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1998-10-19 Resolution 130
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1998-10-19 Resolution 130
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4 • Y <br />• (e) The Authority will not take any action nor fail to take any action with <br />respect to the bonds that would result in the loss of the exclusion from gross income for <br />federal income tax purposes of interest on the Bonds pursuant to Section 103 of the Code, <br />nor will the Authority act in any other manner which would adversely affect such exclusion. <br />(fl The Authority covenants that, so long as any of the Bonds remain <br />outstanding, no investment of Bond proceeds will be made, directly or indirectly, which <br />would cause the Bonds to be classified as "arbitrage bonds" within the meaning of Section <br />148 of the Code or the Arbitrage Regulations. <br />The .:Authority has furnished to the Trustee concurrently with the execution and <br />delivery of this Agreement, signed copies of the arbitrage certificate of the kind contemplated by the <br />Arbitrage Regulations. The Trustee shall have the right in connection with any investment of money <br />in the Sinking Fund or the Operation and Reserve Fund to be made by it to require that the Authority <br />furnish the Trustee an opinion of counsel, experienced in matters relating to the tax exemption of <br />interest payable on obligations of states and their instrumentalities and political subdivisions, to the <br />effect that the proposed investment will not cause the Bonds to be classified as "arbitrage bonds" <br />within the meaning of Section 148 of the code or the Arbitrage Regulations. <br />The Authority covenants that it will not take any action, or fail to take any action, if <br />any such action or failure to take action would adversely affect the exclusion from gross income of <br />• the interest on the Bonds under Section 103 of the Code. The Authority will not directly or <br />indirectly use or permit the use of any proceeds of the Bonds or any other funds of the Authority, <br />or take or omit to take any action that would cause the Bonds to be "arbitrage bonds" within the <br />meaning of Section 148(a) of the Code. To that end, the Authority will comply with all requirements <br />of Section 148 of the Code to the extent applicable to the Bonds. In the event that at any time the <br />Authority is of the opinion that for purposes of this Section it is necessary to restrict or limit the yield <br />on the investment of any moneys held by the Trustee under this Agreement, the Authority shall so <br />instruct the Trustee in writing, and the Trustee shall take such action as may be necessary in <br />accordance with such instructions. <br />Without limiting the generality of the foregoing, the Authority agrees that there shall <br />be paid from time to time all amounts required to be rebated to the United States pursuant to Section <br />148(f) of the Code and any temporary, proposed or final Treasury Regulations as may be applicable <br />to the Bonds from time to time. This covenant shall survive payment in full or defeasance of the <br />Bonds. <br />Notwithstanding any provision of this Section, if the Authority shall provide to the <br />Trustee an opinion of nationally recognized Bond counsel to the effect that any action required under <br />this Section is no longer required, or to the effect that some further action is required, to maintain <br />the exclusion from gross income of the interest on the Bonds pursuant to Section 103 of the Code, <br />the Authority may rely conclusively on such opinion in complying with the provisions hereof. <br />• <br />::ODMA\PCDOCS\SBDOCS 1\24203\2 -22- <br />
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