Common use of Preservation of Tax Exempt Status Clause in Contracts

Preservation of Tax Exempt Status. In order to preserve the tax-exempt status of the G.O. Xxxxx, the Public Entity agrees as follows: A. It will not use the Real Property or use or invest the LRIP Grant or any other sums treated as “bond proceeds” under Section 148 of the Code (including “investment proceeds,” “invested sinking funds” and “replacement proceeds”) in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Code Section 148. B. It will deposit and hold the LRIP Grant in a segregated non-interest-bearing account until such funds are used for payments for the Project. C. It will, upon written request, provide the Commissioner all information required to satisfy the informational requirements set forth in the Code, including Sections 103 and 148, with respect to the G.O. Bonds. D. It will, upon the occurrence of any act or omission by the Public Entity that could cause the interest on the G.O. Bonds to no longer be tax exempt and upon direction from the Commissioner, take such actions and furnish such documents as the Commissioner determines to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal taxation, which such action may include: (i) compliance with proceedings intended to classify the G.O. Bonds as a “qualified bond” within the meaning of Code Section 141(e), or (ii) changing the nature of the use of the Real Property so that none of the net proceeds of the G.O. Bonds will be deemed to be used, directly or indirectly, in an “unrelated trade or business” or for any “private business use” within the meaning of Code Sections 141(b) and 145(a). E. It will not otherwise use any of the LRIP Grant or take, permit or cause to be taken, or omit to take, any action that would adversely affect the exemption from federal income taxation of the interest on the G.O. Bonds, and if it should take, permit or cause to be taken, or omit to take, as appropriate, any such action, it shall take all lawful actions necessary to correct such actions or omissions promptly upon obtaining knowledge thereof.

Preservation of Tax Exempt Status. In order to preserve the tax-exempt status of the G.O. XxxxxBonds, the Public Entity agrees as follows: A. It will not use the Real Property or use or invest the LRIP LBRP Grant or any other sums treated as “bond proceeds” under Section 148 of the Code (including “investment proceeds,” “invested sinking funds” and “replacement proceeds”) in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Code Section 148. B. It will deposit and hold the LRIP LBRP Grant in a segregated non-interest-bearing account until such funds are used for payments for the Project. C. It will, upon written request, provide the Commissioner all information required to satisfy the informational requirements set forth in the Code, including Sections 103 and 148, with respect to the G.O. Bonds. D. It will, upon the occurrence of any act or omission by the Public Entity that could cause the interest on the G.O. Bonds to no longer be tax exempt and upon direction from the Commissioner, take such actions and furnish such documents as the Commissioner determines to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal taxation, which such action may include: (i) compliance with proceedings intended to classify the G.O. Bonds as a “qualified bond” within the meaning of Code Section 141(e), or (ii) changing the nature of the use of the Real Property so that none of the net proceeds of the G.O. Bonds will be deemed to be used, directly or indirectly, in an “unrelated trade or business” or for any “private business use” within the meaning of Code Sections 141(b) and 145(a). E. It will not otherwise use any of the LRIP LBRP Grant or take, permit or cause to be taken, or omit to take, any action that would adversely affect the exemption from federal income taxation of the interest on the G.O. Bonds, and if it should take, permit or cause to be taken, or omit to take, as appropriate, any such action, it shall take all lawful actions necessary to correct such actions or omissions promptly upon obtaining knowledge thereof.

Preservation of Tax Exempt Status. In order to preserve the tax-exempt status of the G.O. Xxxxx, the Public Entity agrees as follows: A. It will not use the Real Property or use or invest the LRIP SRTS Grant or any other sums treated as “bond proceeds” under Section 148 of the Code (including “investment proceeds,” “invested sinking funds” and “replacement proceeds”) in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Code Section 148. B. It will deposit and hold the LRIP SRTS Grant in a segregated non-interest-bearing account until such funds are used for payments for the Project. C. It will, upon written request, provide the Commissioner all information required to satisfy the informational requirements set forth in the Code, including Sections 103 and 148, with respect to the G.O. Bonds. D. It will, upon the occurrence of any act or omission by the Public Entity that could cause the interest on the G.O. Bonds to no longer be tax exempt and upon direction from the Commissioner, take such actions and furnish such documents as the Commissioner determines to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal taxation, which such action may include: (i) compliance with proceedings intended to classify the G.O. Bonds as a “qualified bond” within the meaning of Code Section 141(e), or (ii) changing the nature of the use of the Real Property so that none of the net proceeds of the G.O. Bonds will be deemed to be used, directly or indirectly, in an “unrelated trade or business” or for any “private business use” within the meaning of Code Sections 141(b) and 145(a). E. It will not otherwise use any of the LRIP SRTS Grant or take, permit or cause to be taken, or omit to take, any action that would adversely affect the exemption from federal income taxation of the interest on the G.O. Bonds, and if it should take, permit or cause to be taken, or omit to take, as appropriate, any such action, it shall take all lawful actions necessary to correct such actions or omissions promptly upon obtaining knowledge thereof.

