Arbitrage Covenant. The Issuer and the Company covenant that the proceeds of the sale of the Bonds, the earnings thereon, and any other moneys on deposit in any fund or account maintained in respect of the Bonds (whether such moneys were derived from the proceeds of the sale of the Bonds or from other sources) will not be used in a manner which would cause the Bonds to be treated as “arbitrage bonds” within the meaning of Section 148 of the Code. The Company further covenants that: (a) all actions with respect to the Bonds required by Section 148(f) of the Code shall be taken; (b) it shall make the determinations required by paragraph (b) of Section 7.2 of the Indenture and promptly notify the Trustee of the same, together with supporting calculations; and (c) it shall within twenty-five (25) days after (i) the calendar date which corresponds to the final maturity of the respective series of Bonds and each anniversary thereof falling on or after the date of initial authentication and delivery thereof up to and including the final maturity of such series of the Bonds, unless the final payment, whether upon redemption in whole or at maturity, of such Bonds shall have occurred prior to such anniversary, and (ii) such final payment, file with the Trustee a statement signed by the chief financial officer of the Company (or person performing similar functions) to the effect that the Company is then in compliance with its covenants contained in clauses (a) and (b) of this sentence, together with supporting calculations; provided, however, that if the Company shall furnish an opinion of Bond Counsel to the Trustee to the effect that no further action by the Company is required for such compliance with respect to the Bonds, the Company shall not thereafter be required to deliver any such statements or calculations.
Arbitrage Covenant. The Issuer, to the extent it has any control over proceeds of the Bonds, and the Company covenant and represent to each other and to and for the benefit of the Beneficial Owners that so long as any of the Bonds remain Outstanding, moneys on deposit in any fund in connection with the Bonds, whether such moneys were derived from the proceeds of the sale of the Bonds or from any other sources, will not be used in a manner which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code and any lawful regulations promulgated thereunder, as the same exist on this date or may from time to time hereafter be amended, supplemented or revised. The Company also covenants for the benefit of the Beneficial Owners to comply with all of the provisions of the Tax Certificate. The Company reserves the right, however, to make any investment of such moneys permitted by State law, if, when and to the extent that said Section 148 or regulations promulgated thereunder shall be repealed or relaxed or shall be held void by final judgment of a court of competent jurisdiction, but only upon receipt of a Favorable Opinion of Bond Counsel with respect to such investment.
Arbitrage Covenant. 13 Section 5.04.
Arbitrage Covenant. The City covenants and agrees with the Issuer for the benefit of the holders of the Bonds that (i) the proceeds of the Bonds will be used as set forth in Section 4.02 of the Indenture; (ii) it will not permit any proceeds of the Bonds to be invested in such a manner which would cause the Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code and applicable regulations proposed or promulgated thereunder as of the date of such investment; (iii) it will comply with the requirements of Section 148(f) of the Code and the regulations promulgated thereunder and will pay on behalf of Issuer rebate, if any, required to be paid by Issuer; and (iv) it will expend the proceeds of the Series 2020 Bonds in compliance with the applicable provisions of Section 141 to 149, inclusive, of the Code.
Arbitrage Covenant. The Company covenants that none of the proceeds of the Bonds or the payments to be made under this Agreement, or any other funds which may be deemed to be proceeds of the Bonds pursuant to Section 148(a) of the Code, will be invested or used in such a way, and that no actions will be taken or not taken, to violate or fail to comply with the Tax Agreement and the applicable accounting, segregation, reporting and rebate requirements, if any, of Section 148 of the Code and any regulations promulgated or proposed thereunder.
Arbitrage Covenant. (a) The Company covenants for the benefit of the Owners of the Bonds and the Issuer that the proceeds of the Bonds, the earnings thereon and any other moneys on deposit in any fund or account maintained in respect of the Bonds, whether held under the Indenture or otherwise (whether such moneys were derived from the proceeds of the sale of the Bonds or from other sources), will not be used in a manner which would cause the Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code and further covenants to provide the Issuer with all necessary representations as to facts, estimates, expectations and circumstances to enable the Issuer to comply with Section 5.07 of the Indenture.
(b) The Company covenants to comply with the provisions of Section 148 of the Code and the related United States Treasury Regulations, including temporary and proposed regulations, during the term of the Bonds, including, but not limited to, the provisions for rebate of certain earnings to the United States to the extent the same apply to the Bonds, in accordance with the Tax Certificate.
(c) Subject to Article VII of the Indenture, in the event that moneys provided by the Company to pay principal of or premium, if any, or interest on the Bonds (“Company Payments”) are deposited pursuant to the Indenture into the Bond Fund or any other sinking fund with respect to the Bonds (the “Funds”) prior to the second day next preceding the Bond Payment Date with respect to which such deposit is made, the Company will cause such Company Payments to be invested in accordance with the terms and conditions of the Tax Certificate.
Arbitrage Covenant. 9 Section 3.4. Costs of Issuance.................................................... 9 ARTICLE IV LOAN AND PROVISIONS FOR REPAYMENT.................................... 9
Arbitrage Covenant. A. The Company and the Issuer hereby covenant for the benefit of the Bondholders that the Company and the Issuer will make no use of the proceeds of the Bonds, or of any other funds which may be deemed to be proceeds of the Bonds pursuant to Section 148 of the Code, which, if such use had been reasonably expected on the date of issuance of the Bonds, would have caused the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code, and that they will comply with the requirements of Section 148 of the Code with respect to the Bonds.
B. The Company shall appoint a Rebate Consultant to determine the Rebate Amount as of the end of a Rebate Year, as provided in Section 5.8 of the Indenture, and shall notify the Trustee of such appointment. Following the determination of the Rebate Amount as of the end of the Rebate Year, the Company shall deposit into the Arbitrage Rebate Fund the amount, if any, required to be deposited therein pursuant to Section 5.8 of the Indenture. The requirements of the preceding sentence shall not apply, however, to the Bonds in the event the Company obtains and submits to the Trustee an opinion of Bond Counsel that such compliance is not required under Section 148 of the Code, and the regulations in effect thereunder, in order for the interest on the Bonds to be and remain excluded from gross income for federal income tax purposes; provided, however, that such exemption from compliance with the requirements of this Subsection B shall apply only to the extent provided in such opinion of Bond Counsel.
Arbitrage Covenant. 21 Section 8.06 Issuer to Maintain Existence.................................................
Arbitrage Covenant. Any moneys held as part of the Bond Fund or Project Fund shall be invested, reinvested or applied by the Trustee in accordance with and subject to the conditions of Article VII of
