Intent of County and Tax Covenant of County. The County intends that 16 the interest payable under this Agreement shall not be includible in the gross income of the 17 Registered Owner for purposes of federal income taxation pursuant to Section 148 of the Code.
Intent of County and Tax Covenant of County. The County intends that the interest payable under this Agreement shall not be includible in the gross income of the Registered Owner for purposes of federal income taxation pursuant to Section 148 of the Code. Accordingly, the County shall not knowingly take or permit to be taken any other action or actions or omit or fail to take any action, which would cause this Agreement to be an “arbitrage bond” within the meaning of Section 148 of the Code, or which would otherwise cause interest payable under this Agreement to become includible in the gross income of any Registered Owner for purposes of federal income taxation pursuant to Section 148 of the Code.
