Temporary Periods/Yield Restriction. Except as described below, Gross Proceeds must not be invested at a yield greater than the yield on the Bonds:
Temporary Periods/Yield Restriction. Except as described below, the City will not invest Gross Proceeds at a Yield greater than the Yield on the Certificates:
Temporary Periods/Yield Restriction. Except as described below, the Issuer will not invest Gross Proceeds at a Yield greater than the Yield on the Certificates:
Temporary Periods/Yield Restriction. The Code and the Regulations generally provide that the direct or indirect investment of the Gross Proceeds of the Bonds in Higher Yielding Investments causes the Bonds to be arbitrage bonds and, thus, the interest thereon to be taxable. However, generally, certain Gross Proceeds may, during certain temporary periods, as part of a reasonably required reserve or replacement fund or as part of the Minor Portion, be invested at an unrestricted Yield without causing the Bonds to be taxable arbitrage bonds. In any event, Higher Yielding Investments generally do not include Tax-Exempt Obligations (except for those specified private activity bonds that are included in Investment Property), although the earnings thereon may be subject to Yield restriction unless reinvested in Tax-Exempt Obligations (except for those specified private activity bonds that are included in Investment Property). The District covenants to invest and expend the Gross Proceeds of the Bonds in accordance with the expectations set forth in Article III hereof (including investing at a restricted Yield after applicable temporary periods or, alternatively, in Tax-Exempt Obligations (except for those specified private activity bonds that are included in Investment Property) or, where permitted, by making yield reduction payments to the United States as provided in Treas. Reg. § 1.148-5(c)). In determining Yield on a Nonpurpose Investment, Gross Proceeds are not allocated to a payment for a Nonpurpose Investment in an amount greater than, or to a receipt from a Nonpurpose Investment in an amount less than, the Fair Market Value of the Nonpurpose Investment (adjusted to take into account qualified administrative costs allocable thereto), as provided in Treas. Reg. § 1.148-6(c).
Temporary Periods/Yield Restriction. The proceeds of the Lease deposited in the Project Fund and investment earnings thereon may be invested without yield restriction for three years after the date of the Lease. If any unspent proceeds remain in the Project Fund after three years, such amounts may continue to be invested without yield restriction so long as the Lessee computes and pays to the IRS all yield reduction payments in accordance with Treas. Reg §1.148-5(c). These payments are required whether or not the Lease is exempt from the arbitrage rebate requirements of Code §148.
Temporary Periods/Yield Restriction. Proceeds of the Lease deposited in the Escrow Fund and investment earnings thereon may be invested without yield restriction for not more than three years after the Issue Date, except as otherwise provided in this Section. If any unspent proceeds remain in the Escrow Fund after three years, such amounts may continue to be invested without yield restriction, except as otherwise provided in this Section, so long as all yield reduction payments are computed and paid to the IRS in accordance with Treas. Reg. § 1.148-5(c). Any amounts in the Escrow Fund after completion of the acquisition of the Equipment in excess of the sum of the Lease Payments coming due within 12 months of such completion plus $100,000 and any amounts not invested as described above shall be invested at a yield not greater than the yield on the Lease.
