Common use of Not to Cause Interest to Become Taxable Clause in Contracts

Not to Cause Interest to Become Taxable. The District covenants that it shall not use, and shall not permit the use of, and shall not omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from the gross income of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes, the City shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that which if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to become includable in the gross income, as defined in section 103(a) 61 of the Code from the gross income Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent City receives a written opinion of Bond Counsel counsel nationally recognized in the field of municipal bond law to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposesBond, the City shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from Tax- Exempt 2022 Bonds to become includable in the gross income income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposesTax-Exempt 2022 Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from 2015- A Bonds to become includable in the gross income income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes2015-A Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond of the Tax-Exempt 2022 Bonds to fail to be excluded pursuant to section 103(a) of the Code from the gross income of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposesTax-Exempt 2022 Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this SectionSection 6.04.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from Bonds to become includable in the gross income income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposesBond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from 2009-A Bonds to become includable in the gross income income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes2009-A Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from Bonds to become includable in the gross income income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposesBond, the City shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from 2016-A Bonds to become includable in the gross income income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes2016-A Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond of the 2024-A Bonds to fail to be excluded pursuant to section 103(a) of the Code from the gross income of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes2024-A Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this SectionSection 6.04.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond of the 2015-A Bonds to fail to be excluded pursuant to section 103(a) of the Code from the gross income of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes2015-A Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this SectionSection 6.04.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from 2024- A Bonds to become includable in the gross income income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes2024-A Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond to fail to be excluded pursuant to section 103(a) of the Code from 2020- A Bonds to become includable in the gross income income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes2020-A Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Neither the City nor the Corporation shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that which if made or omitted, respectively, could would cause the interest on any Authority Series 2020 Bond to fail to be excluded pursuant to section 103(a) become includable in the gross income, as defined in Section 61 of the Code from the gross income Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent receives Corporation and the City receive a written opinion of Bond Counsel counsel nationally recognized in the field of municipal bond law to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from Series 2020 Bond, the gross income of the owner thereof for federal income tax purposes, Corporation and the City shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. The District covenants that it Authority and the City shall not use, and shall not permit the use of, and shall not or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, could would cause the interest on any Authority Bond of the 2014-A Bonds to fail to be excluded pursuant to section 103(a) of the Code from the gross income of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Fiscal Agent Authority or the City receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect such exclusion the exemption from federal income tax of the interest on any Authority Bond from the gross income of the owner thereof for federal income tax purposes2014-A Bond, the City Authority or the City, as the case may be, shall comply with each of the specific covenants in this SectionSection 6.04.