Maintenance of Tax-Exempt Status of Bonds. No Loan Party shall take any action or omit to take any action which, if taken or omitted, would adversely affect the tax-exempt status of the Bonds (other than with respect to any Bonds owned by a Substantial User).
Maintenance of Tax-Exempt Status of Bonds. Neither the County nor the Authority shall take any action or omit to take any action which, if taken or omitted, could result in a Determination of Taxability.
Maintenance of Tax-Exempt Status of Bonds. The District shall not take any action or omit to take any action which, if taken or omitted, would adversely affect the tax‑exempt status of the Tax-Exempt Bonds.
Maintenance of Tax-Exempt Status of Bonds. The Company shall not take any action or omit to take any action which, if taken or omitted, would adversely affect the tax-exempt status of the Bonds.
Maintenance of Tax-Exempt Status of Bonds. The Authority will not take any action or omit to take any action which, if taken or omitted, would adversely affect the exclusion of interest on any Bond or Purchased Bond from gross income for federal income tax purposes or from personal income taxes levied by the Commonwealth or of such Bond or Purchased Bond from local personal property taxes levied by any political subdivision thereof.
Maintenance of Tax-Exempt Status of Bonds. The Authority shall not take any action or omit to take any action which, if taken or omitted, would adversely affect the tax-exempt status of the Tax-Exempt Bonds.
Maintenance of Tax-Exempt Status of Bonds. The Authority shall not take any action or omit to take any action which, if taken or omitted, would adversely affect the excludability of interest on the Bonds from gross income for purposes of federal income taxation or the exemption of such interest from Commonwealth of Pennsylvania personal income taxes.
Maintenance of Tax-Exempt Status of Bonds. (a) Neither the Borrower nor the Issuer shall use, permit the use of, or omit to use Gross Proceeds or any other amounts (or any property acquired, constructed, or improved with Gross Proceeds) in a manner which, if made or omitted, respectively, would cause interest on any Bond to become includable in the gross income, as defined in Section 61 of the Code, of the owners thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Borrower and the Issuer shall have received an Opinion of Counsel to the effect that failure to comply with such covenant will not adversely affect any exemption from federal income tax of interest on any Bond, the Borrower and the Issuer shall comply with each of the specific covenants in this Section.
(b) The Borrower covenants and agrees that at least 95% of the proceeds of the Bonds actually expended will be used to pay costs of the Project incurred subsequent to July 2, 1991, (in respect of work performed or items purchased after such date) which are costs of land or property subject to the allowance for depreciation provided by Section 167 of the Code and are chargeable to the capital account of the Borrower for federal income tax purposes or would be so chargeable either with a proper election by the Borrower under the Code or but for a proper election by the Borrower under, the Code to deduct such amounts. For purposes of this paragraph, "proceeds of the Bonds" means the proceeds derived by the Issuer from the sale of the Bonds plus earnings from the investment of amounts deposited in the Project Fund. In the event that proceeds of the Bonds remain unspent after the completion of the Project, the Borrower covenants and agrees that all of such unspent proceeds will be used to redeem the largest portion of the Bonds callable under the terms of the Indenture without premium or penalty that does not exceed the amount of such unspent proceeds. Pending such redemption, the Borrower covenants and agrees that any such unspent proceeds will be deposited in escrow as soon as possible after the completion of the Project and invested to produce a yield no greater than the yield on the Bonds.
Maintenance of Tax-Exempt Status of Bonds. The Commission shall not take any action or omit to take any action which, if taken or omitted, would adversely affect the tax-exempt status of the Bonds.
Maintenance of Tax-Exempt Status of Bonds
