Locality Rebate Requirement definition

Locality Rebate Requirement means the sum of (i) the excess of (A) the aggregate amount earned on all Nonpurpose Investments acquired with the Gross Proceeds of the Local School Bond over (B) the amount that would have been earned if the Nonpurpose Investments had a Yield equal to the VPSA Bond Yield plus (ii) any income attributable to the excess described in clause (i).
Sample 1Sample 2Sample 3
Locality Rebate Requirement means, with respect to each Locality, the amount payable to the United States Department of Treasury calculated pursuant to the Letter Agreement.
Sample 1Sample 2

Examples of Locality Rebate Requirement in a sentence

  • Upon the calculation of the Locality Rebate Requirement and Yield Reduction Payment for each Locality, VPSA shall notify the Investment Manager thereof.

  • Notwithstanding the fact that all of the Gross Proceeds of the Local School Bond are spent within eighteen (18) months of the date of issue and no other Gross Proceeds of the Local School Bond are anticipated for the remainder of the term of the issue, if Gross Proceeds of the Local School Bond become available after the end of the initial eighteen-month period, the Locality Rebate Requirement shall be computed with respect to such Gross Proceeds in accordance with the procedure described above.

  • To the extent that the amount on deposit in the Income Subaccount exceeds the sum of the Locality Rebate Requirement and Yield Reduction Payment for the Locality, such excess shall be transferred to the Principal Subaccount of the Locality.

  • The Locality Rebate Requirement shall be calculated separately for each Locality; provided, however, that VPSA may determine to calculate the Locality Rebate Requirements in the aggregate.

  • Notwithstanding the fact that all of the Gross Proceeds of the Local School Bond are spent within six (6) months of the date of issue and no other Gross Proceeds of the Local School Bond are anticipated for the remainder of the term of the issue, if Gross Proceeds of the Local School Bond become available after the end of the initial six-month period, the Locality Rebate Requirement shall be computed with respect to such Gross Proceeds in accordance with the procedure described above.

  • Notwithstanding the fact that all of the Gross Proceeds of the Local School Bond are spent within twenty-four (24) months of the date of issue and no other Gross Proceeds of the Local School Bond are anticipated for the remainder of the term of the issue, if Gross Proceeds of the Local School Bond become available after the end of the initial twenty-four-month period, the Locality Rebate Requirement shall be computed with respect to such Gross Proceeds in accordance with the procedure described above.

  • The Locality Rebate Requirement and the Yield Reduction Payment of each Locality shall be paid to the United States Department of the Treasury at the direction of VPSA on behalf of and for the accounts of the Locality and VPSA in accordance with the Related Tax Agreements.

  • If the calculation is made in the aggregate, then the Locality Rebate Requirement for each Locality shall not be greater than the portion of the Aggregate Localities Rebate Requirement determined by multiplying the Aggregate Localities Rebate Requirement by a fraction, the numerator of which is the positive Locality Rebate Requirement calculated separately and the denominator of which is the sum of all of the positive Locality Rebate Requirements calculated separately.

  • If the calculation is made in the aggregate, then the Locality Rebate Requirement for each Locality shall not be greaterthan the portion of the Aggregate Localities Rebate Requirement determined by multiplying the Aggregate Localities Rebate Requirement by a fraction, the numerator of which is the positive Locality Rebate Requirement calculated separately and the denominator of which is the sum of all of the positive Locality Rebate Requirements calculated separately.

  • Upon receipt by a Locality of the Rebate Report from VPSA, if the amount on deposit in the Locality's Income Subaccount (including the Income Subaccount Set Aside) is less than the sum of the Locality Rebate Requirement and Yield Reduction Payment of such Locality, the Investment Manager shall promptly charge the Principal Subaccount of such Locality an amount equal to the deficiency and credit its Income Subaccount such amount.

Related to Locality Rebate Requirement

  • Rebate Requirement means the amount of arbitrage profits earned from the investment of gross proceeds of Tax-exempt Bonds in nonpurpose investments described in Section 148(f)(2) of the Code and defined as "Rebate Amount" in Section 1.148-3 of the Treasury Regulations, which is payable to the United States at the times and in the amounts specified in such provisions.

  • Compliance schedule means a schedule of events, by date, which will result in compliance with these regulations.

  • Flood Zone means areas having special flood hazards as described in the National Flood Insurance Act of 1968, as amended from time to time, and any successor statute.