Common use of Small Issuer Exception Clause in Contracts

Small Issuer Exception. If a Locality delivers to VPSA no later than the end of calendar year 2023 (i) the opinion of nationally recognized bond counsel that the Local School Bond of such Locality purchased by VPSA with the proceeds of the VPSA Bonds will be treated as meeting the requirements of Sections 148 (f)(2) and (3) of the Code pursuant to Section 148 (f)(4)(D) of the Code and (ii) the Locality's covenant that it shall provide for the payment of or reimburse VPSA for its payment of the Locality Rebate Requirement in the event that the Local School Bond of such Locality fail to meet all the requirements of the Small Issuer Exception, then no rebate computation shall be made with respect to the proceeds of the VPSA Bonds applied to purchase such Local School Bond. Although the Local School Bond of a Locality may qualify for the Small Issuer Exception, custody, investment and disbursement of the proceeds of the VPSA Bonds applied to the purchase of the Locality's Local School Bond shall continue under the Proceeds Agreement, and the Investment Manager shall continue to provide an Investment Report for such Locality.

Small Issuer Exception. If a Locality delivers to VPSA no later than the end of calendar year 2023 2024 (i) the opinion of nationally recognized bond counsel that the Local School Bond of such Locality purchased by VPSA with the proceeds of the VPSA Bonds will be treated as meeting the requirements of Sections 148 (f)(2) and (3) of the Code pursuant to Section 148 (f)(4)(D) of the Code and (ii) the Locality's covenant that it shall provide for the payment of or reimburse VPSA for its payment of the Locality Rebate Requirement in the event that the Local School Bond of such Locality fail fails to meet all the requirements of the Small Issuer Exception, then no rebate computation shall be made with respect to the proceeds of the VPSA Bonds applied to purchase such Local School Bond. Although the Local School Bond of a Locality may qualify for the Small Issuer Exception, custody, investment and disbursement of the proceeds of the VPSA Bonds applied to the purchase of the Locality's Local School Bond shall continue under the Proceeds Agreement, and the Investment Manager shall continue to provide an Investment Report for such Locality.

Small Issuer Exception. If a Locality delivers to VPSA no later than the end of calendar year 2023 20 (i) the opinion of nationally recognized bond counsel that the Local School Bond of such Locality purchased by VPSA with the proceeds of the VPSA Bonds will be treated as meeting the requirements of Sections 148 (f)(2) and (3) of the Code pursuant to Section 148 (f)(4)(D) of the Code and (ii) the Locality's covenant that it shall provide for the payment of or reimburse VPSA for its payment of the Locality Rebate Requirement in the event that the Local School Bond of such Locality fail to meet all the requirements of the Small Issuer Exception, then no rebate computation shall be made with respect to the proceeds of the VPSA Bonds applied to purchase such Local School Bond. Although the Local School Bond of a Locality may qualify for the Small Issuer Exception, custody, investment and disbursement of the proceeds of the VPSA Bonds applied to the purchase of the Locality's Local School Bond shall continue under the Proceeds Agreement, and the Investment Manager shall continue to provide an Investment Report for such Locality.

Small Issuer Exception. If a Locality delivers to VPSA no later than the end of calendar year 2023 2021 (i) the opinion of nationally recognized bond counsel that the Local School Bond of such Locality purchased by VPSA with the proceeds of the VPSA Bonds will be treated as meeting the requirements of Sections 148 (f)(2) and (3) of the Code pursuant to Section 148 (f)(4)(D) of the Code and (ii) the Locality's covenant that it shall provide for the payment of or reimburse VPSA for its payment of the Locality Rebate Requirement in the event that the Local School Bond of such Locality fail to meet all the requirements of the Small Issuer Exception, then no rebate computation shall be made with respect to the proceeds of the VPSA Bonds applied to purchase such Local School Bond. Although the Local School Bond of a Locality may qualify for the Small Issuer Exception, custody, investment and disbursement of the proceeds of the VPSA Bonds applied to the purchase of the Locality's Local School Bond shall continue under the Proceeds Agreement, and the Investment Manager shall continue to provide an Investment Report for such Locality.

Small Issuer Exception. If a Locality delivers to VPSA no later than the end of calendar year 2023 (i) the opinion of nationally recognized bond counsel that the Local School Bond of such Locality purchased by VPSA with the proceeds of the VPSA Bonds will be treated as meeting the requirements of Sections 148 (f)(2) and (3) of the Code pursuant to Section 148 (f)(4)(D) of the Code and (ii) the Locality's covenant that it shall provide for the payment of or reimburse VPSA for its payment of the Locality Rebate Requirement in the event that the Local School Bond of such Locality fail fails to meet all the requirements of the Small Issuer Exception, then no rebate computation shall be made with respect to the proceeds of the VPSA Bonds applied to purchase such Local School Bond. Although the Local School Bond of a Locality may qualify for the Small Issuer Exception, custody, investment and disbursement of the proceeds of the VPSA Bonds applied to the purchase of the Locality's Local School Bond shall continue under the Proceeds Agreement, and the Investment Manager shall continue to provide an Investment Report for such Locality.