Tax Status of Bonds. The Borrower hereby covenants, represents and agrees as follows:
(a) the Borrower has not knowingly taken and will not knowingly take or permit to be taken any action that would have the effect, directly or indirectly, of causing interest on any of the Bonds to be included in gross income for federal income tax purposes and, if it should take or permit to be taken any such action, the Borrower shall take all lawful actions that it can take to rescind such action promptly upon having knowledge thereof;
(b) the Borrower will take such action or actions, including amending the Loan, the Note, and the Deed of Trust as may be reasonably necessary in the opinion of Bond Counsel, to comply fully with all applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the United States Department of the Treasury or the Internal Revenue Service under Section 145 of the Code which are applicable to the Bonds;
(c) the Borrower will take no action or permit or suffer to be taken any action the result of which would cause the Bonds to be “federally guaranteed” within the meaning of Section 149(b) of the Code;
(d) no portion of the proceeds of the Bonds shall be used to provide any airplane, skybox or other private luxury box, facility primarily used for gambling, or store the principal business of which is the sale of alcoholic beverages for consumption off premises;
(e) the Borrower is aware of the provisions of Section 150(b)(3) of the Code and covenants that any use of the Project by other than an organization described in Section 501(c)(3) of the Code or a governmental unit (as described in Section 145 of the Code) will not be such as to cause the Borrower to violate the covenant contained in Section 2.2(e) hereof;
(f) the Borrower covenants and agrees that it will not use or permit the use of any of the funds provided by the Authority hereunder or any other funds of the Borrower, directly or indirectly, or direct the Trustee to invest any funds held by it hereunder or under the Indenture, in such manner as would, or enter into, or allow any “related person” (as defined in Section 147(a)(2) of the Code) to enter into, any arrangement, formal or informal, for the purchase of the Bonds that would, or take or omit to take any other action that would cause any Bond to be an “arbitrage bond” within the meaning of Section 148 of the Code or “federally guaranteed” within the meaning of Section 149(b) of the Code and app...
Tax Status of Bonds. The Company will perform its obligations and agreements contained in the Federal Tax Statement as if they were set forth herein. Any covenants, agreements or representations made by the Company in the Federal Tax Statement shall be performed and treated as if set forth herein. The Authority will, at the expense of the Company, cooperate with the Bondowners and the Company to the extent deemed necessary or permitted by law in the opinion of Bond Counsel in order to preserve the exclusion of interest on the Bonds from the gross income of the owners thereof for federal income tax purposes.
Tax Status of Bonds. Borrower hereby covenants, represents and agrees as follows:
(a) that Borrower will not take or permit any action to be taken that would adversely affect either the exclusion from gross income for federal income tax purposes of the interest on the Bonds and, if it should take or permit any such action, Borrower will take all lawful actions to rescind such action promptly upon having knowledge thereof; and
(b) that Borrower will take such action or actions, including amending the Loan and this Loan Agreement, as determined reasonably necessary in the opinion of Bond Counsel to comply fully with all applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the United States Department of the Treasury or the Internal Revenue Service under the Code. Borrower further covenants and agrees that it will direct all investments in compliance with the Code. Borrower covenants and agrees to cause to be calculated by an arbitrage consultant and pay to the United States any amounts owing to the United States as rebatable arbitrage in accordance with the procedures set forth in the Tax Certificate and Section 6.08 of the Indenture.
Tax Status of Bonds. Take any action or suffer any action to be taken by others that will impair the tax-exempt status of the Bonds.
Tax Status of Bonds. It is intended that the interest on the Bonds be exempt from Federal income taxation pursuant to Sections 103(a) and 144(a)(4) of the Internal
Tax Status of Bonds. The proceeds of the Bonds will be used to (i) construct, alter, improve and extend certain health facilities on behalf of a “501(c)(3) organization” as such term is defined in Section 150(a)(4) of the Internal Revenue Code of 1986, as amended (the “Code”), and as contemplated in the Act, and (ii) pay certain costs of issuance with respect to the Bonds. Said health facilities shall be used in a manner which would not jeopardize the tax exempt status of interest on the Bonds under Section 103 of the Code as long as any of the Bonds are outstanding. The Corporation will not take or omit to take any action which action or failure to act will in any way cause or result in the proceeds from the sale of the Bonds being applied in a manner other than as provided in the Transaction Documents.
Tax Status of Bonds. The Borrower will perform its ----------- ------------------- obligations and agreements contained in the Federal Tax Statement as if they were set forth herein. All representations of the Borrower in the Federal Tax Statement shall be treated as if they were set forth herein. At the Borrower's expense, the Issuer will cooperate with the Bondowners and the Borrower to the extent deemed necessary or permitted by law in the opinion of Bond Counsel to the Issuer in order to preserve the exclusion of interest on the Bonds from the gross income of the owners thereof for federal income tax purposes.
Tax Status of Bonds. The City represents and warrants that the proceeds of the Series 2010 Bonds shall be used as provided in the Transaction Documents. The City shall not take or omit to take any action which action or omission shall in any way cause or result in the proceeds from the sale of the Series 2010 Bonds being applied in a manner other than as provided in the Transaction Documents to which it is a party and as described in the Preliminary Official Statement and the Official Statement.
Tax Status of Bonds. Borrower hereby covenants, represents and agrees as follows: (a) that Borrower will not take or permit any action to be taken that would adversely affect either the exclusion from gross income for federal income tax purposes of the interest on the Bonds and, if it should take or permit any such action, Borrower will take all lawful actions to rescind such action promptly upon having knowledge thereof; and (b) that Borrower will take such action or actions, including amending the Loan and this Agreement, as determined reasonably necessary in the opinion of Bond Counsel to comply fully with all applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the United States Department of the Treasury or the Internal Revenue Service under the Code. Borrower further covenants and agrees that it will direct all investments in compliance with the Code. Borrower covenants and agrees to cause to be calculated by an arbitrage consultant and pay to the Bondowner Representative any amounts owing to the United States as rebatable arbitrage in accordance with the procedures set forth in the Tax Certificate.
Tax Status of Bonds. The Corporation shall not use or direct the use of moneys from the Project Fund or take or permit to be taken any other action over which it exercises control, which use or other action would result in interest on any of the Bonds being included in the gross income, as defined in Section 61 of the Internal Revenue Code of 1954, as amended ("the Code"), of a holder or holders of any of the Bonds (other than a holder who is a "substantial user" or a "related person" within the meaning of Section 103(b)(7) of the Code and the applicable regulations thereunder).
