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

Not to Cause Interest to Become Taxable. Neither the City nor the Corporation shall use, permit the use of, 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 which if made or omitted, respectively, would cause the interest on any Series 2020 Bond to become includable in the gross 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 Corporation and the City receive a written opinion of counsel nationally recognized in the field of municipal bond law to the effect that failure to comply with such covenant will not adversely affect the exemption from federal income tax of the interest on any Series 2020 Bond, the Corporation and the City shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. Neither The Authority and the City nor the Corporation shall not use, permit the use of, 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 which that if made or omitted, respectively, would cause the interest on any Series 2020 Bond of the 2009-A Bonds to become includable in the gross income, as defined in Section 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 Corporation and Authority or the City receive receives a written opinion of counsel nationally recognized in the field of municipal bond law Bond Counsel to the effect that failure to comply with such covenant will not adversely affect the exemption from federal income tax of the interest on any Series 2020 2009-A Bond, the Corporation and Authority or the City City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. Neither The Authority and the City nor the Corporation shall not use, permit the use of, 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 which that if made or omitted, respectively, would cause the interest on any Series 2020 Bond of the 2016-A Bonds to become includable in the gross income, as defined in Section 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 Corporation and Authority or the City receive receives a written opinion of counsel nationally recognized in the field of municipal bond law Bond Counsel to the effect that failure to comply with such covenant will not adversely affect the exemption from federal income tax of the interest on any Series 2020 2016-A Bond, the Corporation and Authority or the City City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. Neither the The City nor the Corporation shall not use, permit the use of, 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 which that if made or omitted, respectively, would cause the interest on any Series 2020 Bond of the Bonds to become includable in the gross income, as defined in Section 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 Corporation and the City receive receives a written opinion of counsel nationally recognized in the field of municipal bond law Bond Counsel to the effect that failure to comply with such covenant will not adversely affect the exemption from federal income tax of the interest on any Series 2020 Bond, the Corporation and the City shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. Neither The Authority and the City nor the Corporation shall not use, permit the use of, 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 which that if made or omitted, respectively, would cause the interest on any Series 2020 Bond of the Bonds to become includable in the gross income, as defined in Section 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 Corporation and Authority or the City receive receives a written opinion of counsel nationally recognized in the field of municipal bond law Bond Counsel to the effect that failure to comply with such covenant will not adversely affect the exemption from federal income tax of the interest on any Series 2020 Bond, the Corporation and Authority or the City City, as the case may be, shall comply with each of the specific covenants in this Section.

Not to Cause Interest to Become Taxable. Neither The Authority and the City nor the Corporation shall not use, permit the use of, 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 which that if made or omitted, respectively, would cause the interest on any Series 2020 Bond of the 2020- A Bonds to become includable in the gross income, as defined in Section 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 Corporation and Authority or the City receive receives a written opinion of counsel nationally recognized in the field of municipal bond law Bond Counsel to the effect that failure to comply with such covenant will not adversely affect the exemption from federal income tax of the interest on any Series 2020 2020-A Bond, the Corporation and Authority or the City City, as the case may be, shall comply with each of the specific covenants in this Section.