Common use of Duties of Localities Clause in Contracts

Duties of Localities. A. The Localities will cooperate with VPSA, the Investment Manager and the Depository in order to ensure that the purposes of this Agreement and the Related Tax Agreements are fulfilled. To that end, each Locality covenants and agrees that it will take any and all action and refrain from taking any and all action, as recommended by its bond counsel, to maintain the excludability from gross income for federal income tax purposes of interest on the VPSA Bonds to the same extent such interest was so excludable on the Closing Date.

Duties of Localities. A. The Localities will cooperate with VPSA, the Investment Manager and the Depository in order to ensure that the purposes of this Proceeds Agreement and the Related Tax Agreements are fulfilled. To that end, each Locality covenants and agrees that it will take any and all action and refrain from taking any and all action, as recommended by its bond counsel, to maintain the excludability from gross income for federal income tax purposes of interest on the VPSA Bonds to the same extent such interest was so excludable on the Closing Date.