other than <br /> as stated herein. <br /> Section 4.9 Trust Funds. All moneys and securities received by the Trustee under the <br /> provisions of this Indenture shall be trust funds under the terms hereof and shall not be subject to <br /> lien or attachment of any creditor of the Issuer or of the Public Library. Such moneys shall be <br /> held in trust for the benefit of the Purchaser and applied in accordance with the provisions of this <br /> Indenture. <br /> Section 4.10 Investment. Moneys on deposit in the Funds established in this Article IV <br /> hereof shall be invested as provided in Section 6.5 hereof. <br /> (End of Article IV) <br /> 23 <br />
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