Preservation of Tax Exempt Status. In order to preserve the tax-exempt status of the G.O. Xxxxx, the Public Entity agrees as followsthat during the time period that any G.O. Bonds are outstanding and unpaid: A. It will not use the Real Property or use or invest any proceeds of the LRIP Program Grant or any other sums treated as “bond proceeds” under Section 148 of the Code (including “investment proceeds,” “invested sinking funds,” and “replacement proceeds”) ,” in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Code Section 148148 of the Code. B. It will deposit into and hold all of the LRIP Program Grant that it receives under this Agreement in a segregated non-interest-interest bearing account until such funds are used for payments for the ProjectPredesign/Design Activities in accordance with the provisions contained herein. C. It will, upon written request, provide the Commissioner of MMB all information required to satisfy the informational requirements set forth in the CodeCode including, including but not limited to, Sections 103 and 148, with respect to the G.O. Bonds148 thereof. D. It will, upon the occurrence of any act or omission by the Public Entity that could cause the interest on the G.O. Bonds to no longer be tax exempt and upon direction from the CommissionerCommissioner of MMB, take such actions and furnish such documents as the Commissioner of MMB determines to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal taxation, which such action may includeinclude either: (i) compliance with proceedings intended to classify the G.O. Bonds as a “qualified bond” within the meaning of Code Section 141(e)) of the Code, or (ii) changing the nature or terms of the use of the Real Property Use Contract so that none of it complies with Revenue Procedure 97-13, as amended by Rev. Proc 2016-44 and Rev. Proc. 2017-13, or (iii) compliance with Code provisions, regulations, or revenue procedures which amend or supersede the net proceeds of the G.O. Bonds will be deemed to be used, directly or indirectly, in an “unrelated trade or business” or for any “private business use” within the meaning of Code Sections 141(b) and 145(a)foregoing. E. It will not otherwise use any of the LRIP Grant Program Grant, including earnings thereon, if any, or take, take or permit to or cause to be taken, or omit to take, taken any action that would adversely affect the exemption from federal income taxation of the interest on the G.O. Bonds, nor omit to take any action necessary to maintain such tax exempt status, and if it should take, permit permit, omit to take, or cause to be taken, or omit to take, as appropriate, any such action, it shall take all lawful actions necessary to rescind or correct such actions or omissions promptly upon obtaining having knowledge thereof. F. In the event that the Public Entity eventually acquires an ownership interest in any Real Property and, if applicable, Facility, then it will not use such Real Property and, if applicable, Facility in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Section 148 of the Code.

Preservation of Tax Exempt Status. In order to preserve the tax-exempt status of the G.O. Xxxxx, the Public Entity agrees as followsthat during the time period that any G.O. Bonds are outstanding and unpaid: A. It will not use the Real Property or use or invest any proceeds of the LRIP Grant G.O. Xxxxx or any other sums treated as “bond proceeds” under Section 148 of the Code (including “investment proceeds,” “invested sinking funds,” and “replacement proceeds”) ,” in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Code Section 148148 of the Code. B. It will deposit into and hold all of the LRIP G.O. Grant that it receives under this Agreement in a segregated non-interest-interest bearing account until such funds are used for payments for the ProjectPredesign/Design Activities in accordance with the provisions contained herein. C. It will, upon written request, provide the Commissioner of MMB all information required to satisfy the informational requirements set forth in the CodeCode including, including but not limited to, Sections 103 and 148, with respect to the G.O. Bonds148 thereof. D. It will, upon the occurrence of any act or omission by the Public Entity that could cause the interest on the G.O. Bonds to no longer be tax exempt and upon direction from the CommissionerCommissioner of MMB, take such actions and furnish such documents as the Commissioner of MMB determines to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal taxation, which such action may includeinclude either: (i) compliance with proceedings intended to classify the G.O. Bonds as a “qualified bond” within the meaning of Code Section 141(e)) of the Code, or (ii) changing the nature or terms of the use of the Real Property Use Contract so that none of it complies with Revenue Procedure 97-13, as amended by Rev. Proc 2016-44 and Rev. Proc. 2017-13, or (iii) compliance with Code provisions, regulations, or revenue procedures which amend or supersede the net proceeds of the G.O. Bonds will be deemed to be used, directly or indirectly, in an “unrelated trade or business” or for any “private business use” within the meaning of Code Sections 141(b) and 145(a)foregoing. E. It will not otherwise use any of the LRIP Grant G.O. Xxxxx, including earnings thereon, if any, or take, take or permit to or cause to be taken, or omit to take, taken any action that would adversely affect the exemption from federal income taxation of the interest on the G.O. Bonds, nor omit to take any action necessary to maintain such tax exempt status, and if it should take, permit permit, omit to take, or cause to be taken, or omit to take, as appropriate, any such action, it shall take all lawful actions necessary to rescind or correct such actions or omissions promptly upon obtaining having knowledge thereof. F. In the event that the Public Entity eventually acquires an ownership interest in any Real Property and, if applicable, Facility, then it will not use such Real Property and, if applicable, Facility in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Section 148 of the Code.

