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<br />25 <br />of the Authority to issue Bonds for the purpose of refunding any Outstanding Bonds, and such <br />issuance shall not be deemed to constitute an extension of maturity of the Bonds. <br /> <br />Section 5.09. Tax Covenants. <br /> <br />(a) Private Activity Bond Limitation. The Authority will assure that the proceeds of the <br />Bonds are not so used as to cause the Bonds to satisfy the private business tests of section <br />141(b) of the Code or the private loan financing test of section 141(c) of the Code. <br /> <br />(b) Federal Guarantee Prohibition. The Authority will not take any action or permit or <br />suffer any action to be taken if the result of such action would be to cause any of the Bonds to <br />be “federally guaranteed” within the meaning of section 149(b) of the Code. <br /> <br />(c) Rebate Requirement. The Authority will take any and all actions necessary to <br />assure compliance with section 148(f) of the Code, relating to the rebate of excess investment <br />earnings, if any, to the federal government, to the extent that such section is applicable to the <br />Bonds. <br /> <br />(d) No Arbitrage. The Authority will not take, or permit or suffer to be taken by the <br />Trustee or otherwise, any action with respect to the proceeds of the Bonds which, if such action <br />had been reasonably expected to have been taken, or had been deliberately and intentionally <br />taken, on the date of issuance of the Bonds would have caused the Bonds to be “arbitrage <br />bonds” within the meaning of section 148 of the Code. <br /> <br />(e) Maintenance of Tax-Exemption. The Authority will take all actions necessary to <br />assure the exclusion of interest on the Bonds from the gross income of the Owners of the Bonds <br />to the same extent as such interest is permitted to be excluded from gross income under the <br />Code as in effect on the date of issuance of the Bonds. <br /> <br />(f) Record Retention. The Authority will retain its records of all accounting and <br />monitoring it carries out with respect to the Bonds for at least 3 years after the Bonds mature or <br />are redeemed (whichever is earlier); however, if the Bonds are redeemed and refunded, the <br />Authority will retain its records of accounting and monitoring at least 3 years after the earlier of <br />the maturity or redemption of the obligations that refunded the Bonds. <br /> <br />(g) Compliance with Tax Certificate. The Authority will comply with the provisions of <br />the Tax Certificate and the Use of Proceeds Certificate with respect to the Bonds, which are <br />incorporated herein as if fully set forth herein. The covenants of this Section will survive <br />payment in full or defeasance of the Bonds. <br /> <br />Section 5.10. Power to Issue Bonds and Make Pledge and Assignment. The <br />Authority is duly authorized pursuant to law to issue the Bonds and to enter into this Indenture <br />and to pledge and assign the Revenues and other assets purported to be pledged and <br />assigned, respectively, under this Indenture in the manner and to the extent provided in this <br />Indenture. The Bonds and the provisions of this Indenture are and will be the legal, valid and <br />binding special obligations of the Authority in accordance with their terms, and the Authority and <br />the Trustee shall at all times, subject to the provisions of Article VII and to the extent permitted <br />by law, defend, preserve and protect said pledge and assignment of Revenues and other assets <br />and all the rights of the Bond Owners under this Indenture against all claims and demands of all <br />persons whomsoever. <br /> <br />8.C. - Page 136