Preservation of Tax Exempt Status. In order to preserve the tax-exempt status of the G.O. XxxxxBonds, the Public Entity agrees as follows: A. It will not use the Real Property or use or invest the LRIP Grant or any other sums treated as “bond proceeds” under Section 148 of the Code (including “investment proceeds,” “invested sinking funds” and “replacement proceeds”) in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Code Section 148. B. It will deposit and hold the LRIP Grant in a segregated non-interest-bearing account until such funds are used for payments for the Project. C. It will, upon written request, provide the Commissioner all information required to satisfy the informational requirements set forth in the Code, including Sections 103 and 148, with respect to the G.O. Bonds. D. It will, upon the occurrence of any act or omission by the Public Entity that could cause the interest on the G.O. Bonds to no longer be tax exempt and upon direction from the Commissioner, take such actions and furnish such documents as the Commissioner determines to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal taxation, which such action may include: (i) compliance with proceedings intended to classify the G.O. Bonds as a “qualified bond” within the meaning of Code Section 141(e), or (ii) changing the nature of the use of the Real Property so that none of the net proceeds of the G.O. Bonds will be deemed to be used, directly or indirectly, in an “unrelated trade or business” or for any “private business use” within the meaning of Code Sections 141(b) and 145(a). E. It will not otherwise use any of the LRIP Grant or take, permit or cause to be taken, or omit to take, any action that would adversely affect the exemption from federal income taxation of the interest on the G.O. Bonds, and if it should take, permit or cause to be taken, or omit to take, as appropriate, any such action, it shall take all lawful actions necessary to correct such actions or omissions promptly upon obtaining knowledge thereof.

Preservation of Tax Exempt Status. In order to preserve the tax-exempt status of the G.O. Xxxxx, the Public Entity agrees as follows: A. It will not use the Real Property or use or invest the LRIP LBRP Grant or any other sums treated as “bond proceeds” under Section 148 of the Code (including “investment proceeds,” “invested sinking funds” and “replacement proceeds”) in such a manner as to cause the G.O. Bonds to be classified as “arbitrage bonds” under Code Section 148. B. It will deposit and hold the LRIP LBRP Grant in a segregated non-interest-bearing account until such funds are used for payments for the Project. C. It will, upon written request, provide the Commissioner all information required to satisfy the informational requirements set forth in the Code, including Sections 103 and 148, with respect to the G.O. Bonds. D. It will, upon the occurrence of any act or omission by the Public Entity that could cause the interest on the G.O. Bonds to no longer be tax exempt and upon direction from the Commissioner, take such actions and furnish such documents as the Commissioner determines to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal taxation, which such action may include: (i) compliance with proceedings intended to classify the G.O. Bonds as a “qualified bond” within the meaning of Code Section 141(e), or (ii) changing the nature of the use of the Real Property so that none of the net proceeds of the G.O. Bonds will be deemed to be used, directly or indirectly, in an “unrelated trade or business” or for any “private business use” within the meaning of Code Sections 141(b) and 145(a). E. It will not otherwise use any of the LRIP LBRP Grant or take, permit or cause to be taken, or omit to take, any action that would adversely affect the exemption from federal income taxation of the interest on the G.O. Bonds, and if it should take, permit or cause to be taken, or omit to take, as appropriate, any such action, it shall take all lawful actions necessary to correct such actions or omissions promptly upon obtaining knowledge thereof.